SUNU Assurances ready for NAICOM's recapitalization program

SUNU has acquired 65% of the capital of the Nigerian company Equity Assurance. After NAICOM approved the transaction on March 29, 2018, the company was renamed SUNU Assurances Nigeria.

The insurer is expected to proceed with a 3-billion capital increase from 7 billion NGN (19 million USD) to 10 billion NGN (28 million USD), the minimum required by NAICOM for non-life insurance companies. According to Samuel Ogdobu, CEO/Managing Director of SUNU Assurances Nigeria, the recapitalization of the company would exceed the minimum required by the authorities.

The SUNU Group is witnessing a rapid growth of its offices in Africa.

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