SUNU Assurances to raise N9.3bn via Rights Issue

SUNU Assurances Nigeria Plc has officially moved to bolster its capital base, with the Board of Directors unanimously approving a plan to raise up to N9.34bn through a Rights Issue to existing shareholders.

The decision was reached during a board meeting held on Monday, according to the resolutions of the board filed on the Nigerian Exchange Limited on Tuesday.

The PUNCH reports that the shareholders of SUNU Assurances Nigeria Plc, at the company’s Extraordinary General Meeting held in Lagos, approved a recapitalisation plan that will enable the company to raise up to N9bn to meet the new minimum capital requirement for non-life insurers under the Nigerian Insurance Industry Reform Act 2025.