Lagos, Nigeria – June 9, 2025 — Sovereign Trust Insurance Plc has announced a profit after tax of N2.35 billion for the financial year ended December 31, 2024, marking a significant milestone in the company’s growth trajectory amid challenging macroeconomic conditions.
The result, contained in the company’s audited financial statement released to the Nigerian Exchange (NGX), reflects a notable improvement from the previous year, when it recorded N1.2 billion in profit — representing a 96% year-on-year growth.
The company attributed the impressive performance to prudent risk management, improved underwriting capacity, and a strategic focus on digital transformation to enhance operational efficiency and customer service.
Commenting on the results, Managing Director/CEO Mr. Olaotan Soyinka said the performance demonstrates the company’s resilience and commitment to sustainable growth.
“Our strong financial showing in 2024 reflects the disciplined execution of our business strategy and the loyalty of our customers. We will continue to focus on value creation, innovation, and expanding access to insurance services across Nigeria,” Soyinka stated.
The company also reported a gross premium written of N17.6 billion, up from N14.8 billion in the previous year, while total assets grew to N22.4 billion, further strengthening its position in the Nigerian insurance market.
Market analysts have commended Sovereign Trust’s performance as a sign of growing investor confidence in Nigeria’s insurance industry, which is undergoing regulatory reforms and capital base expansion.
Shareholders are expected to react positively to the earnings report at the forthcoming Annual General Meeting (AGM), where a potential dividend announcement is anticipated.
A business executive has filed a N500 million lawsuit against the Security Adviser to the Cross River State Governor, Rear Admiral Austin Oyagha (rtd), over an alleged physical assault during an official engagement.
The claimant, Mr. Ayodeji Akinwale, who serves as Managing Director of a logistics and infrastructure firm contracted by the state government, alleges that he was publicly slapped by the security adviser in the course of a business meeting in Calabar.
In a suit filed before the Federal High Court, Calabar, Akinwale described the alleged assault as “unprovoked and humiliating,” stating that it occurred in the presence of witnesses and caused significant emotional and reputational harm.
“This incident has not only affected my dignity but also inflicted damage on my professional reputation and business interests,” the MD said in his affidavit.
The plaintiff is seeking N500 million in damages, citing emotional trauma, reputational injury, and loss of business opportunities. Additionally, he is requesting a public apology from the defendant, as well as a restraining order to prevent further harassment.
The lawsuit has sparked public debate over the conduct of public officials and the abuse of power within government institutions.
Efforts to reach Rear Admiral Oyagha for comment were unsuccessful as calls and messages to his office went unanswered as of press time.
Officials within the Cross River State Government confirmed that the matter has been brought to the attention of the Governor, with preliminary internal investigations reportedly underway.
Legal analysts note that while criminal charges have not been filed, the civil suit could test the boundaries of official immunity for political appointees in Nigeria.
The case is slated for preliminary hearing later this month at the Federal High Court.
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