In order to raise N9 billion to satisfy the increased statutory capital requirements required by the Nigerian Insurance Industry Reform Act (NIIRA) 2025, SUNU Assurances Nigeria Plc has obtained unanimous shareholder approval to begin a significant recapitalization exercise. Several motions authorizing the Board to start a capital-raising program through rights issues, public offerings, private placements, or a mix of fundraising vehicles were approved by shareholders during the company’s Extraordinary General Meeting (EGM) in Lagos. Additionally, the Board was given permission to list fresh shares on the Nigerian Exchange (NGX), hire expert advisors, and modify share capital.
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