SUNU Assurance’s Private Placement Achieves 100% Subscription

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Ebere Nwoji

Sunu Assurance Plc said it has achieved 100 per cent subscription in the private placement it issued recently, for the purpose of raising fresh capital.

The Managing Director of the company, Mr. Samuel Ogbodu, in a statement, expressed delight that the offer of 3,010,800,000 ordinary shares of 50 kobo each at N1.00 per share issued by the company proved to be one of right decisions taken by the company due to the huge success.

He said the Securities & Exchange Commission has cleared the basis of allotment of the shares, adding that the Central Securities Clearing System (CSCS) accounts of successful allottees will be credited with shares allotted in February
by the registrars to the Issue, Crescent Registrars Limited.

The SUNU boss, noted that the company was embarking on the growth phase while it remains committed to its strategic objectives and core values, which will also guide the future and culture of the company.

SUNU Assurance recently expressed its determination to grow its business consistently over the next five years to become one of Nigeria’s 10 largest underwriting companies.
Ogbodu, said the company had experienced a remarkable turnaround since the acquisition of the former Equity Assurance Plc in 2016.

He added that the insurance company had been transformed from a struggling one on the brink of bankruptcy to a viable insurance company in Nigeria, with a growing reputation for professionalism and prompt claims payment.
Ogbodu said the company would leverage on SUNU Group’s expansive retail knowledge and expertise to drive retail insurance in Nigeria and build long-term growth.