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Sovereign Trust Retains GCR A-Rating

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Sovereign Trust Insurance Plc has for the third time bagged an A-Rating from GCR (Global Credit Rating), the reputed South African Rating Agency. This was the out come of the latest rating exercise carried out by the renowned agency.
According to a statement released by the corporate communications and Brand Management Department of the organisation, the rationale used by GCR in arriving at the rating includes solvency and liquidity, claims paying ability, capital adequacy, peer to peer performance comparison amongst others.
GCR in its rating observed that Sovereign Trust Insurance Shareholders’ Fund is above the minimum statutory requirement for insurance companies in the country, while its investment port-folio has supported overall profitability in the last five years generating good investment returns.
The company’s liquidity is also considered strong with a consistent improvement in Net Profit After Tax (NPAT).
Even though it was observed by the rating agency that there was a lull in premium collection industry –wide, the company stands to be commended for the efforts in ensuring that business booked by brokers and direct customers are paid for on a timely basis. The insurer’s maximum net retention on oil & Gas (W1) under-writing was quite impressive with a variable multi-linc reinsurance package.
When compared to its peers, the company’s solvency is considered adequate while its loss ratio, Gross Premium Income (GPI), Wet Premium Income (NPI) and profitability competes favourably well with its peers.
Due to its proactive nature, Soveragign Trust Insurance Plc has attempted to diversifying from the predominantly brokers driven market by deriving a portion of its business from agents and direct marketing initiative. As a fall-out of this, the company has attempted to increase its market share with the introduction of a pan-Nigeria agency system with a view to having a more robust market share in the industry.
A breakdown of the company’s GPI (Gross Premium Income), showed that Motor Insurnace remained the largest contributor with 31.4 per cent closely followed by Engineering Insurnace with 30.1 percent, General Acident Insurnace, Fire Insurance and Transport Insurance all contributed 17.2 per cent, 11.9 per cent and 9.4 per cent respectively.
Gross Premium Income has grown over the last three years at a compound rate of 64 per cent while the net commission rate has increased from 15 per cent in 2007 to 18 per cent in 2008. The report also showed that halting further expansion by the company in the last quarter of 2008 has impacted positively on the compnay’s performance.
Conclusively, the Global Credit Report submitted that Sovereign Trust Insurance Plc has experienced growth through its aggressive marketing strategy, strong commitment to cooporate brand management as well as its increased branch network and participation in oil and gas business.
The company’s investment in the capacity building of its workforce through local and foreign training coupled with the upgrade of its Information Technology (IT) platform are also notable development strategy which could help the firm compete favourably with major players in the industry in the years ahead.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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