The board of directors of SUNU Assurances Nigeria Plc has given the green light for the company to raise ₦9.34 billion through a Rights Issue as part of a plan to strengthen its capital base and accommodate more business opportunities, news.ng reports.
This was disclosed in a notice filed with the Nigerian Exchange (NGX) following a resolution passed at the company’s Board of Directors meeting held on Monday, February 9, 2026.
According to the notice, the insurer will raise ₦9,338,785,714.29 via a Rights Issue to existing shareholders. The offer will be priced at ₦4.50 per share, with shareholders entitled to five new ordinary shares for every 14 ordinary shares currently held.
At the conclusion of the offer, the company expects its share capital to increase from the current ₦2.91 billion, divided into 5,810,800,000 ordinary shares of 50 kobo each, to ₦3.94 billion, divided into 7,886,085,714 ordinary shares of 50 kobo each.
As a result, the company will issue 2,075,285,714 new ordinary shares of 50 kobo each under the Rights Issue.
Further details revealed that there was approval of the Rights Circular and the Vending Agreement, including all ancillary documents needed to execute the transaction.
The board also authorised management to appoint financial advisers, legal counsel, and other professional parties and consultants required to execute the transaction and carry out related functions.
News.ng reports that SUNU Assurances closed Tuesday’s trading session at ₦4.77 per share, recording a 4.8% gain over its previous closing price of ₦4.55.
