Sovereign Trust Insurance Plc (NGX:SOVERENINS) has successfully remitted N1.5 billion as a statutory deposit with the Central Bank of Nigeria (CBN), meeting regulatory requirements well ahead of the May 31, 2026 deadline.
In a bulletin announced on NGX stated that the deposit fulfills the National Insurance Commission (NAICOM) directive for insurance companies to place 10% of their regulatory minimum capital with the CBN, in accordance with the Nigerian Insurance Industry Reform Act, 2025 (NIIRA).
As a non-life insurer, this indicates STI’s commitment to bolstering its financial position, enhancing policyholder protection, and aligning with broader industry reforms aimed at building resilience and competitiveness.
The development comes as the company advances its recapitalization programme. On May 4, 2026, STI opened a Rights Issue to raise up to N5 billion through the issuance of 2,510,848,144 ordinary shares of 50 kobo each at N2.00 per share.
Qualifying shareholders are entitled to 3 new shares for every 17 shares held as of the close of business on March 17, 2026.
The Rights Issue is scheduled to close on June 10, 2026.
Commenting on the milestone, Dr. Lucas Durojaiye, Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, said:
“The fulfilment of the statutory N1.5 billion deposit requirement with the Central Bank of Nigeria represents another important milestone in our growth journey and demonstrates our unwavering commitment to regulatory compliance and financial solvency in competing favourably in the Nigerian insurance space and beyond.
This achievement further strengthens the confidence of our shareholders, policyholders, business partners, and other stakeholders in the Company’s ability to consistently meet its obligations while creating sustainable value for all.”
The company reiterated its dedication to prompt claims settlement, sound corporate governance, and customer-centric service delivery while meeting all regulatory obligations within stipulated timelines.
The Rights Issue remains open to existing shareholders seeking to participate in the company’s expansion plans.
Administrator and Writer
