Business
Sovereign Trust Insurance Targets Growth With ₦5.02bn Offer
BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance (STI) Plc has launched a ₦5.02 billion Rights Issue aimed primarily at strengthening its capital base and positioning the company for future growth in line with evolving regulatory requirements in the Nigerian insurance industry.
The company’s Managing Director and Chief Executive Officer, Dr. Lucas Durojaiye, said the capital raise is part of STI’s broader strategy to reinforce its financial stability, improve operational capacity and secure a stronger position within the insurance market.
According to him, the Rights Issue will help the underwriting firm exceed the recapitalisation benchmark introduced under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 while enhancing the company’s ability to meet claims obligations and sustain long-term growth.
Durojaiye explained that the company’s current asset base stands above ₦27 billion and noted that the additional capital injection from the Rights Issue and strategic investors would further strengthen the firm’s financial standing.
He also stated that the fresh funds would support technology upgrades, expansion of digital insurance platforms and the development of innovative insurance products targeted at emerging risks and underserved sectors of the economy.
The STI boss added that the company plans to expand its market presence and improve service delivery through enhanced digital channels, including online policy processing and claims management systems.
“Our strategy is focused on building a stronger and more competitive insurance company. A robust capital base is critical to achieving our growth objectives and positioning Sovereign Trust Insurance among the top players in the Nigerian insurance industry,” Durojaiye said.
He urged shareholders to fully subscribe to the Rights Issue, describing it as an opportunity to strengthen their investment in the company while supporting its long-term expansion plans.
The Rights Issue is currently open to existing shareholders, with application forms available through licensed stockbrokers and the company’s investor platform.
The post Sovereign Trust Insurance Targets Growth With ₦5.02bn Offer appeared first on Business Today NG.
Fidelity Bank Plc has appointed Jonathan Ososuakpor as a Non-Executive Director of the bank, taking effect from 22 May.
The bank disclosed the appointment in a statement posted on NGX Group and signed by the Fidelity Bank’s secretary, Ezinwa Unuigboje, on Monday, noting that Mr Ososuakpor can achieve the bank’s strategic objectives.
According to the statement, the appointment has been approved by the Central Bank of Nigeria, while the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation, and Financial Reporting Council of Nigeria have also been notified about the appointment.
“The Board of Directors is pleased to announce the appointment of Dr. Jonathan Oniovosa Ososuakpor as a Non-Executive Director of Fidelity Bank Plc with effect from May 22, 2026.
“The appointment has been approved by the Central Bank of Nigeria, and notice of the same has been communicated to the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation, and Financial Reporting Council of Nigeria.
“The Board is pleased with the appointment and looks forward to working closely with Dr. Jonathan Oniovosa Ososuakpor to achieve the Bank’s strategic objectives,” the bank stated.
The bank said Mr Ososuakpor brings impressive cross-functional experience to the Board.
Profile
Mr Ososuakpor joins the Board of Fidelity Bank Plc with over 40 years of experience in the financial services industry, including Credit and Marketing; Retail; Consumer and Commercial Banking; Public Sector; Banking Operations; and Risk Management.
He enjoyed an illustrious banking career, which commenced in 1983 with Union Bank of Nigeria Plc and served in various capacities at notable financial institutions, including former Gateway Bank, Oceanic Bank, Ecobank Nigeria Plc, and Access Bank Plc.
Mr Ososuakpor held key leadership and management positions before he was appointed Managing Director/Chief Executive Officer of AMJU Unique Microfinance Bank Limited in 2012, a position he held until he retired from the bank in July 2025.
He was Chairman of Universal Finance Consult & Investment Limited from 2007 to 2017, and V-Capital Consulting Limited from 2015 to 2025.
He currently chairs the Board of Directors of Top Rank Oil Services Limited, a leading multifunctional engineering company providing diverse services to the nation’s Oil and Gas industry, Public and Private Sectors.
Mr Ososuakpor holds a Bachelor’s degree in Banking and Finance, and Masters Degree in Banking and Finance from the University of Benin. He also has both a Master of Science and a Doctorate Degree in Economics from Delta State University, Nigeria, and a Master of Business Administration (Finance) Degree from Bangor University, Wales, UK.
His professional qualifications include Fellowship of the Chartered Institute of Bankers of Nigeria; Institute of Credit Administration; Institute of Chartered Economists of Nigeria, and Association of Enterprise Risk Management Professionals.
He is also a Fellow of the Chartered Institute of Taxation of Nigeria; Member of the Nigeria Economic Society, and Chartered Banker Institute, Wales, UK.
READ ALSO: Fidelity Banks first quarter revenue up by 38%
The new non-executive director is also a Certified Expert in Risk Management and a key resource person at local and international training. His areas of interest include Risk Management, Data Analytics, Monetary, Macro, and Microeconomics, Financial Inclusion, and Corporate Governance.
He has attended leadership and executive development programmes at world-class institutions, including the London Business School and United Nations Institute for Training and Research.
The Ondo State Police Command has dismissed claims of an impending terrorist attack in the state following the circulation of a viral video on social media warning residents of possible attacks in some communities.
In a statement issued by the command, the police described the claims contained in the video, allegedly made by a cleric, as unverified and lacking credible intelligence backing.
The command expressed concern over the panic generated by the video and warned residents against spreading unconfirmed information capable of creating fear and tension across the state.
According to the police, security agencies immediately activated intelligence and operational mechanisms to assess the authenticity of the claims and determine whether there was any threat to public safety.
Commissioner of Police in the state, CP Felix Ohagwu, was said to have ordered a thorough investigation into the source and content of the viral video. The command also disclosed that surveillance operations, intelligence gathering and security deployments had been intensified, particularly in vulnerable areas, to forestall any security breach.
The police, however, reassured residents that there is currently no confirmed intelligence suggesting any imminent attack in Ondo State.
The command added that it remains on high alert in collaboration with other security agencies and stakeholders to ensure the safety of lives and property across the state.
Residents were advised to remain vigilant and report suspicious persons or activities to the nearest police station or relevant security agencies while relying only on verified sources for security-related information.
The police further reaffirmed their commitment to maintaining peace and public order through continued collaboration with community leaders, traditional rulers, vigilante groups and other stakeholders in the state.
The post Ondo Police Dismiss Cleric’s Viral Video of Impending Attacks, Tighten Security appeared first on Business Today NG.
-
Entertainment4 days agoJos Wildlife Park Hosts The Honeybee Experience
-
News4 days ago
Nigerian Football: Transforming Individual Brilliance Into National Success
-
Business3 days ago
UBA Champions Diaspora Healthcare Investment at ANPA America Symposium
-
News3 days ago
2027: Da Sam Odeh Officially Joins Bassa/Jos North Reps Race Under NDC Platform
