NAICOM gives Sovereign Trust Insurance new licence after recapitalisation
L-R: Deputy Commissioner, Finance and Administration, National Insurance Commission (NAICOM), Mr. Ekerete Ola Gam-Ikom; Managing Director /CEO, Sovereign Trust Insurance Plc, Dr. Lucas Ayokunle Durojaiye; Commissioner for Insurance, NAICOM, Mr. Olusegun Ayo Omosehin; and Deputy Commissioner of Insurance, Technical Operations, Dr. Usman Jankara Jimada, at the presentation ceremony of the new operating licence to Sovereign Trust Insurance Plc in line with the NIIRA 2025 recapitalization of insurance companies in Nigeria.
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Sovereign Trust Insurance Plc (STI), one of Nigeria’s leading general insurance companies, has received its Recapitalisation Certificate from the National Insurance Commission (NAICOM), marking a significant milestone in the Company’s ongoing growth and transformation journey.
The certificate, issued following the Company’s successful compliance with the recapitalisation requirements of the National Insurance Commission, further reinforces Sovereign Trust Insurance Plc’s financial capacity, operational resilience and commitment to delivering sustainable value to its policyholders and other stakeholders.
Speaking on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, expressed delight at the milestone, describing it as a testament to the Company’s resilience, strategic focus and the confidence of its stakeholders.
“The receipt of our recapitalisation certificate from NAICOM is a significant milestone for Sovereign Trust Insurance Plc. It reflects the strength of our business, the confidence of our shareholders and the dedication of our Board and employees to building a stronger and more resilient insurance institution.
“This achievement positions us for the next phase of our growth journey. We remain committed to strengthening our capacity to underwrite risks, deepening our market presence, enhancing our service delivery and creating greater value for our policyholders and stakeholders.”
The recapitalisation milestone also underscores STI’s commitment to supporting the development of Nigeria’s insurance industry by maintaining strong corporate governance, improving operational efficiency and providing innovative insurance solutions that respond to the evolving needs of individuals, businesses and institutions.
With the certification, Sovereign Trust Insurance Plc is poised to further leverage its strengthened capital base to pursue strategic growth opportunities, enhance its underwriting capacity and reinforce its position as a trusted partner in risk management.
The Company appreciates its shareholders, Board of Directors, management, staff, regulators, business partners, brokers, agents, customers and other stakeholders for their continued confidence and support throughout the recapitalization process.
