Sovereign Trust Insurance Completes N5bn Capital Restructuring

Sovereign Trust Insurance Plc has completed the restructuring phase of its N5 billion capital issue, marking a significant milestone in its recapitalization plan in accordance with the Nigerian insurance industry's recapitalization act. The announcement was made during a signing ceremony at the company's corporate headquarters in Victoria Island, Lagos.

This completion signals the end of an internal process involving professional engagements required for the rights issue. Shareholders are now presented with the opportunity to purchase a total of 2,510,848,144 units at 50 kobo, amounting to N2.00 per share basis for three new ordinary shares.

Dr. Luca Durojaiye, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, emphasized that this move is part of the company's growth agenda aimed at positioning it among the top five underwriting firms in Nigeria's insurance industry.