An underwriting firm, SUNU Assurance, has secured shareholders’ approval for a N9 billion capital raising to strengthen its financial capacity ahead of the implementation of the new capital threshold prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The endorsement given at an Extraordinary General Meeting (EGM) in Lagos reflects a growing momentum across the insurance sector as operators intensify efforts to meet the July 30, 2026, deadline set by the National Insurance Commission (NAICOM).

Under NIIRA 2025, the minimum capital requirement (MCR) for non-life insurers was raised from N3 billion to N15 billion, a move regulators said was intended to improve underwriting strength, enhance claim-paying ability and reposition the industry for global competitiveness. SUNU Assurance currently requires N9 billion to bridge its capital gap.

Speaking on the plan, the Chairman of the Board of the insurer, Kyri Abba Bukar, who briefed shareholders during the meeting, said the company’s capital plan was designed not only to meet regulatory compliance but also to improve operational efficiency and long-term sustainability.

“With the recapitalisation window now clearly defined, this is the most efficient path to remain competitive in a more demanding regulatory ecosystem. Strengthening our capital base will expand underwriting headroom, reinforce market confidence and attract new investors,” Bukar said.

The approval resolutions authorise the board to raise funds through a blend of rights issue, public offer, private placement or strategic investment, subject to regulatory clearance.