SUNU Assurances Nigeria Plc has increased its issued share capital to 7.89bn shares following the listing of 2.08bn new ordinary shares on the Nigerian Exchange, giving investors a larger equity base to trade.

The additional 2,075,285,714 shares, valued at N9.34bn, were listed on August 31, 2026, following the insurer’s Rights Issue priced at N4.50 per share. The offer was made to existing shareholders on the basis of five new shares for every 14 held.

With the new shares admitted to trading, SUNU’s issued shares rose from 5.81bn to 7.89bn . At the stock’s closing price of N3.29 on 4 September, the enlarged share capital had a market value of about N25.95bn.

SUNU shares gained 1.86 per cent on 4 September, closing at N3.29 from N3.23. However, the stock remained under pressure compared with its N5.50 opening price for 2026, representing a year-to-date decline of 40.18 per cent.

The enlarged share base comes after SUNU completed a N9.33 billion Rights Issue designed to strengthen its capital position and meet the higher minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act 2025.

For shareholders, the key question now is whether the additional equity can translate into stronger earnings, improved returns and a recovery in the company’s share price.

SUNU’s management has outlined a technology-driven expansion strategy following the recapitalisation, with artificial intelligence, digital transformation, product innovation and operational efficiency expected to play larger roles in the company’s growth plans.

The insurer also plans to expand its presence in the retail and SME segments while strengthening its corporate, broker and partnership channels.

The strategy comes as SUNU seeks to convert its stronger capital position into higher business volumes and improved profitability.

The Nigerian National Petroleum Company Limited has disowned a fuel truck with its old logo intercepted by the National Drug Law Enforcement Agency with 2,145kg of cannabis concealed in a compartment in Ondo State.

The company said preliminary checks showed that the truck, with registration number MKA 960 XC, was neither owned by NNPC Ltd. nor part of its official fleet or that of any of its authorised dealers.

NNPC disclosed this in a statement issued on Monday by its Chief Corporate Communications Officer, Andy Odeh. The company said it had taken note of media reports concerning the intercepted vehicle, which bore markings associated with NNPC.

It, however, stated that the logo displayed on the vehicle was not consistent with its current official branding, while the truck did not appear in its asset database.

“NNPC Ltd has taken note of media reports concerning the intercepted vehicle, which bears markings associated with the company. We wish to clarify that preliminary checks indicate that the vehicle, with registration number MKA 960 XC, is neither owned by NNPC Ltd nor part of the official fleet of the company or any of its authorised dealers,” the statement said.

According to the company, it is engaging with the Nigerian Association of Road Transport Owners to obtain further information and establish the circumstances surrounding the use of its old branding on the vehicle.

NNPC said it took any unauthorised use of its corporate identity seriously, particularly where such use might be associated with unlawful activity. The national oil company said it would cooperate fully with the NDLEA and other relevant security agencies in investigating the incident.

It added that the investigation would establish the ownership and operation of the vehicle and how NNPC markings came to be displayed on it.

“The company is also reviewing its brand-protection and asset-monitoring protocols and will take appropriate steps, including legal action where warranted, against any unauthorised use of its corporate identity,” NNPC said.

The company urged members of the public and relevant authorities to verify the ownership or affiliation of vehicles purporting to belong to NNPC through appropriate official channels.

NNPC also commended the NDLEA for its vigilance and sustained efforts in combating illicit drug trafficking in Nigeria, saying it remained supportive of the ongoing investigation.

 

Dangote Petroleum Refinery and Petrochemicals Limited has formally began the process of launching its Initial Public Offering (IPO) with the signing ceremony for the offer of 4.1 billion ordinary shares, which is expected to open the doors of ownership in Africa’s largest single-train refinery to unprecedented 10 million subscribers.

 

Industry stakeholders have described the offer as potentially the largest retail investment drive ever undertaken on the continent, positioning it as a watershed moment for both Nigeria’s capital market and Africa’s industrial landscape.

 

Beyond raising capital, the IPO is expected to broaden participation in one of the continent’s most strategic energy assets, deepen market liquidity, and create a new generation of shareholders in a business widely regarded as a catalyst for Africa’s energy security and economic transformation.

 

At the grand signing ceremony held in Lagos on Monday, President and Chief Executive of Dangote Group, Aliko Dangote, who formally unveiled the public offering alongside transaction advisers and key stakeholders involved in the pan-African share sale said the IPO seeks to raise approximately N2.2 trillion, making it one of the most ambitious capital-raising exercises ever undertaken by a private enterprise in Africa.

 

Addressing the audience at the event which comprises Bank Chief Executives, Captains of Industry as well as Financial Services advisors, Dangote disclosed that the minimum subscription has been set at 10 ordinary shares, representing an entry investment of N5,250 noting that the offer was strategically designed to enable broad-based participation by retail and institutional investors while deepening public ownership of one of Africa’s most transformative industrial assets.

 

According to him the Share offer is not just about raising money but also carry along all Nigerians with drivers, cleaners, housemaids and the likes having the opportunity to be part owner of the refinery

 

Said he: This IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise, it’s a legacy we are laying down, nobody will live forever”

 

In his remark, Group Managing Director of Vetiva Advisory Services Limited, the Lead Issuing House and coordinator of the transaction, Chuka Eseka, explained that the launch follows the recent approval granted by the Securities and Exchange Commission (SEC), paving the way for the offering of 4.1 billion ordinary shares at N525 per share.

 

The landmark public offer places a valuation of close to $50 billion on Dangote Petroleum Refinery and Petrochemicals and is expected to provide the capital required to finance the expansion of the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day. Situated on a sprawling 6,180-acre complex in the Lekki Free Zone, the refinery is reputed as the largest single-train refinery in the world.

 

Analysts say the eventual listing of the refinery on the Nigerian Exchange later this year could significantly reshape the country’s capital market landscape, potentially increasing the exchange’s total market capitalization by more than one-third.

 

Investor appetite for the refinery has been evident in recent months. In July, the company raised $2.5 billion through a private placement targeted at institutional investors and high-net-worth individuals, with demand exceeding the offer size by 270 per cent. Market observers believe substantial unmet demand from that exercise could flow into the public offering.

 

Interests in the share sale had been building long before the SEC granted formal approval. The refinery’s investment appeal continues to attract attention even beyond Nigeria’s borders.

 

The public offer, scheduled to open on September 14, is expected to benefit from improving investor sentiment towards Nigeria following the country’s reinstatement to Frontier Market status by FTSE Russell. The development is anticipated to enhance foreign portfolio inflows and strengthen international investor participation in the capital market.

 

Market experts believe the success of the Dangote Refinery IPO could establish a new benchmark for large-scale public offerings in Africa, while encouraging other major Nigerian enterprises to access long-term capital through public listings. into a limited liability company.

 

Managing Director of Dangote Petroleum Refinery explained since the commencement of production in January 2024, Dangote Refinery has rapidly emerged as a key player in the global energy market expressing excitement that the facility last June, surpassed the United States to become the largest external supplier of jet fuel to Europe, a position it maintained in July, further underscoring its growing influence in international petroleum trade.