L-R: Olayinka Adaramola, executive director, Technical Operations; Samuel Ogbodu, managing director/CEO; Kyari Bukar, chairman, Board of directors; Taiwo Kuku, company secretary; and Elie Ogounigni, executive director, Risk Management & Control during the 39th Annual General Meeting held in Lagos.
SUNU Assurances Nigeria Plc has successfully cleared the insurance industry’s recapitalisation hurdle, strengthening its capital base and positioning the company for renewed growth across the Nigerian market.
The company disclosed this at its Annual General Meeting (AGM), where shareholders commended the Board and Management for successfully navigating the capital-raising process amid the industry’s transition to higher minimum capital requirements.
The successful recapitalisation followed the introduction of new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Kyari Bukar, chairman of SUNU Assurances Nigeria Plc said the Board and Management had acted proactively by developing a comprehensive recapitalisation strategy and obtaining shareholders’ approval for the necessary resolutions.
