The Managing Director of SUNU Assurances Nigeria Plc, Mr Samuel Ogbodu, has assured shareholders of the company that it will exceed the N10 billion regulatory requirements for recapitalisation of insurance underwriting companies.
Ogbodu, who gave the assurance while speaking with insurance brokers during the monthly edition of the company’s meeting with brokers titled, “Engagement with Brokers in Abuja and its Environs, said in order to meet the recapitalisation mandate of N10 billion for general business underwriters, the company was going through the route of rights issue.
He said SUNU Group, based in Paris, France, owns 65 per cent of the company and has secured the firm’s commitment to pick up the 65 per cent of the rights issue.
He said the company, currently operates with authorised share capital of N7 billion.
He also said the management has submitted its recapitalisation plan and has obtained approval from NAICOM.
He further disclosed that when SUNU bought into the hitherto Equity Assurance, it increased the Authorised and paid up capital to N7 billion.
He said: “Nigeria is pivotal to the growth and expansion of SUNU Group in Africa and the group has submitted its recapitalisation plan as instructed by NAICOM. The commission has duly acknowledged the plan and letter of no objection was issued.”
Continuing, he said: “the company is committed to the principle of corporate governance and code of best practices. The board is committed to full disclosure and transparency in the conduct of the company’s activities. The company has in place a robust, dedicated and competent management team that sees to the day to day management of its affairs.”
Giving account of its recent emergence as SUNU Assurance, Ogbodu said, “The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc with due approval from the shareholders and its regulator, NAICOM. The approval was dated 29th March, 2018 and a new license was issued by NAICOM.
“The name change was necessitated as a result of SUNU Group’s (a foremost Pan-African Insurance Group), recent acquisition of majority stake in Equity Assurance Plc.
“With operations in 14 African countries and 25 office locations spanning West and Central Africa, this acquisition, positions SUNU Assurances Nigeria Plc., to leverage on SUNU Group’s vast network of knowledge, capital, financial strength and technical resources in our quest to differentiate our offerings and service standards in the Nigerian marketplace.”