- Group reaffirms growth, recapitalisation drive
Unforgettable aptly captures the enduring legacy of the late founder of SUNU Group, Mr. Dione Patte, as staff of the pan-African insurance group across the continent gathered in churches and mosques to mark the third anniversary of his passing.
From Nigeria to other African countries where the Group operates, SUNU employees converged for thanksgiving services and special prayers, clad in white at Christian services, while Muslim faithful also observed prayers, all united in gratitude for the life, vision and impact of the late insurance icon.
Speaking on the sidelines of the commemoration in Lagos, the Managing Director/Chief Executive Officer of SUNU Assurances Nigeria Plc, Dr. Samuel Ogbodu, said the continued remembrance of the founder was driven by the depth of his humanity and his lifelong passion for Africa’s development.
“The founder was a lovely man, deeply passionate about humanity,” Ogbodu said. “He showed so much love that we feel obligated to reciprocate. He believed strongly that Africa must be developed economically, and that is why all SUNU offices are located in Africa,creating employment and putting food on people’s tables.”
According to him, thousands of families across the continent continue to benefit from the founder’s vision, making it imperative for staff to honour his memory year after year.”
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“So many people have been able to meet their earthly needs through his efforts. A lot of people eat from the man’s sweat, from his mission and vision. That is why we are obligated to remember him annually as a sign of appreciation,” he added.
On sustaining the founder’s legacy, Ogbodu said the current management remains committed to expanding the SUNU footprint across Africa and strengthening the Group’s financial performance.
“We feel obligated to carry on his vision, which is to set up insurance companies across Africa. Since his demise, one new company has been established in the Democratic Republic of Congo, and efforts are ongoing to open offices in other African countries,” he said.
He noted that beyond geographic expansion, management is focused on growing the business in terms of Gross Written Premium, Profit before Tax and Profit After Tax, while investing heavily in people development.
“The company does not run on its own; it is driven by the quality of its people. Because of his love for humanity, we are deliberately training and developing our staff to meet targets and deliver on our goals. SUNU is growing every year, and that is how we ensure his legacy does not go down the drain,” Ogbodu stated.
On recapitalisation, which he described as critical to sustaining the founder’s vision in Nigeria, the SUNU Assurances CEO reaffirmed the Group’s commitment to meeting the requirements set by the National Insurance Commission (NAICOM).
He recalled that the founder’s first son and heir had publicly assured stakeholders of the Group’s resolve to recapitalise, stressing that the promise remains intact.
“As at today, we have done the needful and are going through regulatory approvals. We are seeking shareholders’ approval to raise ₦9 billion. We have enough funds to run SUNU, but we must meet regulatory requirements,” he explained.
According to him, the N9 billion capital raise will be executed through a rights issue and private placement, with strong investor interest already recorded.
“SUNU Group holds about 83 per cent of the company and is ready to bring in over $500 million, which is almost N9 billion. Local shareholders will also participate, and for anyone who does not take up their rights, other investors are already lined up, given our strong performance,” Ogbodu said.
He added that SUNU Assurances Nigeria has consistently paid dividends to shareholders over the past three years, with payouts increasing steadily.
Also speaking, the Executive Director, Control and Risk Management, SUNU Assurances Nigeria, and Regional Manager, Anglophone Subsidiaries of SUNU Group, Mr. Elie Ogounigni, described the late founder as an institution builder whose vision was deliberately designed to outlive him.
“Three years after his passing, the founder remains unforgettable. In many cases, after one or two years, memories fade, but this has not been the case here,” Ogounigni said.
“He created an organisation that was not meant only for his family. While his children can benefit from it, the company was structured to last beyond them. He built a business designed to endure,” he added.
Ogounigni noted that regular remembrance ceremonies help reinforce the philosophy the founder preached while alive, particularly his vision of building a strong insurance industry for Africa.
“For those of us who had the privilege of working closely with him, he is truly unforgettable. What he taught us has become a philosophy that continues to guide how we build insurance in Africa,” he said.
On the ongoing recapitalisation of SUNU Assurances Nigeria, Ogounigni said the company remains firmly on course to meet regulatory expectations.
“SUNU came to Nigeria to stay. We are fully in the process of recapitalisation, and very soon the public will hear more about how we are proceeding. We will access the market for funds, and where there is any gap, the Group is fully committed to covering it,” he assured.
Meanwhile, the Managing Director of SUNU Health, Patrick Korie who also spoke at the event, said the late founder’s emphasis on service, discipline and people-centred leadership continues to guide operations within the health arm of the Group.
Staff members, both senior and junior, shared personal testimonies of how the late Dione Patte created opportunities that shaped their careers and livelihoods, describing him as a mentor, father figure and visionary whose impact transcends generations.
Three years after his passing, the widespread remembrance across churches and mosques, staff said, stands as a powerful testament to the enduring legacy of a man whose mission was to build Africa through strong institutions.
