Sunu Assurances Nigeria plc bounces back after resignation of CEO late last year.

Sunu assurances plc appoints new MD/CEO as demand for stock rises

Sunu Assurances Plc has welcomed on board new Directors. Samuel Oghenebrume Ogbodu and Adeleke Emmanuel Hassan have been appointed Directors of the company.

While Ogbodu was appointed the company’s Managing Director (MD)/Chief Executive Officer (CEO), Hassan was appointed as an Executive Director.

The appointments are subject to approvals by the National Insurance Commission (NAICOM).


Our Guidance: BUY Sunu assurances plc

A lot of buying activity on the stock over the last few sessions and the appointment of new directors virtually guarantees an upward swing for this long oversold stock.


Appointees profile at a glance

Samuel Oghenebrume Ogbodu is a Chartered Insurer and a member of the Society of Fellows of the Chartered Insurance Institute of Nigeria. He is a highly seasoned professional with track record of success in surpassing revenue, cost, profit and business growth objectives.

He started his career at the Nigerian Life and Pension Consultants and later joined Law Union and Rock Insurance in 1987 as Head of Special Risk department.

Ogbodu was part of the team that set up Sovereign Trust Plc in 1994. He contributed immensely to the growth and development of the Company and by dint of hard work, commitment and resilience, rose to the position of Executive Director/Chief Operating Officer.

Ogbodu has special skills in turnaround management and projects with 100% success rate. He is an Alumnus of Lagos State University, Lagos Business School and University of Lagos.

He is a member of the prestigious Ikoyi Club 1938, IBB Golf and Country Club, Abuja and Institute of Directors (IOD). He is married and blessed with Children.

On the other hand, Adeleke Emmanuel Hassan is a consummate and seasoned Chartered Insurer with over 25 years cognate experience in the insurance industry spanning from broking to Underwriting businesses.

He started his career at Ark Insurance Brokers Limited and later joined Hogg Robinson Nigeria Limited in 1991 where he rose to become a Senior Manager/ Head, Energy Risk department.

Hassan joined Equity Assurance Pic (Now SUNU Assurances Nigeria Plc) in 2003 where he rose to become the General Manager, Marketing and Business Development.

Hassan is an Alumnus of Ambrose Alli University and Lagos Business School. He has attended numerous seminars and courses locally and overseas in the course of his career.


About SUNU Assurances Nigeria Plc

SUNU Assurances Nigeria PLC, formerly Equity Assurance Plc, is a Nigeria-based insurance company. The Company’s principal activity is the provision of non-life insurance business, health management, and financial services to corporate and retail customers in both Nigeria and Ghana, respectively.

The Company’s segments include Non-Life, Asset Management and Health Management. Its insurance services include Consequential Loss Insurance, Burglary Insurance, Householder’s Insurance, Goods in Transit Insurance, Public Liability Insurance, Products Liability Insurance, Aviation Insurance, and Fidelity Guarantee Insurance.

Sunu Assurances Plc announced the resignation of its Managing Director, Moruf Apampa, effective 30th of November, 2018.

Samuel Ogbodu the company’s Executive Director, Technical and Operation have been appointed as Acting Managing Director.

The board of directors will appoint a substantive managing director within 90 days.

MTN Will List On The Nigerian Stock Exchange (NSE) Before June - CEO

Rob Shuter, President and Chief Executive Officer (CEO) of MTN Group, has confirmed that the telco will list on the Nigerian Stock Exchange (NSE) in the first half of this year.

Shuter who made this known during the MTN Group’s investor update conference call said the telco has decided to pursue the listing by means of a listing by introduction, which is phase one of the planned Initial Public Offering (IPO).

According to Shuter, after phase one, which would be completed by the first half of 2019, the shares would be open to Nigerian investors as part of the second phase of the listing.

“IT MEANS THAT WE WILL LIST THE COMPANY IN THE INITIAL PHASES WITHOUT ANY PUBLIC OFFER OR SELL-DOWN OR INITIAL PUBLIC OFFERING. I THINK THIS WILL ENABLE US TO GET THE COMPANY LISTED WHILST THE MARKET STILL DIGESTS THE IMPLICATIONS OF WHAT HAS HAPPENED OVER THE LAST FEW MONTHS.” – SHUTER

What should be expected in MTN’s phase 2 listing

MTN will, in phase 2, be doing a project to increase the Nigerian participation in MTN Nigeria, targeting more free float of around 35 per cent than the mandatory free float of 20 per cent for the main board.

MTN aims to conclude at least the listing by introduction in the first half of 2019, pretty much as soon as it can, and then subject to market conditions, the telco would in phase two do the sell-down.

Understanding listing by introduction

Listing by introduction is a way of listing shares already in issue on another exchange. No marketing arrangement is required as the shares for which listing is sought are already widely held. The listing approval procedures for a new listing by introduction are the same as those for IPO.

The company’s shares are listed without a prior IPO. The company would usually have raised capital prior to applying to list, and also must meet the listing requirements – including a minimum number of public shareholders (300 to list on the Main Board; 51 to list on the ASeM) and minimum public float (20% for the Main Board; 15% for ASeM).

Explaining how listing by introduction works, Chief Executive Officer, Enterprise Stockbrokers, Rotimi Fakayejo said,

“THEY MAY LIKELY BE MANDATED TO SELL ON THE FIRST DAY OF LISTING AND THEN THEY CAN START SELLING GRADUALLY TO INTERESTED INVESTORS. THEY MIGHT NOW DECIDE TO DO OFFER FOR SALE, WHICH IS SELLING FROM EXISTING SHAREHOLDERS TO THE PUBLIC; THEY MAY BE ABLE TO ACHIEVE THE REQUIRED FLOAT IN THE MARKET IN ORDER FOR THEM TO ACCELERATE THE PROCESS OF GETTING LISTED.”

Source: Nairametrics

Re

Sunu assurances plc appoints new MD/CEO as demand for stock rises

Re