Prime Business AfricaShareholders of Sunu Assurances were left without profit at the end of the first quarter (Q1) of 2025 after stock market investors snubbed the company’s shares amid bearish sentiments.
Prime Business Africa’s analysis of the insurance company’s stock market performance in Q1 showed that the share value of Sunu Assurances declined from N11.65 kobo to N6.65 kobo, indicating stock market traders did not consider the insurer as a profitable asset for the period.
Join our WhatsApp ChannelConsequently, Sunu Assurances shareholders’ investment value dropped by 42.91 percent, the highest decline recorded by any insurance company within the reviewed period, according to Prime Business Africa’s findings.
This means Sunu Assurances shareholders recorded a combined loss of N29.05 billion within three months (January to March).
Furthermore, the majority shareholders of the company, Mohammed Bah (representing Sunu Cote Dívoire) and Karim-Franck Dione accounted for the highest losses.
It was gathered that Bah, which holds an indirect stake on behalf of Sunu Cote Dívoire, lost N9,39 billion, as the investment he held dropped from N21.88 billion to N12.49 billion.
Also, Dione’s investment in Sunu Assurances dropped from N34.48 billion to N19,68 billion –indicating the majority shareholder lost N14.79 billion.
Sunu Assurances, which is one of the 13 insurance companies to record losses in shareholders’ investment value, also saw its market valuation knocked down from N67.69 billion to N38.64 billion.
As a result, Sunu Assurances dropped on the list of the most valuable insurance companies in Nigeria, ending the quarter as the seventh most capitalised insurer, compared to the third spot held at the start of January.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
