Ebere Nwoji

Shareholders of SUNU Assurances Nigeria Plc,  have approved a comprehensive recapitalisation programme that will enable the company raise up to N9 billion to meet the new Minimum Capital Requirement (MCR) for non-life insurers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The approval was granted at the company’s Extraordinary General Meeting (EGM) held on recently Lagos, which recorded an impressive physical turnout of shareholders.

Speaking at the meeting, Chairman of the Board, Mr. Kyari Abba Bukar, said the recapitalisation was necessitated by the NIIRA 2025 regime, which raised the MCR for non-life insurers from N3 billion to N15 billion, with a compliance deadline of July 30, 2026.

“As at September30, 2025, the company requires N9 billion to close the gap, which makes it imperative that we take decisive action to strengthen our capital base,” he said.

Bukar added that the recapitalisation would enhance SUNU’s balance sheet, deepen underwriting capacity, attract fresh investment and reinforce market presence. He also disclosed that the company plans to address its free-float deficiency on the Nigerian Exchange (NGX) as part of the capital-raising exercise.
Managing Director/CEO, Mr. Samuel Ogbodu, revealed that the SUNU Group, which currently holds 83percent  equity, intends to reduce its stake to 70% to enable more Nigerian investors participate in the company.

“This EGM was crucial for transparency and shareholder involvement. We now have full authority to proceed with the capital raise,” Ogbodu said.