# Sovereign Trust Insurance Plc has announced the successful remittance of a N1.5 billion statutory capital deposit to the Central Bank of Nigeria.

*business · news · 2026-06-07 · Independent Newspaper Nigeria*

## Key points

- Sovereign Trust Insurance Plc has remitted N1.5 billion as statutory capital deposit to the CBN.
- The N1.5 billion remittance meets a NIIRA 2025 requirement to lodge 10% of minimum capital.
- The company completed the deposit ahead of the May 31, 2026 regulatory deadline set by NAICOM.
- This remittance marks a key milestone in Sovereign Trust Insurance's recapitalisation strategy under new reforms.

0 LAGOS – Sovereign Trust Insurance Plc has announced the successful remittance of a N1.5 billion statutory capital deposit to the Central Bank of Nigeria (CBN), in compliance with regulatory requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The disclosure was contained in a statement issued by the company’s Deputy General Manager and Head of Corporate Communications and Investor Relations, Mr. Olusegun Bankole. According to the company, the deposit fulfils a directive by the National Insurance Commission (NAICOM) requiring all insurance operators to lodge 10% of their regulatory minimum capital with the CBN as part of ongoing reforms aimed at strengthening the insurance sector. As a non-life insurance company, Sovereign Trust Insurance was required to deposit N1.5 billion and complete the remittance ahead of the May 31, 2026 deadline. Dr. Lucas Durojaiye, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, described the successful remittance as a major milestone in the company’s growth and recapitalisation journey. The fulfilment of the statutory N1.5 billion deposit requirement with the Central Bank of Nigeria represents another important milestone in our growth journey and demonstrates our unwavering commitment to regulatory compliance and financial solvency in competing favourably in the Nigerian insurance space and beyond,” Durojaiye said. According to him, the achievement reinforces stakeholder confidence in the company’s financial strength and long-term sustainability. “This achievement further strengthens the confidence of our shareholders, policyholders, business partners, and other stakeholders in the company’s ability to consistently meet its obligations while creating sustainable value for all,” he added. Durojaiye noted that the insurer remains focused on strengthening its capital base, improving operational efficiency, expanding market reach, driving innovation, and delivering enhanced insurance solutions to customers nationwide. He also reaffirmed the company’s commitment to meeting all regulatory obligations while maintaining high standards of corporate governance, professionalism, prompt claims settlement, and customer service. The company said the successful remittance represents a significant step in its ongoing recapitalisation programme and underscores its readiness to align with regulatory initiatives aimed at improving the resilience and competitiveness of insurance operators in Nigeria.

**Companies:** Sovereign Trust Insurance Plc
**Countries:** Nigeria

[Read the full story on Independent Newspaper Nigeria](https://independent.ng/sovereign-trust-insurance-remits-n1-5bn-statutory-capital-deposit-to-cbn/)

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