Morufu Olakunle Apampa, MD/ CEO SUNU Assurance Nig Plc
BY NKECHI NAECHE—The Management of SUNU Assurance Nigeria Plc at the weekend said the Federal Ministry of Industry, Trade and Investment has approved the company’s new logo and trade mark.
This is contained in a notice signed by its Company Secretary, John Akujieze to the Management of the Nigerian Stock Exchange (NSE) that following the approval of Corporate Affaires Commission ( CAC) and the National Insurance Commission ( NAICOM) of the change of name to SUNU Assurance Nigeria Plc the Federal Ministry of Industry, Trade and Investment has approved the company’s new logo and trade mark.
The noticed added that going forward, the company shall transact its business under the new logo and trade mark.
SUNU Assurance Group (a Franco-phone African Insurance Group) had in 2016 acquired 60 per cent equity of Equity Assurance plc.
This arrangement puts SUNU Assurance as the majority Shareholder of Equity Assurance plc with 60 per cent ownership while the existing shareholders have collapsed their ownership to 40 per cent. The paid up capital is now N7 billion clearly beyond the required N3 billion for a non-life general business insurance company in Nigeria.
The new investment is in line with the vision of Equity Assurance , that is, to be a leading Africa insurance group. SUNU Assurance is present in 12 Franco-phone African countries while Equity Assurance is present in three Anglo-phone countries.
This arrangement brings about market presence in 15 African countries and Equity Assurance now belongs to a major insurance conglomerate in the continent.
The company said it hope to leverage on this to maximise all the possible economies of scale including market competition for the overall benefit of our stakeholders