SUNU Assurances Nigeria Plc said it accomplished a 100 per cent subscription in the private placement exercise it did recently to raise its capital base. Its Managing Director, Samuel Ogbodu, who disclosed this in a statement said the private placement of 3,010,800,000 ordinary shares of 50 kobo each at N1.00 per share, with respect to the private placement memorandum on January 4, 2021, was a huge success.
He said a total of two applications for 3,010,800,000 ordinary shares were received in connection with the private placement and all the two applications for 3,010,800,000 ordinary shares were found to be valid, accepted and processed accordingly.
He noted that the Securities & Exchange Commission had cleared the Basis of Allotment, as the Central Securities Clearing System accounts of successful allottees would be credited with shares allotted by the registrars to the issue, Crescent Registrars Limited. Ogbodu said the company was embarking on the growth phase while it remained committed to its strategic objectives and core values to guide the future and culture of the company.
Earlier, the underwriter had expressed a determination to grow its business consistently over the next five years to become one of Nigeria’s ten largest underwriting companies. Ogbodu revealed the company had witnessed a significant turnaround since the acquisition of former Equity Assurance Plc in 2016.
The SUNU Group assists populations, companies and governments in their development and in the realization of their projects, with a turnover of more than 195 billion Fcfa (2019), the SUNU Group is the leader in Life Insurance in the CIMA zone (Inter-African Insurance Markets Conference). The SUNU Group also manages 486 billion CFA francs in assets.
The SUNU Group is present in 15 countries in sub-Saharan Africa and with some 20 subsidiaries and affiliates. It is a pan-African financial services group created in 1998 by Mr. Pathé DIONE with former employees. Today, the SUNU Group accounts for more than 4,042 employees, 24 life and non-life insurance companies, 1 bank, 1 microfinance company, 1 real estate company and 2 health management companies, all spread over fifteen (15) African countries.