By Adedapo Adesanya

SUNU Assurances Nigeria Plc has taken steps to raise N9.3 billion through a rights issue by offering 2,075,285,714 ordinary shares of 50 Kobo each at the price of N4.50.

The new shares would be allotted to shareholders in the ratio of five new ordinary shares for every 14 ordinary shares held as of February 12, 2026.

Proceeds from the exercise would be used by the company to meet the new minimum capital requirements of the National Insurance Commission (NAICOM).

The non-life insurer is preparing to raise fresh equity capital from the capital market to meet the N15 billion minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with a July 2026 compliance deadline.

According to the company’s chairman, Mr Kyari Abba Bukar, the capital plan is a proactive move to strengthen solvency, expand underwriting capacity and maintain competitive positioning in a tightening regulatory environment.

“This is a growth initiative. We are positioning early to meet the new benchmark and enhance our capacity to underwrite larger and more complex risks,” he said.

On his part, the chief executive, Mr Samuel Ogbodu, underscored the company’s dividend track record, noting that SUNU has paid dividends consistently over the past three to four years.

“We have maintained steady growth in premium income, profitability and governance standards over the last decade. Our shareholders have been rewarded, and we project continuity in value delivery,” Mr Ogbodu said.

The SUNU Group, as the majority shareholder with approximately 83 per cent equity interest, has decided to reduce its stake to comply with the free float requirements of the Nigerian Exchange (NGX) Limited. The exchange’s rule book said listed firms must float 20 per cent for the general investing public.

This strategic review of the company’s ownership structure aligns with the group’s long-term growth objectives and its commitment to supporting market development.

He said that while the parent company possesses the financial capacity to fully recapitalise the business, the board has determined that existing shareholders and new Nigerian investors shall be afforded the opportunity to participate in the next phase of the company’s growth.

This decision underscores SUNU’s commitment to broadening Nigerian participation in the ownership structure of the Company, Mr Ogbodu added.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further lost 0.28 per cent on Wednesday, March 11, cutting down the market capitalisation by N7.21 billion to N2.533 trillion from the preceding session’s N2.540 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) was down during the session by 12.06 points to finish at 4,233.91 points compared with the 4,245.97 points it ended on Tuesday.

The midweek session experienced a decline in the volume of securities by 91.3 per cent to 1.3 million units from 14.9 million units, as the value of securities decreased by 75.9 per cent to N31.9 million from the N132.7 million recorded on Tuesday, and the number of deals fell 37.9 per cent to 36 deals from the preceding session’s 58 deals.

The session ended with Central Securities Clearing System (CSCS) Plc as the most traded stock by value on a year-to-date basis with 38.1 million units valued at N2.4 billion. Okitipupa Plc followed with 6.3 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc recorded the sale of 5.8 million units worth N529.9 million.

Resourcery Plc remained as the most traded stock by volume on a year-to-date basis with 1.05 billion units sold for N408.7 million, trailed by Geo-Fluids Plc with 130.6 million units exchanged for N503.8 million, and CSCS Plc with 38.1 million units worth N2.4 billion.

The alternative stock market closed the day with three price decliners and three price gainers led by  IPWA Plc, which added 41 Kobo to sell at N4.56 per unit versus the previous day’s N4.15 per unit, MRS Oil Plc appreciated by 10 Kobo to N210.10 per share from N210.00 per share, and  Lighthouse Financial Services Plc increased its value by 5 Kobo to 55 Kobo per unit from 50 Kobo per unit.

Conversely, FrieslandCampina Wamco Nigeria Plc lost N3.92 to quote at N132.78 per share versus N136.70 per share, UBN Property Plc dropped 20 Kobo to settle at N2.38 per unit from N2.18 per unit, and First Trust Mortgage Bank Plc declined by 1 Kobo to N1.90 per share from N1.91 per share.

By Adedapo Adesanya

For the first time in a while, the value of the Nigerian Naira improved against its United States counterpart, the Dollar, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 11.

At the midweek session, it gained N25.21 or 1.8 per cent on the greenback in the official market to trade at N1,376.19/$1 compared with the previous day’s value of N1,401.40/$1.

It was also a positive outcome for the Naira in the spot market, as it appreciated against the Pound Sterling yesterday by N40.26 to close at N1,845.47/£1 versus Tuesday’s value of N1,885.73/£1, but closed flat against the Euro at N1,631.51/€1.

At the GTBank FX desk, the Nigerian currency appreciated against the Dollar yesterday by N9 to settle at N1,407/$1, in contrast to the N1,416/$1 it was exchanged a day earlier, and in the black market, it maintained stability at N1,420/$1.

The FX market pressure eased from a two-month low, as foreign reserves topped the $50 billion mark for the first time since January 2009, buoyed by a positive oil price threshold and forex inflows that could strengthen the current account balance and improve FX liquidity.

Inflows into the FX market have strengthened in recent weeks, but likewise, the US Dollar has strengthened in the international market due to the recent crisis facing the global markets involving the United States, Israel, and Iran.

As for the digital currency market, it was mixed on Wednesday amid renewed Middle East tensions, as on-chain data show persistent selling pressure and weak demand as investors grapple with conflict-driven stagflation fears and fading prospects for near-term Federal Reserve rate cuts ahead of next week’s meeting.

Solana (SOL) slumped 0.9 per cent to $85.11, Ripple (XRP) declined by 0.6 per cent to $1.38, Bitcoin (BTC) dropped 0.4 per cent to sell for $69,433.43, and Cardano (ADA) depreciated 0.2 per cent to $0.2591.

But TRON (TRX) added 1.0 per cent to sell at $0.2900, Binance Coin (BNB) gained 0.8 per cent to close at $644.54, Ethereum (ETH) appreciated by 0.5 per cent to $2,027.98, and Dogecoin (DOGE) grew by 0.2 per cent to $0.0919, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.