SUNU Assurances Plans N9.33 Billion Rights Issue to Boost Market Presence

SUNU Assurances Nigeria PLC's board has approved a plan to raise N9.33 billion through a rights issue, with each existing shareholder having the opportunity to purchase five new ordinary shares for every fourteen held at a price of N4.50 per share. The company aims to create 2,075,285,714 new ordinary shares to expand its market capitalization.

Despite recording strong revenue growth in 2025, with revenues reaching N21.6 billion and investment income rising by 13.6% year-on-year, higher operating costs impacted profits. SUNU Assurances' share price closed at N4.77 per share on February 10, 2026, down 13.27% year-to-date.

The company's market capitalization is expected to increase from approximately N26.1 billion to N35.4 billion post-rights issuance, reflecting renewed investor interest.