Prime Business AfricaPower has changed hands in Sovereign Trust Insurance as New Eagle Millenium Limited quietly takes over as the majority shareholder of the company.
While Sovereign Trust did not announce it through the director’s dealings platform of the Nigerian Exchange Limited (NGX), in its financial statement for Q1 2025, it posted that New Eagle now holds 4.08 billion shares in the company.
Join our WhatsApp ChannelThe shares, which represent a 28.73 percent stake in Sovereign Trust Insurance, are now worth N11.11 billion as of August 8, compared to the N4 billion they were valued at the end of March, the last month of the period covered by the financial statement.
Prime Business Africa notes that the N7.11 billion increase in New Eagle’s investment value was driven by the 177.55 percent appreciation in the share value of Sovereign Trust Insurance, as the share price rose from N0.98 kobo on March 28 to N2.72 kobo on August 8.
As New Eagle Millenium became the majority shareholder, Morningside Capital Partners Ltd, which was the majority shareholder as of December 2024 with 2.49 billion shares, representing a 17.56 percent stake, exited.
This led to the exit of Morningside’s group executive director, Shedrack Odoh, from Sovereign Trust Insurance, where he served as non-executive director, overseeing his company’s interest in the insurer.
Also, Oluseun Ajayi, the second majority shareholder as of December 2024, who held 2.22 billion shares, representing a 15.61 percent stake in Sovereign Trust Insurance, retired as chairman.
Ajayi, who was replaced by Bimbo Oguntunde as chairman, held 1.16 billion direct shares and 1.05 billion indirect shares through Sovereign Investments Ltd before exiting Sovereign Trust Insurance.
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