Sunu Completes Rights Issue, Targets ₦2.08 Billion Launch

Sunu has completed the process for its rights issue, aiming for a market launch within weeks. The company plans to issue 2.08 billion ordinary shares at ₦4.50 each, marking a significant capital raising move in Nigeria's insurance sector for the year.

Dr. Samuel Ogbodu, Managing Director and CEO, indicated that the transaction is in its final regulatory phase, pending approval from the Nigerian Exchange and the National Insurance Commission.

The raised capital is earmarked for strengthening the business, expanding technological upgrades, and enhancing market position. The rights issue process has undergone thorough scrutiny, ensuring transparency and accuracy in disclosures.

The company confirms no undisclosed liabilities or pending litigations that could materially affect the offer. The funds raised will be allocated across multiple strategic priorities, including capital strengthening, business expansion, and improving service delivery in an increasingly competitive insurance landscape.