Sunu Assurances Nigeria Plc (“Sunu”) today announces that together with the assistance of QPI Consultants FZE (“QPI”) it has been able to successfully agree and implement settlement with the holders of all the bonds and options which were issued pursuant to the JPY1,350,000,000 Zero Coupon Bonds 2026 issue.

This was achieved as a result of being able to bring the holders of the options and bonds to the understanding with the assistance of QPI that it was in their best interests and those of Sunu to reach an agreement.  QPI is a specialised consultancy firm focussed on assisting parties particularly in Africa in reaching innovative solutions to their problems.

Historically the relationship between Sunu and the holders of the bonds and the options has not been helpful to Sunu leading to issues with the insurance regulator NAICOM  and Sunu’s ability to deliver its insurance business.  QPI was able to bring a level of professionalism to negotiations and execution of the settlement that allowed Sunu to reach out to the holders of the bonds and the options with the assistance of QPI which meant that Sunu could reach a settlement in the knowledge that any agreement would deliver it value.

With no obligations owed under the bonds Sunu now has a stronger balance sheet which will ensure that it is able to further enhance its offering as a premier insurance company in Nigeria while meeting the requirements of the insurance regulator NAICOM as it seeks further growth opportunities.  As a result of the settlement of the options Sunu no longer faces the prospect of an unexpected equity investor thereby allowing its current shareholder to move forward on their investment plans with Sunu.

The Chief Executive, Mr Rohan Fernando commented “working with Sunu was a pleasure and we are honoured that we have been able to assist in helping in this way and contributing to Sunu’s future success.