Sovereign Trust Insurance Meets NAICOM's Deposit Deadline

Sovereign Trust Insurance Plc has fulfilled the National Insurance Commission's (NAICOM) N1.5 billion statutory deposit requirement, which is mandated for non-life insurance companies by the Central Bank of Nigeria (CBN). This deposit, representing 10 percent of the regulatory minimum capital, was successfully remitted ahead of the deadline of May 31, 2026.

Dr. Luca Durojaiye, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance, stated that this achievement marks a significant milestone in the company's ongoing recapitalization program and demonstrates its commitment to maintaining a strong financial foundation. The company is also preparing for a rights issue scheduled for May 4, 2026, aiming to raise additional capital of N5 billion through the sale of 2,510,848,144 ordinary shares at 50 kobo each, with the rights issue expected to close on June 10, 2026.

This strategic move aligns with the evolving regulatory landscape and aims to strengthen the company's capacity and resilience in the Nigerian insurance market.