SUNU Assurances appoints new ED

SUNU Assurances Nigeria Plc has confirmed the appointment of Olayinka Adaramola as the new Executive Director, Technical Operations, following the resignation of Independent Non-Executive Director, Olajumoke Bakare.

This follows the company’s announcement of a major board restructuring, signalling a strategic shift towards stronger operational efficiency and deeper technical expertise.

The leadership transition, according to the official filing, effective 1 April 2026, comes at a critical juncture for the Nigerian insurance industry as firms navigate a landscape defined by aggressive recapitalisation and shifting regulatory frameworks.

The departure of Bakare marks the end of a four-year tenure characterised by rigorous governance. Having joined the board in April 2022, Bakare was instrumental in steering various board committees and shaping the company’s internal policies.

“The Board expresses its profound appreciation to Olajumoke Bakare for her dedicated service.

Her contributions have been vital in strengthening our governance structures and refining our decision-making processes during a period of significant industry evolution,” the company stated in a formal disclosure.

To fill the executive gap and drive growth, SUNU Assurances has tapped Olayinka Adaramola, a veteran with over two decades of experience in the insurance sector. Adaramola is widely recognised for his expertise in underwriting, claims management, and strategic operations.

“Mr Adaramola’s appointment is a strategic move to bolster our technical capacity. He combines deep-rooted technical expertise with academic excellence, making him the ideal candidate to lead our technical operations as we aim for greater efficiency,” the board noted.

Adaramola’s academic foundation is rooted in a Higher National Diploma in insurance from Lagos State Polytechnic, which he obtained in 1996, followed by an MBA in marketing from Ladoke Akintola University of Technology in 2009. He is also a distinguished Associate Member of the Chartered Insurance Institute of Nigeria, reflecting his commitment to professional standards.

His career began in 1998 at Leadway Assurance Company Limited, where he specialised in General Accident underwriting and survey inspections. Before joining SUNU Assurances, he served as the Executive Director of Technical Operations at Capital Express Indemnity Insurance Limited and has participated in numerous advanced industry courses within Nigeria and the United Kingdom.

The appointment is seen by analysts as a proactive response to the ongoing reforms within the insurance sector. By bringing in a seasoned professional with international training and extensive leadership experience, SUNU Assurances is positioning itself to capture a larger market share and ensure long-term stability.

“As the insurance sector continues to evolve amid recapitalisation and regulatory reforms, our focus remains on operational excellence. This appointment reflects our commitment to meeting those challenges head-on with the best talent in the industry,” the company concluded.

With Adaramola at the helm of technical operations, SUNU Assurances aims to streamline its underwriting processes and improve claims responsiveness, key metrics that are increasingly dictating competitive advantage in the 2026 fiscal year.