SUNU moves to rejig board, accelerates growth

SUNU Assurances Nigeria Plc is seeking shareholder approval for substantial changes to its board and audit structure as it prepares for its next phase of growth in Nigeria's competitive insurance sector. The insurer is proposing the appointment of TAC Professional Services as its new external auditor, replacing SIAO Partners, which is set to retire from its engagement.

These proposed changes are part of several corporate governance measures detailed in the company's notice to shareholders ahead of its 2026 business year. 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 focus. These proposed board adjustments are intended to bolster SUNU Assurances' governance framework and improve its capacity to capitalize on emerging opportunities within Nigeria's evolving insurance industry.

Furthermore, the company plans to seek approval for the re-election of a retiring director who remains eligible and willing to continue serving on the board. A significant proposal also includes a general mandate allowing the company to engage in recurrent transactions with related parties and other interested persons as part of its daily operations, which may involve the provision or acquisition of goods and services. These transactions will adhere to the Nigerian Exchange Limited rules governing related-party transactions, with interested parties abstaining from voting on relevant resolutions.

SUNU Assurances is also enhancing its audit oversight arrangements. Shareholders will have the opportunity to nominate members for the Statutory Audit Committee, which must include financially literate individuals and at least one member from a recognized professional accounting body in Nigeria. The company will also seek authority for its board to determine the remuneration of the external auditors for the 2026 financial year. The proposed appointment of TAC Professional Services follows SUNU Assurances' review of its external audit arrangements after SIAO Partners' retirement.