Sunu Assurances Nigeria has announced that its shareholders have approved a capital increase of NGN9bn ($6.2m) to meet new statutory capital requirements under a new insurance law.
Shareholders at an extraordinary general meeting endorsed resolutions empowering the company’s board to initiate a capital-raising programme through rights issues, public offers, private placements or a combination of fundraising vehicles, the listed insurer said in a statement lodged with Nigeria Exchange.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 increases the Minimum Capital Requirement (MCR) for non-life insurers from NGN3bn to NGN15bn.
Sunu Assurances Nigeria is among several insurance companies in Nigeria that have increased their capital or taken action to do so, to comply with the law by the deadline of 30 July 2026.
Meanwhile, the National Insurance Commission (NAICOM) has engaged the Big Four auditing firms—Deloitte, EY, KPMGand PwC to conduct independent verification of the capital positions of all insurance and reinsurance companies, to bolster credibility in the ongoing recapitalisation exercise, reported the newspaper The Guardian.
NAICOM has confirmed that at least 18 insurance companies are ready for capital verification.