SUNU reshuffles leadership team, steps up expansion efforts

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SUNU Assurances Nigeria Plc is seeking shareholder approval for a series of changes to its board and audit structure as the insurer positions itself for its next phase of growth in Nigeria’s competitive insurance market.

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The company is proposing the appointment of TAC Professional Services as its new external auditor, replacing SIAO Partners, which is due to retire from the engagement.

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The proposed change is among several corporate governance measures contained in the company’s notice to shareholders ahead of its 2026 business year.

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Shareholders will also be asked to ratify the appointments of three directors: Lucie Barry as an independent non-executive director, Roland Ouedraogo as a non-executive director and Olayinka Adaramola as an executive director with a technical role.

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The proposed board changes come as SUNU Assurances seeks to strengthen its governance structure and enhance its capacity to respond to opportunities in Nigeria’s evolving insurance industry.

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The company will also seek approval for the re-election of a retiring director who is eligible and has indicated willingness to continue on the board.

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Another significant proposal is a general mandate that would allow the company to undertake recurrent transactions with related parties and other interested persons as part of its day-to-day operations.

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These transactions could include the provision or acquisition of goods and services.

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SUNU Assurances said that the proposed mandate would operate within the requirements of the Nigerian Exchange Limited rules governing related-party transactions, with interested persons required to abstain from voting on relevant resolutions.

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The insurer is also moving to strengthen its audit oversight arrangements. Shareholders will have the opportunity to nominate members of the Statutory Audit Committee, which is required to include financially literate members and at least one person who belongs to a recognised professional accounting body in Nigeria.

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The company will also seek authority for its board to determine the remuneration of the external auditors for the 2026 financial year.

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The proposed appointment of TAC Professional Services comes as SUNU Assurances reviews its external audit arrangement following the retirement of SIAO Partners.

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The resolutions before members are expected to provide the company with the governance approvals required to implement the proposed board, audit and remuneration changes.

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SUNU Assurances has also made provisions for shareholders who cannot attend physically, with the proceedings scheduled to be streamed online.

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The insurer has also encouraged shareholders with unclaimed dividends to complete their e-dividend mandates, in line with regulatory efforts to increase electronic dividend payments.

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The proposed changes come at a crucial period for Nigeria’s insurance sector, where stronger governance, capital adequacy and operational capacity are becoming increasingly important as insurers compete for market share and adapt to a changing regulatory environment.

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