Sunu Assurances offers N9.34bn in new shares to existing investors

Sunu Assurances Nigeria Plc, a leading non-life insurer and member of the Pan-African Sunu Group, is offering 2,075,285,715 ordinary shares to existing shareholders to raise N9.34 billion. Managing Director Samuel Ogbodu said the strategic capital raise will strengthen the company’s balance sheet and enhance its underwriting capacity.

The Rights Issue offers five new ordinary shares for every 14 held by shareholders registered as of February 12, 2026. Company Secretary Taiwo Kuku confirmed the offer opened on 13 April 2026 and will close on May 20 2026.

The shares, priced at N4.50 each, are tradeable on the Nigerian Stock Exchange Limited (NGX) throughout the offer period. Ogbodu noted the additional capital will support investments in cutting-edge technology and enable the firm to deliver higher value to shareholders.

The move positions the insurer to capitalise on emerging opportunities within the Nigerian insurance market. Sunu Assurances provides non-life solutions, including motor, fire, and general accident insurance, to both corporate and retail clients.

Sunu Assurances Nigeria Plc adopted its current name in March 2018 following a majority stake acquisition by the Sunu Group. The Pan-African group maintains operations across 17 African countries.

The company remains a member of several key industry bodies, including the Nigeria Insurers’ Association (NIA) and the Africa Insurance Organisation (AIO). Under the leadership of Chairman Kyari Abba Bukar, the firm continues to focus on stability and trust within the regional financial sector.