Nigeria: Sunu Assurances to comply with minimum capital requirements by June 2020
Friday, 05 July 2019 18:03
Sunu Insurance Nigeria, subsidiary of Sunu Group, says it will wait until the compliance deadline set by the Nigerian insurance regulator is up, to raise its minimum capital threshold.
The company’s MD Samuel Ogbodu (photo), indicated that Sunu Insurance Nigeria will increase its capital to N10 billion as required by the National Insurance Commission (NAICOM) by June 2020. The fund will be mobilized from parent company Sunu Group.
The announcement comes a few weeks after that of insurer Wapic Insurance Plc, which, at the end of a Board of Directors meeting held last June, decided by mutual agreement with its shareholders to increase its capital to comply with NAICOM's requirements.
Let’s note the minimum capital requirement was set in May this year by the regulator. Insurance and reinsurance companies have a 13-month compliance period to strengthen their minimum capital base.
Chamberline Moko
Live News
-
Togo’s Coffee, Cocoa Committee Urges “Shared Sacrifice” as Prices Plunge
12:49
-
Togo-India Trade Reaches $3.48 Billion in 2025
12:28
-
Nigeria Steps Up Enforcement Against Telecom Operators Over Poor Service Quality
12:26
-
Côte d’Ivoire Launches Cassava Sector Body to Organize 8.4 Million-Tonne Industry
11:58
-
Swiss Group SGS cargo scanning Activities disrupted at the Port of Douala in Cameroon
11:46
-
University of Lome hosts symposium on open science and digital research networks
11:39
-
Togo Launches 2.45 Billion CFA Franc Courts and Prisons Upgrade Program in Savanes
11:07
-
Madagascar Ends Long-Running Mining Permit Freeze, Reopens Licensing
11:03
-
40 billion Francs Chocolate Plant in Obala Moves Closer to Production, Promoters Eyes Global Markets
09:59
-
Livestock Minister Announces End to Chicken and Pork Imports Under Import Substitution Drive
09:54
The BoxCommerce–Mastercard Partnership introduces prepaid cards, giving SMEs instant access to e...
Circular migration is based on structured, value-added mobility between countries of origin and host...
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
BRVM listed the bonds of the FCTC Sonabhy 8.1% 2025–2031, marking Burkina Faso’s first securitiz...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
Nigeria plans 12.4 billion naira fines over telecom service failures NCC tightens enforcement amid outages, rising consumer...
Côte d’Ivoire launches OIA Manioc to structure manioc sector Body targets governance, data, financing, quality standards rollout Sector backed...
SGS cargo scanning at Cameroon’s Port of Douala has been disrupted since Jan 1, 2026, amid legal disputes over contracts and authority. The Port...
Madagascar lifts 2010 suspension on mining permit issuance Move follows 2023 mining code, aims to boost investor clarity 1,650 permit...
The Khomani Cultural Landscape is a cultural site located in northern South Africa, in the Northern Cape province, near the Kgalagadi Transfrontier Park....
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...