Sovereign Trust Insurance Plc has announced the appointment of Mr. Abimbola Oguntunde as the new Chairman of its Board of Directors.
The company disclosed this in a notice filed with the Nigerian Exchange, which was signed by its secretary, Equity Union Limited.
According to the statement, Mr. Oguntunde’s appointment was approved during the company’s 131st meeting held on June 13, 2025, and took effect immediately.
Prior to this elevation, Mr. Oguntunde served as a non-executive director on the board and brings with him a wealth of leadership experience from various institutions.
About Abimbola Oguntunde
Mr. Abimbola Oguntunde is a banker, economist, and certified project manager with over 30 years of experience in the financial services sector.
- A graduate of the University of Lagos, he earned a First-Class degree in Economics, followed by a Master’s in the same discipline. He also holds an MBA with distinction in International Banking and Finance from the University of Birmingham in the United Kingdom.
- Mr. Oguntunde is the Managing Partner of Devtage Consulting and CEO of Devtage Group, a management consulting, technology, and corporate training company. His work has focused on areas such as capital raising, business transformation, and organizational restructuring.
Over the years, he has held management roles at various financial institutions, including UBA, Sterling Bank, and Access Bank Plc, gaining experience in different aspects of banking and finance.
His appointment is expected to steer Sovereign Trust Insurance Plc toward new levels of growth, backed by his extensive industry experience.
Sovereign Trust Insurance
Sovereign Trust Insurance Plc is a Nigerian company that offers non-life and special risk insurance services.
Its product portfolio includes coverage for motor, health, travel, marine, aviation, home, business, oil and gas, as well as protection for accidents, equipment, goods in transit, and various liability risks.
Originally established as Grand Union Assurances Limited, the company rebranded to Sovereign Trust Insurance Plc in January 1995. It was incorporated in 1980 and is headquartered in Lagos, Nigeria.
- In its financial report for Q1 2025, the company posted a pre-tax profit of N1.01 billion, representing a 35% increase from N748.2 million in the previous period.
- Insurance revenue also rose by 32% to N20.4 billion, up from N15.4 billion.
- On the balance sheet, total assets saw a slight decline of 1% to N27.7 billion, while total equity recorded a modest growth of 2%.
