The Nation Newspaper

Tag: STI

  • STI urges young entrepreneurs to embrace insurance

    Young and budding entrepreneurs across the country should make insurance an integral part of their commercial enterprise,  Sovereign Trust Insurance Plc Managing Director, Olaotan Soyinka has said.

    Soyinka made the call at the fifth  Moreklue All Youth Awards, (MAYA) in Lagos.

    MAYA Awards Africa is  held yearly. It was  instituted to honour young Nigerians and other African descents who are doing great exploits in all fields of human endeavour, such as Entertainment, Fashion, Media, Confectionery, Sports, and Music. STI is one of the sponsors of the event.

    While applauding the initiative behind the ceremony, he remarked that the future holds great potentials for the Nigerian Youth both home and abroad.

    He, however, cautioned that conscious effort must be made to channel their energy towards positive initiatives that will propel the nation and the continent to an enviable height.

    He said that insurance should form a very pivotal aspect of whatever business venture any young entrepreneur decides to go into.

    He said: “The adoption of insurance for any business venture is the smartest decision that can ever be taken. He encouraged them to take time and educate themselves on the workings of insurance and how it can help them protect their business at every point in time.

    Managing Director of MAYA Awards Muyiwa Ademola lauded STI for the encouragement and support given to his organisation and called out to all other corporate organisations to take interest in matters that concerns the youth as they will always remain the stars of the future.

     

  • Syphilis a dangerous STI , says medic

    Syphilis a dangerous STI , says medic

    Syphilis is one of the most dangerous sexually transmitted diseases (STDs) that could destroy man’s sexual power,  an expert has said.

    It is usually contracted through indiscriminate sex. And if not properly treated, the disease could make a man impotent and the woman barren.  Worse still, if you become pregnant while you have untreated syphilis, you have a 50 per cent chance of miscarriage or stillbirth.

    According to Dr Olanrewaju Balogun of Kukab Nature Therapy Nigeria Limited based in Omole-Ogba, Lagos, syphilis is a sexually transmitted infection (STI). It is not as common as some sexually transmitted infections, but if left untreated, it can cause very serious health problems in both men and women.

    Symptoms

    Balogun said out of ignorance,  many victims of syphilis often mistake the disease for gonorrhea, but the first symptom when you contract syphilis is a sore that looks like pimple, boil or blister on your genital organ, three weeks or more after sex with  a carrier.

    “This sore disappears under one week, giving the victim the impression that he is okay but he is not. Weeks after, sore throat, fever, skin rashes, serious itching and joint pains begin to manifest,’ he added.

     

    Effect

    And if left untreated or poorly treated, syphilis could cause weak erection, paralysis, watery sperm, low sperm count, premature ejaculation to the sufferer and all these will make him to be unable to impregnate a woman. And in case of woman, she won’t be able to take in. even if she manages to take in, the baby could end up with deformity, he explained.

     

    Treatment

    According to Balogun, the best thing to do when you notice any symptom of syphilis is to see an expert who will diagnose and cure you properly.

    “Kukab is a well-known expert, who has been treating serious sexual diseases for some years. Before treatment, he will first make sure you are tested to reveal your real sexual problem. For proper treatment of your syphilis and other sexual problems, we use indigenous herbal traditional medicines. With Kukab, your sexual problem is gone for life,” he assured.

     

  • STI grows assets by 3%

    STI grows assets by 3%

    Despite the harsh operating environment during the 2016 financial year, Sovereign Trust Insurance (STI) Plc grew its balance sheet by 3.26 per cent from N9.2 billion in 2015 to N9.5 billion in 2016, its Chairman, Oluseun Ajayi, has said.

    He spoke at the company’s 22nd Annual General Meeting (AGM) held in Lagos.

    The chairman, however, said there was a downward shift in the gross premium written compared to the same period ended December 31, 2015.

    He said the company ended the year with a gross premium written of N6.3 billion as against N7.1 billion in 2015.

    He stressed that the year was very tough for many business operators and the industry with the attendant foreign exchange scarcity which had a negative effect on the value of the Naira.

    He said as a result of the increase on  foreign currency and the drop in the consumption of insurance by the insuring public, the company’s profit in the year was  affected.

    From a profit before tax of N454 million in 2015, profit before tax in 2016 dropped to N44.98 million in 2016 while profit after tax was N23.59 million, he added.

    He said the comprehensive income  net of tax rose to N186 million from N19 million in 2015.

    He said their investment income grew from N214 million in 2015 to N281 million in 2016, representing about 32 growth rates.

    He noted that the  economic situation, which affected most  organisations, was beginning to show signs of recovery. He was confident that the company would benefit from the recovery in the year.

    On the company’s outlook,  Ajayi said: “The drive to continue to uphold comprehensive growth strategy still forms the background upon which our company is built. With our updated knowledge and understanding of the domestic business dynamics, our strategic direction will be designed to proactively envisage the likely opportunities that are inherent in the industry and mitigate against possible threats that may adversely affect our operations in the current year and beyond.

    “The expansive economy and growing population offer great opportunities to businesses in the country. The potential of the economy cannot be underestimated even in the face of renewed interest from international investors. All of these, in addition to the low penetration rate of insurance market, are pointers to great opportunities available in our country and industry. We also plan to align with various NAICOM’s growth initiatives in advancing the course of the insurance industry in Nigeria.

    “Resources will be continually deployed in line with our strategic master plan to achieve greater success and take our frontal position in the years ahead. We are currently in the process of initiating another five-year strategic direction that will take the company to the next phase of our growth from 2018 through 2022.

    Technology, no doubt will form the pivotal thrust of this process in ensuring that we remain competitive and relevant in the insurance market space in many years to come.’’  

  • STI to increase share capital at AGM

    Increase of share capital will be one of the major discussions that will dominate Sovereign Trust Insurance Plc 22nd Annual General Meeting (AGM), scheduled for  September 21, 2017,  it was learnt.

    The company’s Corporate Affairs Manager, Segun Bankole, said the AGM followed approvals for its 2016 Annual Report and Accounts by the various regulatory authorities.

    The meeting, which will take place at the Grand Banquet Hall, Civic Centre, Victoria Island Lagos, will focus on increasing the authorised share capital of the company from N5.5 billion to N7.5 billion by the creation of 4,000,000,000 (four billion) ordinary shares of 50 kobo each ranking pari-passu in all respects with the existing ordinary shares of the company.

    The meeting will also authorise the Directors to raise additional equity capital for the company up to the maximum limit of the authorised share capital, whether by way of special placement, public offer or rights issue or a combination of any one of them, either locally or internationally.

    Under the ordinary business, the meeting will also consider audited financial statements for the year ended December 31, 2016, as well as the reports of the Directors and the audit committee.

    The agenda also include re-election of Directors, who are still eligible and at the same time authorise them to fix auditors’remuneration while the shareholders will elect their represecommittee. STI is a wholly owned Nigerian company.

  • STI settles N1.05b claims in Q3 2016

    STI settles N1.05b claims in Q3 2016

    Sovereign Trust Insurance PLC paid N1.05 billion in the third quarter of last year, its Managing Director Olaotan Soyinka has said.
    In a statement in Lagos, he stated that the company has put in place a friendly-claim-process with the aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.
    He added that their commitment to uphold their vision and mission has made the company one of the country’s most relevant and responsive companies in the country.
    He stressed that the company is a formidable force to reckon with in the insurance landscape with a network of offices spread over 18 locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.
    In a breakdown by the company’s Divisional Head, Technical, Tajudeen Rufai, claims composition paid in the third quarter of 2016, shows that Motor Insurance had the highest figure of over N400 million, claims settled on Fire and Allied Perils stood at well above N250 million while the total sum of N255 million was paid as claims on General Accident.
    He added that claims on Energy/Oil & Gas stood at N93 million, Marine and Aviation gulped N49 million with Engineering closing the figures with N21 million.
    He said: “There is no compromise to claims settlement in STI because the major focus of the company is to ensure that our customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.
    “This, to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise at all times,” he noted.

  • STI to entrepreneurs: sustain wealth with insurance

    The Managing Director, Sovereign Trust Insurance Plc, Olaotan Soyinka, has urged young entrepreneurs in Nigeria to embrace the culture of insurance at this critical period of economic recession in the country.

    He gave the advice at the 6th International Christian Business Conference & Exhibition, organised by Marketplace Apostles under the leadership of Pastor Uche Onochie in Port Harcourt, Rivers State capital.

    According to Soyinka, young and upcoming entrepreneurs, regardless of their religious backgrounds and denominations, will help put the economic wheel of the country in a working and stable condition.

    Entrepreneurship, he said, is devoid of religious affiliations. “Rather, it must be based on sound business ethics and practice,” he said, appealling to entrepreneurs to see insurance as a very integral part of their business as it is the only assurance to the sustainability of their wealth creation.

    He said: “Nigeria is highly blessed with so much natural and human resources, which have translated to a lot of wealth creation in the form of businesses and commercial activities that we see around us in the country today. The big question is how many of these businesses have that continuity and longevity elements that insurance provide.

    “There are enormous advantages in embracing insurance and making it a way of life. One can never go wrong with it.”

    Soyinka commended the efforts of the organisers of the exhibition in ensuring that the spirit of entrepreneurship thrives among the youths in the country.

    He called on other organisations and individuals to continue to support home-grown businesses as a way of stimulating the Nigerian economy, especially at this time of our receding economy.

    Entrepreneurs, he said, needed to take advantage of insurance products such as motor vehicle insurance, which include third party or comprehensive; builders’ liability insurance for buildings under construction; employer’s liability insurance and medical professional liability insurance, among others.

    He said Nigerians do not need to be compelled to do what would add value to their lives, rather, they should cultivate a proactive culture of sustaining their wealth and business concerns through a consistent insurance culture.

  • STI makes N582m profit

    •Holds 21st AGM August 10

    Sovereign Trust Insurance (STI) Plc made Profit After Tax (PAT) of N582. 2 million in its 2015 financial year.

    This is a 97 per cent growth on the  N294. 9 million profit the firm made the previous year.

    Its Managing Director, Olaotan Soyinka made this known to reporters in Lagos.

    He said the underwriting firm would hold its 21st Annual General Meeting (AGM) on August 10, this year in Lagos.

    He said this was coming at a time the National Insurance Commission, (NAICOM) and the Nigerian Stock Exchange (NSE) granted approvals for its 2015 Annual Reports and Accounts.

    He noted that the firm achieved the growth in its profit as a result of the cost-reduction mechanism adopted by the company.

    He said management expenses reduced to N1.425 billion against N1.490 billion in the previous year with a 4.6 per cent decrease adding that the company’s Gross Premium Written, (GPW) in 2015, stood at N7.13 billion.

    He, however, said the highpoint of the AGM for the firm would be the introduction of the new chairman  and directors of the firm.

    He said the pioneer Chairman of STI Plc, Eze Ephraim F. Faloughi and other directors retired last April 7, after two decades in the organisation.

    He reiterated the company’s commitment to sustainable profitability in the years ahead.

  • STI settles N386.9m claims in Q1

    Sovereign Trust Insurance Plc has continued to show commitment to prompt claims settlement as the underwriting firm paid out a total sum of N386.9 million as claims in the first quarter of the year, the Managing Director of the firm, Mr. Olaotan Soyinka has said.

    He made this known in a statement made available to reporters in Lagos. According to him, the total claims figure was duly verified by the industry’s regulatory authority, the National Insurance Commission (NAICOM) for the period under review.

    Giving a breakdown of the claims paid, he said Motor Insurance claim recorded the highest figure of N151.4 million followed by general accident accounting for N140.8 million while N78.8 million was paid as claim under fire insurance. Other figures are N9.9 million for marine and aviation insurance while N6 million was paid as claim under engineering class of insurance.

    Soyinka stated that over the years, the company’s prompt claims settlement had helped to strengthen the relationship between them and their various customers across the country.

    He said: “We do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness.

    “STI is fast emerging as a reckoning force in the Nigerian Insurance Industry with its extensive branch network spread across the geographic regions of the country. The company is totally committed to settling all genuine claims within agreeable periods. We believe that this will always keep our customers come back to us.

    “The company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.”

  • STI hosts Fourth Open Golf tourney in Ibadan

    Sovereign Trust Insurance (STI) Plc will host its Fourth Eponymous Open Golf Tournament from March 11-13, 2016.

    The company’s Head of Corporate Communications and Brand Management, Mr. Segun Bankole said in a statement that the three-day tournament will  hold at the Ibadan Golf Club on Onireke Reservation Area, Ibadan.

    He said the tourney would bring together some of the country’s finest golfers both at the amateur and the professional levels in the male and the female categories of the competition.

    The Captain of Ibadan Golf Club, Mr. Akin Funmilayo applauded Management of STI for sponsoring the tourney yearly.

    He was optimistic that this year’s event would be more  exciting than the last year’s.

    He enjoined golf enthusiasts across the country to make the ancient city the converging point during the tournament.

  • STI: Onaolapo bows out, Soyinka in

    STI: Onaolapo bows out, Soyinka in

    After 21 years of meritorious service, the Managing Director of Sovereign Trust Insurance Plc, Wale Onaolapo has bowed out of the company. He will be succeeded by Olaotan Soyinka, who until this appointment, was Executive Director, Technical. His appointment takes effect from January 2, 2016.

    According to a statement signed by the company’s Head of Corporate Affiars, Segun Bankole. Onaolapo joined the company from inception in 1994 as an Assistant General Manager, Technical, and rose through the ranks.

    It read: “Onaolapo was appointed to the Board of the company in 2004 when he became an Executive Director and later rose to the position of the Managing Director in 2008.

    “He was part of the management team that took the company’s Shareholders’ Fund from N20 million at inception to over N4 billion to date while growing the balance sheet size from N25 million to N9.6 billion as at the end of third quarter of 2015.

    “The Gross Premium Income of the company grew from N36 million in 1995 to over N7 billion in 2014. Under his leadership, the company executed two successful rights issue in 2011 and 2015 respectively in shoring up the capital base of the company.”