INSPENONLINE: Sovereign Trust announces 64.13% subscription of right issue

Tuesday 26 May 2015

Sovereign Trust announces 64.13% subscription of right issue

Sovereign Trust Insurance Plc (STI) has said that the recent concluded N1.15 Right Issue was 64.13 subscribed by the public.

This is contain in a notice to the Nigerian Stock Exchange (NSE) and made available to Businesstoday Newsonline that following the issuance the company listed 1,469,065,902 ordinary shares on the Daily Official List (DOL) of the NSE.
With this supplementary listing the total issued and fully paid up shares oft the insurer on the Nigerian bourse is now 8,340,823,296 ordinary shares.

STI on Wednesday February 14, 2015 opened a N1.15 billion additional capital raising to support its medium-term growth plan by offering to its existing shareholders, a total of 2,290,585,798, (Two Billion Two Hundred and Ninety Million, Five Hundred and Eighty-Five Thousand, Seven Hundred and Ninety-Eight units of ordinary shares at 50 kobo each on the basis of one (1) new ordinary share for every three (3) ordinary shares of 50 kobo held in the company as at the close of register during the last Annual General Meeting (AGM) of the company.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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