• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 3, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Sovereign Trust Insurance Lists New 2.86bn Shares  On NGX

by Olushola Bello
2 years ago
in Business
NGX
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Exchange Limited (NGX) has admitted Sovereign Trust Insurance Plc, additional 2.864 billion ordinary shares of 50 kobo each per share on its daily official list.
This was stated on the Exchange’s weekly report, the additional shares arose from Sovereign Trust’s Rights Issue.
The NGX noted that with the listing of the additional shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11.364 billion to 14.228 billion ordinary shares.

Advertisement

“Trading Licence Holders are hereby notified that an additional 2.864 billion ordinary shares of 50 kobo each per share of Sovereign Trust Insurance were on January 18, 2024, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the Sovereign Trust’s rights issue of 2.864 billion ordinary shares of 50 kobo each per share. With this listing of the additional ordinary shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11.364 billion to 14.228 billion ordinary shares of 50 kobo each,” he stressed.

In 2023, Sovereign Trust Insurance raised new equity funds of N1.421 billion through rights issue from its existing shareholders.
STI stated that the proceeds of the rights issue will be used for business expansion and to meet working capital requirements, saying, after the deduction of estimated issue costs and expense of N40.243 million, representing 2.83 per cent of the gross issue proceeds, the proceeds will be used for development of retail products, enhancement of investment portfolio, working capital and offer expenses.
The chairman of STI, Oluseun Ajayi stated that, “the shareholders agreed that the company should raise additional equity capital up to the maximum limit of the authorised share capital, whether by way of a special placement, public offer, rights issue or a combination of any of them, saying, the board met, and in line with the strategic objective of the company, resolved to raise capital via a rights issue.”

He said, the rights issue will not only give the company a competitive edge, but it also provides an opportunity for the insurer to expand its share of the market in the ever-competitive Nigerian insurance industry that has seen the entrance of a few global players in recent years.
Ajayi further said, the capital raising exercise is in line with the company’s goal of being a dominant player in the insurance industry, with market leadership positions in the sectors it participates.
He added that, “as we look ahead, the Board is of the considered opinion that the fresh injection of the net proceeds of N1.38 billion would expand the company’s business operations, competitiveness and also increase its penetration of the insurance market.

“It is the privilege of the board of directors to serve with a view to building shareholder value over the long term, and to encourage all shareholders to participate fully in this rights issue.”

RELATED

Business Summit Partners UWEAL To Empower African Entrepreneurs

Business Summit Partners UWEAL To Empower African Entrepreneurs

14 hours ago
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

18 hours ago

We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: NGXSovereign Trust Insurance
SendShareTweetShare
Previous Post

Cash Outside Banking System Rises To N3trn As Banks Rations Cash

Next Post

Ronchess Reappoints Adebosin As ED

Olushola Bello

Olushola Bello

You May Like

Business Summit Partners UWEAL To Empower African Entrepreneurs
Business

Business Summit Partners UWEAL To Empower African Entrepreneurs

2025/08/02
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations
Business

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

2025/08/02
FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Business

Dangote Refinery Appoints David Bird As CEO

2025/08/02
Nestlé Equips Over 3.7m Children In 2023
Business

Nestle Nigeria Deepens Grassroots Impact With Women Empowerment Initiative

2025/08/02
Wema Bank Rewards 131 Customers With N11m In ‘5 For 5’ Promo Monthly Draw
Business

Wema Bank Grows Profit by 231% in H1 2025

2025/08/02
United Capital Appoints Uche Ike As New Chairman
Business

United Capital Appoints Uche Ike As New Chairman

2025/08/02
Leadership Conference advertisement

LATEST

Edo LG Polls: I’m Aspiring To Advance Good Governance In Ovia South-West — Omoruyi

LASU Suspends Exam, Academic Activities

ADC Condemns Shutdown Of Radio Station In Niger

Abure-led Labour Party Faults INEC Over Party’s Omission In By-election

Gov Sani Distributes 400 Trucks Of Fertilizer To 100,000 Kaduna Farmers

Police Clash With Community Over Land Dispute In Abuja

Zulum Allays Borno Residents’ Fears Over Alau Dam

Police Summon Sowore For Alleged Forgery, Inciting Disturbance

Tinubu Celebrates Ex-VP Sambo At 71

NSE President Urges Stronger Nigeria–Japan Synergy For Infrastructure Dev’t

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.