The deadline for the N9.34 billion rights issue of Sunu Assurances Nigeria Plc has been extended to Wednesday, June 3, 2026.
This followed the approval granted by the Securities and Exchange Commission (SEC) for the company to shift the closure date by two weeks.
Business Post reports that the exercise was initially scheduled to end on Wednesday, May 20, 2026, but the apex regulatory agency in the Nigerian capital market has allowed the rights issue to now close next Wednesday.
The Sunu Assurances rights issue opened on Monday, April 13, 2026, and the organisation is offering 2,075,285,714 ordinary shares of 50 Kobo each at N4.50 per share on the basis of five new ordinary shares for every existing 14 ordinary shares held as of the close of business on Thursday, February 12, 2026.
Funds from the rights issue will be used by the non-life insurer to meet the N15 billion minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The National Insurance Commission (NAICOM) has directed operators in the country’s underwriting sector to shore up their capital base on or before July 31, 2026.
“We are positioning early to meet the new benchmark and enhance our capacity to underwrite larger and more complex risks,” the company’s chairman, Mr Kyari Abba Bukar, stated.
