SUNU LISTS NEW SHARES AS ENLARGED CAPITAL HITS ₦25.95BN

SUNU Assurances Nigeria Plc has increased its issued share capital to 7.89 billion shares following the listing of 2.08 billion new ordinary shares on the Nigerian Exchange.

The additional 2,075,285,714 shares, valued at ₦9.34bn, were listed on August 31, 2026, following the company’s rights issue priced at ₦4.50 per share. The offer was made to existing shareholders on the basis of five new shares for every 14 shares held.

With the new shares admitted for trading, SUNU’s issued shares rose from 5.81 billion to 7.89 billion.

At the company’s closing share price of ₦3.29 on September 4, the enlarged share capital was valued at approximately ₦25.95bn.

SUNU said the capital raise was designed to strengthen its financial position and help the insurer meet the higher minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act 2025.

The company is also pursuing a technology-driven expansion strategy, with plans to increase its focus on artificial intelligence, digital transformation, product innovation and operational efficiency.

SUNU said it would also expand its retail and small and medium-sized enterprise segments while strengthening its corporate and partnership channels as it seeks to convert its stronger capital base into increased business volumes and improved profitability.