BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc, on Monday reassured investors that it has 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.
It would recalled that the commission today released names of 43 insurance companies that met the recapitalization deadline set by the commission which was 31st July,2026.
The company disclosed this in a notice to Nigerian Exchange Plc, and signed by its managing Director, Dr. Lucas Adekunle Durojaiye.
The notice further reads: “We want to use this medium to allay any fears or doubts that might nave arisen as a result of the publication of August 3, 2026, by NAICOM. Please b e rest assured that Sovereign Trust Insurance Plc is still i n 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 i n due course.
“To further emphasize our financial footing and readiness for the next phase of the
insurance sector in the country, we are pleased t o share our capital metrics as of this moment. The Company’s admissible assets over admissible liabilities as at December
31, 2025 was N10,886,234,000.00. The Company’s Rights Issue which ended on June
10, 2026, and as approved by Security and Exchange Commission (SEC) was successful with over N 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 N22 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
m a n d a t e s .
The company however reassured that further updates will be communicated promptly upon receiving our final clearance certificate from NAICOM.
