SUNU Assurances appoints Michael Chukwu as Independent Non-Executive Director

SUNU Assurances Nigeria Plc has appointed seasoned financial executive and private equity investor, Michael Uchenna Chukwu, as an Independent Non-Executive Director on its Board.

The appointment was disclosed in a notice filed with the Nigerian Exchange (NGX) and signed by the Company’s Secretary, Taiwo Kuku.

The development brings to the board a financial services veteran with more than four decades of experience spanning banking, taxation, corporate governance, investment management, and public sector leadership.

Michael Chukwu Joins SUNU Board

According to the company, Chukwu’s appointment takes effect from September 2026.

SUNU Assurances said Chukwu’s appointment forms part of its ongoing efforts to strengthen corporate governance and board oversight as the company continues to execute its growth strategy.

• “SUNU Assurances Nigeria Plc hereby notifies the public, Nigerian Exchange Limited (NGX) and its esteemed shareholders of the appointment of Mr. Michael Uchenna Chukwu as an Independent Non-Executive Director on the Board of the Company effective September 2026.”

The company noted that the appointment takes effect immediately from September 2026.

SUNU Assurances informed shareholders and market stakeholders of the board change through its NGX filing.

The Board and Management expressed confidence in the new director and wished him success in his new role.

The appointment adds significant banking, finance, and governance expertise to the insurer’s board at a time when the company is strengthening its operational and capital position.

Veteran Banker Brings Decades of Experience

Chukwu is the founder and Chief Executive Officer of Assetswise Capital Ltd, where he has led private equity investments since 2007. His career spans leadership roles across some of Nigeria’s leading financial institutions.

• He served as founding Managing Director and Chief Executive Officer of Spring Bank Plc between 2005 and 2007, overseeing the merger of six banks that created the institution.
• Before that, he was Managing Director and Chief Executive Officer of Guardian Express Bank from 2001 to 2005.
• He has also held senior leadership positions at ACB International Bank, First Atlantic Bank, UBA, FCMB, Citizens International Bank, Fidelity Bank, and Price Waterhouse Cooper (PWC).
• Between 2019 and 2020, he served as Executive Chairman of the Ebonyi State Internal Revenue Board.

Chukwu holds a degree in Political Science from the University of Nigeria, Nsukka, and is a Fellow of several professional bodies, including the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria (CITN), Chartered Institute of Bankers of Nigeria (CIBN), Institute of Directors Nigeria (IoD), and the Chartered Institute of Management of Nigeria.

Extensive Boardroom and Leadership Credentials

Over the years, Chukwu has built extensive boardroom experience across the financial services, technology, research, and investment sectors.

• He completed the Chief Executive Programme at Lagos Business School in 2003.
• He also attended the High Potential Leadership Program at Harvard Business School in 2006.
• He has served as Chairman and Director of several organisations, including Eartholeum Networks Ltd, ENL-NOVA Ltd, Cowry Asset Management Ltd, and the National Root Crops Research Institute.

His professional achievements include recognition for academic excellence, including first prize in the ICAN Foundation Examination in 1986.

His appointment is expected to bring additional strategic and governance expertise to SUNU Assurances as it pursues its long-term growth objectives.

Recapitalisation Drive Strengthens Growth Plans

The appointment comes amid a series of corporate developments at SUNU Assurances aimed at strengthening the company’s financial and governance framework.

The insurer recently appointed TAC Professional Services as its new external auditor following the retirement of SIAO Partners after the maximum eight-year tenure permitted under NAICOM’s Corporate Governance Guidelines.

The auditor change was approved by shareholders at the company’s Annual General Meeting held on August 21, 2026.

SUNU Assurances also listed 2.08 billion additional ordinary shares valued at approximately N9.34 billion on the Nigerian Exchange.

The shares were issued through a rights issue priced at N4.50 per share, increasing the company’s issued share capital from 5.81 billion shares to 7.89 billion shares.

The recapitalisation exercise has strengthened the insurer’s capital base, positioning the company for its next phase of growth while enhancing its ability to meet evolving regulatory requirements.