SUNU Assurances appoints TAC Professional Services as new external auditors

SUNU Assurances Nigeria Plc has appointed TAC Professional Services as its new External Auditors, following the retirement of SIAO Partners, which completed the maximum eight-year tenure permitted under the National Insurance Commission’s (NAICOM) Corporate Governance Guidelines 2021.

The appointment was disclosed in a notice signed by the Company Secretary, Taiwo Kuku, and made available to the Nigerian Exchange (NGX), shareholders and the investing public on Monday.

According to the company, the change followed the completion of the 2025 financial year audit exercise and was ratified by shareholders at the company’s Annual General Meeting held on August 21, 2026.

What they are saying

SUNU Assurances said SIAO Partners stepped down after serving as the company’s external auditors for the maximum period allowed under NAICOM regulations.

• “Messrs. SIAO Partners, having served as the Company’s External Auditors for the maximum tenure of eight years stipulated by NAICOM’s Corporate Governance Guidelines 2021, have retired following the conclusion of the 2025 financial year audit exercise,” the company stated.

The insurer added that TAC Professional Services was subsequently appointed by the Board, with the appointment receiving shareholder ratification at the AGM.

• “Consequently, the Board, upon the ratification of appointment by the shareholders at the Annual General Meeting held on Friday, 21st August 2026, have appointed Messrs. TAC Professional Services as the Company’s new External Auditors.”

SUNU noted that TAC Professional Services brings more than two decades of professional experience, alongside extensive technical expertise and industry knowledge, to support the company’s audit and assurance requirements.

Profile of TAC Professional Services

Established in 1999, TAC Professional Services is an indigenous professional and business consulting firm offering a broad range of services, including audit and assurance, tax advisory and compliance, financial and business advisory, forensic investigations and accounting, as well as other consulting services.

The firm serves clients across multiple sectors of the Nigerian economy, including insurance, financial services, oil and gas, power, manufacturing, telecommunications, aviation, real estate, fast-moving consumer goods (FMCG), media, non-governmental organisations and public sector institutions.

TAC Professional Services is also a member of Integra International, a global association of independent accounting and consulting firms, giving it access to international expertise and best practices across several jurisdictions.

Get up to speed

The auditor appointment comes weeks after SUNU Assurances listed 2.08 billion additional ordinary shares valued at approximately N9.34 billion on the Nigerian Exchange as part of its recapitalisation programme.

The shares were admitted to trading on August 31, 2026, following the successful completion of a rights issue priced at N4.50 per share, on the basis of five new shares for every 14 shares held.

The exercise increased the company’s issued share capital from 5.81 billion shares to 7.89 billion shares, strengthening its capital base ahead of its next phase of growth.

What you should know

SUNU Assurances completed its recapitalisation programme before the July 31, 2026 deadline set by NAICOM, positioning the insurer for expansion through digital transformation, product innovation and technology-driven growth initiatives.

• The stronger capital position comes amid improving financial performance. Gross insurance revenue rose by 41.1% to N21.6 billion in 2025 from N15.3 billion recorded in 2024, while Gross Premium Written increased by 30.1% to N17 billion.
• Net Premium Income grew by 8% to N9.06 billion, while investment income advanced by nearly 13.9%, supported by higher returns on placements with financial institutions.

The performance helped reinforce SUNU Assurances’ position among the leading insurance companies listed on the Nigerian Exchange, as the company enters a new phase of growth following its recapitalisation.