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Insurer raises N3.01bn via private placement

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In what seems to be a major drive towards its recapitalisation, Sunu Assurances Nigeria Plc has raised N3.01 billion fresh capital.

The amount was sourced through private placement of 3,010,800,000 ordinary shares of 50 kobos each at N1.00 each, concerning the Private Placement Memorandum of January 2021, it said.

This, the company noted in a regulatory filing with the Nigerian Stock (NSE), that the placement exercise was 100 per cent subscribed.

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Consequently, the CSCS accounts of the successful allottees have been credited with shares allotted as of Friday, February 12, 2021.

Data available on the NSE shows that SUNU Assurances had 2.8 billion ordinary shares in issue, held by 41,869 shareholders, with individuals accounting for 17.25 per cent while corporate investors hold 82.75 per cent as of December 31, 2020.

The Managing Director of the firm, Samuel Ogbodu said the company was embarking on the growth phase while it remained committed to its strategic objectives and core values expected to guide the future and culture of the company.

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