WorldStage– Following the recent publication by the National Insurance Commission, NAICOM, on the operational update of the ongoing recapitalization exercise of the insurance industry in the country, we at Sovereign Trust Insurance Plc said it had met the recapitalization deadline as stipulated by NAICOM but still awaiting the final review which is being carried out with the appointed Consultant, (Ernst & Young) in conjunction with NAICOM.
Sovereign Trust in a note filed at the Nigerian Exchange signed by Lucas Durojaiye, MD/CEO said “We want to use this medium to allay any fears or doubts that might have arisen as a result of the publication of August 3, 2026, by NAICOM.
“Please be rest assured that Sovereign Trust Insurance Plc is still in the process of concluding the administrative aspect of the recapitalization exercise and the Company will soon be joining the league of insurance companies that have successfully concluded the verification exercise in due course.
“To further emphasize our financial footing and readiness for the next phase of the insurance sector in the country, we are pleased to share our capital metrics as of this moment.
“The Company’s admissible assets over admissible liabilities as at December 31, 2025 was #10,886,234,000.00.
“The Company’s Rights Issue which ended on June 10, 2026, and as approved by Security and Exchange Commission (SEC) was successful with over 6.6 billion realized from the Rights Issue which technically takes the Company beyond the minimum capital requirement under the Nigerian Insurers Industry Reformed Act.
“The Company’s total equity stands at over # 22 billion.
“This final verification stage is- a standard procedural step, and our inclusion amongst the 8 undergoing final verification is a testament to the rigorous financial restructuring and strategic capital mobilization we have undertaken to meet NAICOM’s stringent mandates.
“Further updates will be communicated promptly upon receiving our final clearance certificate from NAICOM.”
