By Benson Daniel
SUNU Assurances Nigeria Plc has listed 2.08 billion additional ordinary shares on the Nigerian Exchange, increasing its issued share base to 7.89 billion shares and lifting the market value of its enlarged capital to about N25.95 billion.
The additional 2.075 billion shares, valued at N9.34 billion, were admitted to trading on August 31, 2026, following the insurer’s recently concluded rights issue.
The rights issue was priced at N4.50 per share and offered existing shareholders five new shares for every 14 shares held.
With the new shares now listed on the NGX, SUNU’s total issued shares increased from 5.81 billion to 7.89 billion.
Based on the company’s closing share price of N3.29 on September 4, the enlarged share base translates to a market capitalisation of approximately N25.95 billion.
SUNU’s shares gained 1.86 per cent during the September 4 trading session, rising from N3.23 to N3.29 per share. Despite the recent movement, the stock remains significantly below its N5.50 opening price for 2026, representing a year to date decline of 40.18 per cent.
The new share listing follows SUNU’s N9.33 billion rights issue, which was undertaken as part of efforts to strengthen the insurer’s capital position and comply with the higher minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act 2025.
The recapitalisation provides SUNU with a larger equity base as the company seeks to expand its operations and improve its financial capacity in an increasingly competitive insurance market.
The insurer has outlined a technology driven growth strategy, with artificial intelligence, digital transformation, product innovation and greater operational efficiency expected to play a central role in its next phase of expansion.
SUNU also plans to deepen its presence in the retail and small and medium sized enterprise segments while strengthening its corporate, brokerage and partnership channels.
The company is expected to focus on converting its stronger capital position into increased business volumes, improved earnings and better returns for shareholders.
The successful listing of the additional shares marks another major step in SUNU’s recapitalisation process, although investors will now be watching closely to see whether the enlarged capital base can translate into stronger financial performance and a sustained recovery in the company’s share price.
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