Sovereign Trust Insurance Plc has announced the exit of three members of its Board of Directors, following its 137th board meeting held on November 19, 2025.
The development was disclosed in a regulatory notice dated November 21, 2025, and signed by Equity Union Limited, the company secretaries.
According to the notice, two directors retired from the board, while one tendered his resignation.
“Sovereign Trust Insurance Plc (‘the Company’) wishes to inform the Nigerian Exchange Limited (‘NGX’), its shareholders and the investing public of the recent changes in the composition of its Board of Directors after its 137th Meeting, which held on Wednesday, the 19th day of November, 2025,” the statement read.
Retirements and resignation
A breakdown of the changes includes:
- Ms. Emi Faloughi, Non-Executive Director, retired from the board.
- Mrs. Ugochi Odemelam retired from her position as Executive Director.
- The board also accepted the resignation of Mr. Emmanuel Anikibe, Executive Director (Technical).
In the notice, the company expressed appreciation to the outgoing directors.
“The Board of Sovereign Trust Insurance Plc. Thanks Ms. Emi Faloughi, Mrs. Ugochi Odemelam and Mr. Emmanuel Anikibe for their immense contribution to the Company and wishes them well in their future endeavors,” it stated.
Background on major share disposals
Mrs. Odemelam was among three major shareholders who divested a combined value of more than N2 billion worth of shares in September.
She sold 80 million units at N2.95, amounting to N236 million.
Former Chairman, Mr. Oluseun Ajayi, also disposed of 500 million units valued at N1.49 billion, executed in five tranches at an average price of N2.98.
Mr. Ajayi’s stake dropped from 744,104,573 units (5.23%) to 244,104,573 units (1.72%) after the transaction.
Similarly, Non-Executive Director Mr. Abimbola Oguntunde sold 200 million units in three tranches at an average of N2.95, worth approximately N590 million.
His shareholding reduced sharply from 200,335,414 units (1.41%) to 335,414 units (0.002%), while Mrs. Odemelam’s holdings decreased from 88,419,351 units (0.62%) to 8,419,351 units (0.06%).
These significant director dealings boosted market activity, pushing trading volume to 1.4 billion shares on September 4, with a total value of N4.2 billion.
What you should know
- Sovereign Trust Insurance Plc recently announced plans to raise N20 billion in fresh capital.
- In a notice filed with the Nigerian Exchange in September, the company explained that the fundraise could be executed through a mix of options, including public offers, private placements, or rights issues.
- These may be carried out in either domestic or international markets, with pricing to be determined through book building or other standard valuation methods.
