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Sovereign Trust Insurance Targets Growth With ₦5.02bn Offer

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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.

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Air Peace blames fuel shortage, weather for Abuja-Maiduguri flight cancellation

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Air Peace has attributed the cancellation of its Abuja-Maiduguri flight on Saturday to aviation fuel shortage in Abuja and a subsequent restriction on operations at the Maiduguri airport.

The airline said the initial delays to its Abuja operations were caused by the unavailability of Jet A1 aviation fuel, which also affected other airlines operating from the airport.

It added that the situation improved after fuel became available and affected flights resumed, but its Abuja-Maiduguri service could not operate after the Maiduguri control tower withdrew an earlier extension for the flight to arrive beyond sunset.

Air Peace disclosed this in a statement following videos and reports of passengers expressing frustration over the disruption at Nnamdi Azikiwe International Airport in Abuja.

Why the flight was cancelled

According to the airline, the Maiduguri flight was initially expected to operate after the delay in Abuja operations had been resolved.

It said the control tower at the Maiduguri airport had initially granted an extension for the flight to arrive, but later, around the time passengers were being called for boarding, informed the airline that the airport had become subject to visual flight rules and would no longer operate beyond sunset.

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Visual flight rules, or VFR, generally require pilots to operate with specified visual conditions rather than relying on instrument flight procedures.

Air Peace said the change meant it could no longer operate the Abuja-Maiduguri service as planned.

The airline noted that it subsequently cancelled the flight and made arrangements to accommodate the affected passengers in a hotel.

It added that arrangements had been made to operate the flight the following day.

Passengers’ rights

The disruption comes amid increased scrutiny of flight delays and cancellations in Nigeria, as well as of how airlines handle passengers when services are disrupted.

PREMIUM TIMES reported that the Nigeria Civil Aviation Authority (NCAA) recorded 7,961 domestic flights in August, of which 4,765 were delayed, and 36 were cancelled.

Air Peace accounted for 1,330 of the delayed flights in the NCAA’s dataset, representing 71.4 per cent of the 1,864 flights recorded for the airline.

The airline, however, disputed the figures, saying it operated 2,564 flights during the month and that more than 700 flights were not captured in the NCAA data. It also said only 391 of its delayed flights were caused by factors within its operations.

The latest disruption also comes days after the NCAA directed Air Peace to prepare a compensation package for passengers affected by a delayed Lagos-Enugu flight.

The regulator said its preliminary investigation found that the airline had sent passengers the wrong notification about the rescheduled flight.

READ ALSO: Air Peace offers 25 per cent ticket discount to passengers over aborted Lagos-Enugu flight

Under the NCAA’s Part 19 regulations, airlines have obligations to passengers during delays and cancellations, including providing information and assistance within specified circumstances. For domestic flights, passengers are entitled to refreshments after a two-hour delay, while longer disruptions can trigger reimbursement, rerouting, accommodation, and, in qualifying circumstances, compensation.

The NCAA has also repeatedly stressed the importance of timely information and passenger care during disruptions.

Air Peace’s response

Air Peace said passengers affected by Saturday’s disruption were informed about the delays and provided with refreshments.

Following the cancellation, the airline said the affected passengers were provided with hotel accommodation and that arrangements were being made for the flight to operate the next day.

“We sincerely regret the inconvenience caused to our esteemed passengers and appreciate their patience and understanding,” the airline said.

It added that the safety and well-being of passengers remained its priority.


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Nigeria Digital Connectivity Investment Forum Set for Abuja, September 29–30

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The Nigerian Communications Commission (NCC) will host the Nigeria Digital Connectivity Investment Forum (NDCIF 2026) in Abuja on September 29–30, bringing together policymakers, investors, and industry leaders to chart the country’s path toward broader digital access.

Themed “Insights. Investments. A More Connected Nigeria,” the forum is built around four core pillars: policy dialogue, investment opportunities, industry collaboration, and sustainable solutions. Organizers say the event aims to spotlight people, infrastructure, and opportunity as the building blocks of a more connected nation.

The NCC is partnering with Swedfund and Ookla for the forum, signaling an emphasis on both international development financing and data-driven network performance insights.

The event will be tracked online under the hashtag #NDCIF2026, with updates available via the Commission’s social channels (@ngcomcommission).

The post Nigeria Digital Connectivity Investment Forum Set for Abuja, September 29–30 appeared first on Business Today NG.

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