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From N2.36bn To N1.22bn… Ogun State’s Investment In Sunu Assurances Declining

August 26, 2025
by

The value of investment held by Gateway Holdings Limited, an investment vehicle owned by Ogun state government, in Sunu Assurances has declined by 48.15 percent year-to-date, as equity traders in the Nigerian stock market hold bearish sentiments towards the insurer.

Gateway Holdings is the third majority shareholder in Sunu Assurance with 203.10 million shares, representing 3.50 percent, according to the insurer’s first half (H1) 2025 unaudited financial statements.

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Prime Business Africa’s analysis showed the shares held by Gateway Holdings were valued at N2.36 billion at the start of this year, however, as of August 22, the worth of the stake has dropped to N1.22 billion.

This indicates Gateway Holdings has lost N1.13 billion within the last eight months, following a decline in Sunu Assurances’ share price, which depreciated from N11.65 kobo on January 2 to N6.04 per share on August 22.

The N5.61 kobo decline in Sunu Assurances’ share value reflects a decline in investors confidence and indicates the stock market, also known as the Nigerian Exchange Limited (NGX), anticipates a downward trend in share price and negative future market performance.

Prime Business Africa notes that the decline in investor confidence comes amid a decline in bottom line of Sunu Assurances in the first half of 2025.

Sunu Assurances had reported N9.97 revenue for the period between January and June 2025, surpassing the N3.21 billion posted in the corresponding period in 2024.

During the same period, insurance service expenses and net expenses from reinsurance contract had increased 51.11 percent and 79.85 percent year-on-year, respectively, leading to the service result rising by just 1.78 percent.

While the company’s investment income grew by 26.97 percent year-on-year, other operating income decreased by 99.60 percent, while other operating expenses increased by 34.77 percent.

Consequently, results of operating activities dropped by 60 percent to N1.61 billion recorded in H1 2025, compared to the N4.02 billion reported in H1 2024.

Also, profit before tax (PBT) declined to N1.60 billion in the first half of this year, falling below the N4.02 billion recorded in the same period last year, representing a decrease of 60.01 percent.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: publisher@primebusiness.africa and editor@primebusiness.africa

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