STI takes insurance to Ekiti

Ayeleso Oladele, lagos

Segun Oni, Governor, Ekiti StateThe Management of Sovereign Trust Insurance Plc has disclosed its intention to take its qualitative and affordable insurance services to the people of Ekiti state as it plans to extend its branch network to every local government area in the state.

This was made known during the courtesy visit of the Managing Director, Mr.Wale Onaolapo to the state governor, Engr. Segun Oni. The Managing Director in his address thanked the Governor and people of Ekiti State for the support and reception that have been extended to the company in the State. He emphasized the need for government-private participation as requisite for rapid economic and social development.

Onaolapo commanded the state’s Government planned initiative of appointing of consortium of insurance companies to underwrite all the major capital projects in the state. He enjoined the governor to take the advantage of Sovereign Trust leadership position in the oil and gas sector of the insurance market as the have been the major underwriters for most of the significant oil and gas companies in Nigeria. in his words, ‘we have been the competence and experience of our versatile professionals to rely upon when we take up the task of underwriting your capital projects in Ekiti state’.

The Managing Director also implored the Governor to ensure that the Government and citizenry take advantage of the company’s initial public offering coming up shortly as that would help consolidate the shareholding stake of the government and people of Ekiti state in Sovereign Trust Insurance plc.

In his closing remark, Mr. Wale Onaolapo promised that the company will do all it can to promote the infrastructural development in the state through concerted social responsibility initiatives from time to time.

In his response, the governor, Engr. Segun Oni thanked the Managing Director and his team on their visit to the state. ‘I am deeply touched by the intentions of your visit to the state and I must commend your business acumen for considering the state as an economically viable entity worthy of partnering’.

The governor also assured the team that every necessary assistance and support will be given to the company as far as the state and the people are concerned.

Sovereign Trust Insurance Plc commenced business in 1995 as a limited liability company and is today listed on the Nigerian Stock Exchange. It is one of the fastest growing insurance companies in Nigeria and the West African sub-region.

Oasis to increase capital to N5bn

Ayeleso Oladele, Lagos

The Board of Directors, Oasis Insurance Plc, one of the companies that will be proceeding to Nigerian Stock Exchange market to raise more capital to increase its capital base has been authorised by the companies’ shareholders to increase the share capital from N3 billion to N5 billion.

This was ratified at the extraordinary general meeting of the company held in Lagos recently.

Speaking with the newsmen, Chief Samuel Adegbite, the Chairman of the company said that it is expedient for the company at this moment to increase its capital base so that it could create a niche for itself in what he described as competitive market.

Explaining further, the Chairman who said that the company has embarked on plans to expand its branch network disclosed that it would soon establish its branches in Ibadan, Oshogbo, Kano, Abeokuta, among others.

He also said that part the money that would be raised subsequently would be used to enhance the company’s information technology in other for it to deliver first class service.

“Of course, more importantly among the reasons why we need to increase our capital is the issue of Human capital, the need to get first class people since it is service industry, there is need for first class people to deliver service. Those are the four key areas we want to involve in” he explained.

Chief Adegbite, who expressed concerned on how several lives are being wasted in building collapse, he said that the company has the plan to ensure that section 64 and 65 of Insurance Act, which stipulated that public buildings must be insured, is given prominence.