By Benson Daniel
SUNU Assurances Nigeria Plc is restructuring its board and executive leadership as the insurer moves to strengthen its operations, meet new regulatory capital requirements and position the business for sustained growth.
The restructuring follows a series of governance changes approved in 2026, including the appointment of new directors and changes within the executive management team. In December 2025, the company announced the appointment of Roland Ouedraogo as a non executive director after regulatory approval, saying the new appointments would bring fresh perspectives and stronger leadership to support its continued growth.
The insurer has also made changes to its executive structure, including the appointment of Olayinka Adaramola as Executive Director, Technical Operations, following the resignation of Independent Non Executive Director Olajumoke Bakare. The change took effect in April 2026.
The board restructuring comes alongside a major capitalisation programme aimed at strengthening SUNU Assurances’ financial position. In February, the board approved plans to raise up to N9.34 billion through a rights issue involving more than two billion new ordinary shares.
The capital raise is designed to increase the company’s capacity to compete in the insurance market and comply with the industry’s new minimum capital requirements.
Under the approved structure, eligible shareholders were offered five new shares for every 14 shares held at N4.50 per share, subject to regulatory approvals.
The move reflects the wider transformation taking place across Nigeria’s insurance industry as operators strengthen their balance sheets and prepare for higher capital requirements.
For SUNU Assurances, the combination of board restructuring and capital strengthening is expected to provide a stronger foundation for expansion, improved operational efficiency and greater capacity to underwrite risks.
The company’s financial projections also point to continued efforts to expand its business. Its 2026 earnings forecast projected gross premium written of N12.13 billion for the first half of the year, representing an increase of 9.18 per cent from N11.11 billion recorded in the corresponding period of 2025.
The insurer is expected to focus on improving its technical operations, strengthening customer service and expanding its market presence as competition increases within the sector.
The restructuring could also support efforts to improve governance and ensure that the company has the leadership capacity required to implement its growth strategy effectively.
Industry observers say stronger capital positions are increasingly important for insurers seeking to take on larger risks, invest in technology and expand their distribution networks.
For SUNU Assurances, the current changes therefore represent more than a routine adjustment to its board structure. They form part of a broader strategy to strengthen the company’s financial and operational foundations while preparing it for the next phase of growth.
As the Nigerian insurance market continues to evolve, the company’s ability to successfully deploy its additional capital, strengthen its leadership structure and translate its expansion plans into improved financial performance will remain central to its growth ambitions.
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