Sovereign Trust Meets  NAICOM’s N1.5bn Statutory Deposit Deadline

Ebere Nwoji

Sovereign Trust Insurance Plc (the Company), said it has successfully fulfilled the statutory deposit of N1.5 billion as a non-life insurance company to the Central Bank of Nigeria(CBN), in compliance with the directive by the National Insurance Commission, (NAICOM), to all insurance companies  to make statutory deposit of 10 percent of regulatory minimum capital with the Central Bank of Nigeria (CBN).

The underwriting firm said it made the deposit before the deadline of May 31, 2026, adding that the achievement marked a significant milestone in the company’s ongoing recapitalisation programme and further demonstrated its commitment to maintaining a strong financial foundation.

The company’s Managing Director/Chief Executive Officer Dr. Lucas Durojaiye, said the new capital would enhance policyholder protection, and compliance with all regulatory requirements governing the Nigerian Insurance Industry. 

He said the underwriting firm opened its rights issue  on May 4, 2026 for existing shareholders of the company with the aim of raising additional capital to the tune of N5billion from the sale of 2,510,848,144, units of ordinary shares at  50kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 ordinary shares held as at the close of business on March 17 2026. 

He said the rights issue  was expected to close today, Wednesday, June 10, 2026, adding that the successful remittance of the statutory deposit demonstrated Sovereign Trust Insurance’s readiness to align with evolving regulatory landscape aimed at strengthening the capacity, resilience, and competitiveness of Insurance operators in Nigeria.