Kate Roland
SUNU Assurances Nigeria Plc has concluded internal processes for a planned ₦9.34 billion capital raise through a rights issue, positioning the firm for expansion as it awaits final regulatory approval from the Securities and Exmodify Commission Nigeria.
At a Completion Board Meeting held in Lagos, the insurer finalized transaction documents, verified its rights circular, and secured sign-offs from directors and professional advisers, effectively concluding the structuring phase of the deal.
The offer, which involves 2.08 billion ordinary shares priced at ₦4.50 each, is one of the notable fundraising relocates in Nigeria’s insurance sector this year, as companies prepare for evolving capital requirements and increasing competition.
The transaction has already received key regulatory backing, including approval from Nigerian Exmodify Limited and a “No Objection” from the National Insurance Commission, leaving final clearance from the SEC before launch.
Managing Director/CEO of the company, Samuel Ogbodu, indicated that the offer could open to shareholders within weeks once the remaining approval is secured.
He explained that proceeds from the rights issue would be deployed toward strengthening the company’s capital base, expanding operations, and upgrading technology infrastructure—key priorities aimed at improving competitiveness and service delivery.
SEC had earlier approved the rights circular and registration of the securities, enabling the company to proceed with the completion board process. Subscription funds from investors will be held in designated interest-yielding accounts pconcludeing regulatory clearance for share allotment.
During the verification process, SUNU’s board reaffirmed the accuracy of its financial disclosures, stating that there are no undisclosed liabilities beyond normal business operations and no pconcludeing litigation that could materially affect the offer. Directors also accepted full responsibility for the integrity of the offer document, a relocate aimed at strengthening investor confidence.
According to the company, funds raised will be allocated across strategic areas including capital strengthening, business expansion, brand visibility, and digital transformation initiatives.
“This transaction is not just about raising capital; it is about positioning SUNU for the next phase of growth in Nigeria’s insurance industest,” Ogbodu stated, adding that the company aims to leverage emerging opportunities and enhance customer experience through improved digital capabilities.
The planned rights issue underscores SUNU Assurances’ ambition to scale operations and solidify its position in Nigeria’s increasingly competitive insurance market.
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