Economy
Shareholders Laud SUNU Assurances for 10 Kobo Dividend Payment
By Aduragbemi Omiyale
One of the underwriting firms in the country, SUNU Assurances Nigeria Plc, has been applauded for giving cash reward to shareholders for the 2024 financial year.
This commendation was given at the company’s 38th Annual General Meeting (AGM) on Friday, June 13, 2025, in Lagos, attended by shareholders and others,
They reviewed the organisation’s performance and made key decisions impacting future the future of the firm, including the approval of the dividend of 10 Kobo per share for the fiscal year ended December 31, 2024.
Shareholders received and considered the Consolidated Audited Financial Statements of the company and its subsidiaries for the same period, along with reports from the directors, audit committee, external auditors and regulators.
Speaking at the event, a shareholder of SUNU Assurance, Mr William Adebayo, said, “I’m glad to see a dividend of 10k per share, a truly great return on investment,” praising the management team for the hard work and strategic decisions that have brought success for the organisation.
Addressing shareholders at the AGM, the chairman of SUNU Assurances, Mr Kyari Abba Bukar, said the company recorded an impressive revenue growth, driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.
He said other factors were increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements, positively impacting underwriting results.
On his part, the chief executive of the company, Mr Samuel Ogbodu, said, “We are delighted to have successfully concluded our 38th Annual General Meeting.
“The approval of the dividend for the 2024 financial year reflects our commitment to delivering value to our shareholders and underscores our robust financial performance.
“This meeting was a vital platform for engaging with our esteemed shareholders, reinforcing our dedication to transparency and strong corporate governance. We look forward to building on these achievements and driving sustainable growth in the coming year.”
At the gathering, shareholders approved the re-election of Mrs Olajumoke Bakare and Hajiya Aisha Abubakar, who retired by rotation and were eligible for re-election.
The board was authorized to fix the remuneration of the external auditors, and the remuneration of the company’s managers.
Shareholders also elected their representatives to the audit committee, who will hold office until the date of the next Annual General Meeting.
Business Post reports that last year, SUNU Assurances demonstrated strong performance by paying N3.28 billion in claims, higher than the N2.08 billion paid in 2023 by 57.8 per cent, highlighting its commitment to policyholders and underscoring its dedication to meeting its obligations despite economic challenges.
The Gross Written Premium (GWP) for the year N13.03 billion compared with N8.16 billion a year earlier, surpassing the full-year budget of N10.16 billion by an impressive 128.3 per cent.
It also posted a commendable profit after tax of N3.59 billion, reflecting strategic financial management and operational efficiency.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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