SUNU Assurances Nigeria Plc has announced changes to its board of directors following the resignation of Mrs. Olajumoke Bakare and the appointment of Mr. Olayinka Adaramola.
The disclosure was made in a statement signed by the Company Secretary, Taiwo Kuku, and filed with the Nigerian Exchange Limited (NGX).
According to the company, Mrs. Bakare’s resignation as an Independent Non-Executive Director took effect from April 1, 2026.
What the statement is saying
The board acknowledged Mrs. Bakare’s contributions, noting her impact on governance and board effectiveness during her tenure.
- “SUNU Assurances Nigeria Plc hereby announces the resignation of Mrs. Olajumoke Bakare as an Independent Non-Executive Director, with effect from 1 April 2026.”
The company stated that she received regulatory approval for her appointment on April 7, 2022.
It noted that she served on various board committees and contributed meaningfully to board deliberations.
The board expressed appreciation for her “thoughtful contributions, sound judgment, and principled approach.”
The company said her tenure helped reinforce a culture of governance anchored on integrity, trust, and professionalism.
Get up to speed
The board changes come amid ongoing capital-raising plans by the company.
SUNU Assurances recently announced plans to raise up to N9.33 billion through a rights issue.
The company intends to create 2,075,285,714 new ordinary shares of 50 kobo each, subject to regulatory approvals.
The offer will be structured on the basis of five new shares for every fourteen existing shares held at N4.50 per share.
The move will increase the company’s share capital from N2.9 billion to N3.9 billion.
The capital raise is part of broader efforts to strengthen the company’s financial position.
More insights
SUNU Assurances also confirmed the appointment of Mr. Olayinka Adaramola as Executive Director, Technical Operations.
He has over two decades of experience in underwriting, claims management, and insurance operations.
He previously served as Executive Director, Technical Operations at Capital Express Indemnity Insurance Limited.
He began his career at Leadway Assurance Company Limited, where he gained experience across various insurance classes.
He holds an HND in Insurance and an MBA in Marketing and is an Associate Member of the Chartered Insurance Institute of Nigeria.
His appointment is expected to strengthen the company’s technical and operational capabilities.
What you should know
SUNU Assurances is currently undertaking a broader recapitalisation programme in line with industry reforms.
The company secured shareholder approval in November to raise about N9 billion.
- The plan is in compliance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
- The board has been authorised to explore multiple funding options, including rights issues, public offers, and private placements.
- The recapitalisation is aimed at positioning the company for growth and enhancing its competitiveness in Nigeria’s insurance sector.
