Sunu Assurances Nigeria Plc (NGX: SUNUASSUR) has announced plans to raise up to ₦9,338,785,714.29 through a rights issue, as its Board of Directors approved a major capital-raising initiative during a meeting on Monday, February 9, 2026.
The company, a significant toplayer in Nigeria’s non-life insurance sector and a part of the pan-African SUNU Group, will issue 2,075,285,714 new ordinary shares at 50 kobo each.
This move will increase its share capital from ₦2,905,400,000, which represents 5,810,800,000 ordinary shares, to ₦3,943,042,857, totaling 7,886,085,714 ordinary shares.
Existing shareholders will have the opportunity to acquire the new shares at a ratio of five (5) new ordinary shares for every fourteen (14) ordinary shares they currently hold, at an issue price of ₦4.50 per share.
This rights issue is part of broader efforts by Nigerian insurers to meet the minimum capital requirements outlined in the Nigerian Insurance Industry Reform Act 2025, of which the National Insurance Commission (NAICOM) has set a deadline of July 31, 2026, for compliance, prompting several operators to strengthen their balance sheets.
In its official statement, the Board stated that proceeding with the rights issue “is in the best interests of the Company.”
The additional capital will support business expansioenhance financial resilience, improve operational capacity, and position SUNU Assurances for sustained growth in a competitive market.
The Board also approved essential offer documents, including the Rights Circular and Vending Agreement.
Administrator and Writer
