SUNU Assurances Nigeria PLC Secures Approval for N9 Billion Recapitalization Plan

SUNU Assurances Nigeria PLC has received approval from its shareholders for a comprehensive recapitalization program to raise N9 billion in order to comply with the new minimum capital requirement set by the Nigerian Insurance Industry Reform Act by 2025. The Extraordinary General Meeting (EGM) held in Lagos witnessed a significant turnout, with Chairman Kyari Abba Bukar emphasizing the necessity of recapitalization.

The company plans to enhance its balance sheet, deepen underwriting capacity, attract fresh investments, and address its free float deficiency on the Nigerian Stock Exchange. Managing Director Samuel Ogbodu revealed plans to reduce SUNU Group's equity stake to 70% to allow Nigerian investors to participate.