BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc has completed the structuring phase of its planned N5 billion Rights Issue, marking a significant step in its recapitalisation programme in line with the Nigerian Insurance Industry Recapitalisation Act (NIIRA).

The company disclosed this at a signing ceremony involving all transaction parties held at its corporate head office in Victoria Island, Lagos. The event signalled the conclusion of all internal processes and professional engagements required for the Rights Issue.

With the structuring phase completed, shareholders of Sovereign Trust Insurance Plc will now have the opportunity to subscribe to 2,510,848,144 ordinary shares of 50 kobo each at N2.00 per share, on the basis of three new ordinary shares for every existing holding.

The management urged shareholders to take full advantage of the offer, noting that the Rights Issue presents an opportunity to increase their stake in the company and benefit from its projected growth.

According to the Managing Director/Chief Executive Officer, Lucas Durojaiye, the company has set an ambitious growth agenda aimed at positioning itself among the top five insurance firms in Nigeria.

He noted that a strong capital base remains critical to achieving this objective, adding that full participation in the Rights Issue would strengthen the company’s capacity for expansion and long-term value creation.

“In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda. We therefore call on our shareholders to fully exercise their rights and subscribe to the Rights Issue,” he said.

Durojaiye added that Sovereign Trust Insurance Plc is positioning itself to become one of the most preferred insurance companies in Nigeria, both as a service provider, an investment choice, and an employer of choice.

The Rights Issue forms part of broader efforts by the insurance sector to strengthen capitalisation, enhance competitiveness, and align with regulatory reforms under NIIRA.

The post Sovereign Trust Insurance Advances Expansion Plans with N5bn Rights Issue Signing appeared first on Business Today NG.

The Ogun State Police Command has confirmed the successful rescue of five abducted students of Gateway Polytechnic, Sapade, following a coordinated, intelligence-led operation.

The Commissioner of Police, Bode Ojajuni, disclosed this during a press briefing held at the Command Headquarters in Eleweran, Abeokuta on Tuesday.

According to him, the incident occurred late on April 27, 2026, when officers at the Ipara Division received a distress call about a suspected kidnapping in the Sapade area. A patrol team dispatched to the scene discovered an abandoned ash-coloured Toyota vehicle riddled with bullet holes, with blood stains and personal belongings, including mobile phones, recovered at the scene.

Further investigation led to the discovery of a student identity card belonging to Gateway Polytechnic, confirming that the victims were students of the institution. This prompted the immediate launch of a full-scale rescue operation.

Ojajuni said tactical units, including operatives from Isara Area Command, Ipara Division, SWAT, the Anti-Kidnapping Unit, the Violent Crime Response Unit, Quick Response Squad, and OP MESA, were mobilised for the operation.

On April 28, joint security teams carried out extensive bush-combing and intelligence-driven tracking along suspected escape routes, including the Lagos-Ibadan Expressway and the Fidiwo axis in Obafemi Owode Local Government Area.

“The sustained operational pressure led to the successful rescue of the five victims,” the police commissioner said.

He added that the victims were immediately evacuated, given first aid, and later taken to the police hospital in Abeokuta, where they received medical attention. They were reported to be in stable condition.

Ojajuni revealed that the kidnappers engaged security operatives in a gun duel during the operation but were overpowered and forced to flee, likely with gunshot wounds. No casualties were recorded among police personnel.

He assured the public that efforts were ongoing to apprehend the fleeing suspects and bring them to justice, noting that bush-combing operations were still in progress.

The rescued students have since been handed over to the management of Gateway Polytechnic.

The post Police Rescue Five Abducted Gateway Polytechnic Students in Ogun appeared first on Business Today NG.