Business

Equity Assurance evolves as Sunu Assurance after 60% stake purchase

By Ebenezer Adaramodu

Equity Assurance, a leading insurance company listed on the floor of the Nigerian bourse has changed it’s name to Sunu Assurance Nigeria Plc.

This change of name comes after Sunu Assurance Group, a francophone African Insurance Group, and acquired 60 per cent of Equity Assurance Plc thereby becoming the majority shareholder of the company.

The Managing Director, Equity Assurance, Ekpe Ukpabio while addressing newsmen just after the acquisition said, “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. We hope to leverage on this to maximise all the possible economies of scale including market competition for the overall benefit of our stakeholders”.

The company noted that “having passed the necessary special resolution in line with section 31(3) of the Companies and Allied Matters Act CAP C20, laws of the Federation, 2004 and obtaining the approval of the Corporate Affairs Commission changed its name to Sunu Assurances Nigeria Plc.”

“It is informed that pursuant to section 31(5) of the Companies and Allied Matters Act, the company has been issued a new certificate of incorporation by the Registrar General of the commission evidencing the change of name,” The statement signed by the company’s secretary, John Akujieze, stated.

Recently, the company appointed EDC Registrars Limited as the company’s registrars

 

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top