SUNU Assurances enlarged its equity base by listing 2,075,285,714 ordinary shares valued at ₦9.34 billion, a move the insurer says prepares it to execute an AI-driven digital and product strategy after completing recapitalisation.
The additional shares were listed on the Nigerian Exchange on August 31, 2026, following a Rights Issue priced at ₦4.50 per share on the basis of five new shares for every 14 held, according to the company filing published on September 4, 2026. The allotment raised SUNU’s issued shares to 7,886,085,714 from 5,810,800,000.
At the market close on September 4 the enlarged share capital was worth about ₦25.95 billion using SUNU’s closing price of ₦3.29, a 1.86% rise from the previous close of ₦3.23. The stock, which began the year at ₦5.50, has fallen 40.18% year-to-date and trades 26.89% below the Rights Issue price of ₦4.50.
Company leaders framed the listing as the financial underpinning for a technology-led push. Chairman Kyari Bukar told shareholders the board and management developed and executed a recapitalisation plan, securing the approvals required to recapitalise. Managing Director and Chief Executive Samuel Ogbodu said the firm’s 2026 strategy will prioritise operational efficiency, market expansion, digital transformation and product innovation with the aim of improving returns to shareholders.
SUNU plans to deepen channels across corporate, SME, retail, broker and partnership segments, while reinforcing risk management and compliance. A shareholder, Mrs. Esther Obideyi, urged more aggressive use of artificial intelligence in marketing to raise visibility among potential customers, a point the company said will remain central to its customer-experience efforts.
The recapitalisation traces back to NIIRA 2025, which raised the minimum capital requirement for non-life insurers from ₦3 billion to ₦15 billion and created about a ₦9 billion shortfall for SUNU as of September 2025. The company’s operating profit fell to ₦2.1 billion from ₦4.2 billion, and claims paid rose to ₦7.8 billion in 2025 from ₦4.8 billion, highlighting the need to convert higher premiums and a larger equity base into sustained profitability.
At the AGM shareholders ratified three new directors whose appointments received NAICOM approval, and approved TAC Professional Services as external auditor, replacing SIAO Partners. The near-term test for SUNU will be whether the ₦9.34 billion recapitalisation and the AI-led strategy can translate stronger capital and rising top-line performance into improved underwriting discipline and sustainable shareholder returns.
