Sovereign Trust Insurance Plc has completed the structuring phase of its planned N5 billion Rights Issue capital raise marking a key milestone ahead of its recapitalisation plan, in line with the Nigerian Insurance Industry Recapitalisation Act, NIIRA.

The underwriting firm disclosed this at the signing ceremony of all related parties to the Rights Issue at its Corporate Head Office in Victoria Island, Lagos.
The signing ceremony signals the effective conclusion of all internal processes and professional engagements required for the Rights Issue.

With the structuring phase now concluded, the shareholders of Sovereign Trust Insurance Plc will have the opportunity to pick up their rights totaling 2,510,848,144 units, (two billion, five hundred and ten million, eight hundred and forty-eight thousand, one hundred and forty-four units) ordinary shares of 50 kobo each at N2.00 per share on the basis of 3 new ordinary shares.

In the same vein, the management has enjoined all shareholders of the company to take advantage of this unique opportunity by maximally taking up their rights in the Rights Issue with a view to increasing their stake in the company and as well grow their wealth in the very near future as the company is poised to moving on to the next phase of its growth stage as NIIRA signals a new direction for the insurance industry in the country.

Dr. Lucas Durojaiye, Managing Director/Chief Executive Officer of Sovereign Trust, said the management of the company has set a growth agenda which is aimed at positioning the underwriting firm as one of the top five in the insurance industry in Nigeria. The Managing Director’s appeal to Shareholders of the company was unequivocal. “In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully exercise their rights by subscribing fully to the Rights Issue and ultimately grow their investments in the company”.

He said, Sovereign Trust Insurance is working assiduously towards being one of the most preferred Insurance companies in the country for people to do business with, invest in as well as be the choice Employer of Labour in the years ahead.

Heirs Insurance Brokers Limited (HIB) has been awarded the NDPC Audit Compliance Trust Mark for 2025 by the Nigeria Data Protection Commission (NDPC), following the successful completion of its Data Protection Audit, in line with the Nigeria Data Protection Act (NDPA).
The NDPC Trust Mark is an independent certification granted to organisations that meet the highest standards of data protection and privacy compliance as established by the Commission. This recognition affirms that Heirs Insurance Brokers’ data protection practices have been rigorously assessed and fully align with regulatory requirements.
This milestone reinforces HIB’s commitment to safeguarding client information through secure systems, responsible data handling, and continuous compliance with evolving regulatory standards.
Commenting on the achievement, Tony Aniemeke, Managing Director/CEO, Heirs Insurance Brokers, said: “Trust is at the core of our business. Receiving the NDPC Audit Compliance Trust Mark 2025 is a strong validation of the systems and processes we have put in place to protect our clients’ data. As we continue to simplify insurance for our customers, we remain equally committed to ensuring their information is handled with the highest level of security and accountability.”
As businesses increasingly rely on digital platforms, data protection has become a critical pillar of customer trust. By earning this certification, Heirs Insurance Brokers strengthens its position as a responsible and forward-thinking brokerage, committed to protecting not just assets, but also the information entrusted to it.
Heirs Insurance Brokers (HIB) is a leading insurance broker in Nigeria, licensed by the National Insurance Commission (NAICOM) and registered as a limited liability company (RC 877382). Through an extensive network of insurance partners, Heirs Insurance Brokers delivers tailored solutions that help clients quantify risks, protect assets, and preserve wealth.
As the brokerage arm of Heirs Insurance Group (a subsidiary of Heirs Holdings, a global investment leader in 24 countries), we combine deep local expertise with innovative strategies. With a commitment to simplicity, reliability, and client-centric service, Heirs Insurance Brokers serves both corporate and individual customers across Nigeria.

The leadership of the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) met yesterday to discuss a strategic partnership aimed at leveraging geospatial data and satellite technology to expand insurance access, strengthen enforcement, and enhance risk management across Nigeria’s insurance ecosystem.
The collaboration, agreed during the between both institutions, seeks to deploy space-based intelligence and data-driven solutions to support national economic resilience, financial inclusion, and sustainable development.
Speaking during the visit, Dr. Matthew Olumide Adepoju, Director General of NASRDA, explained that the partnership would harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence‑based datasets. According to him, these datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub‑national levels. He further highlighted the importance of insurance in safeguarding high‑value national assets, citing a previous insured satellite replacement as a practical demonstration of insurance effectiveness in managing sovereign risk.
On his part, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized that the initiative aligns strongly with NAICOM’s strategic transformation agenda and its commitment to swift, results‑oriented reforms. He noted the opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.
NAICOM reaffirmed its core regulatory pillars—policyholder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalization, and innovation and sustainability—underscoring that the partnership directly advances its innovation and access objectives.
Under the partnership framework, both agencies will collaborate on the development of a national catastrophic insurance framework, high‑resolution property mapping and the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.