Sunu Assurances Plans N9.34bn Rights Issue for Growth

Sunu Assurances Nigeria PLC is targeting to raise N9.34 billion through a rights issue aimed at existing shareholders. The company will offer 2,075,285,715 ordinary shares at a price of N4.50 per share.

Taiwo Kuku, the company secretary, stated that the rights issue will allow shareholders to acquire five new ordinary shares for every 14 shares held. The offer will open on April 13, 2026, and will remain tradable on the Nigerian Stock Exchange until it closes on May 20, 2026.

Managing Director Samuel Ogbodu described this move as a tactical effort to solidify the company’s financial standing and strengthen its balance sheet. The additional capital raised will enhance underwriting capacity and support investments in technology, enabling the company to deliver high value to shareholders and policyholders.

Sunu Assurances, which changed its name in 2018 following its acquisition by the Pan African Sunu Group, provides insurance solutions across various sectors including motor, fire, and general accident.