NSE Boss Urges Dominion Trust to Package SMEs for Listing
By Peter Egwuatu
 28th NOV 2006

The President of Nigerian Stock Exchange (NSE), Mr. Oba Otudeko, has challenged Dominion Trust Limited to facilitate the packaging of  Small Scale Enterprises (SMEs) to enable them qualify for listing on the Exchange.

Speaking at the commissioning of Dominion Group House at Igbosere, Lagos, last week, the NSE President said  “At the moment, 250 companies are quoted on the NSE, which is very much small compared to the large number of private companies in the country. We want Dominion Trust to strive hard in packaging the small entities to seek listing of its shares by way of introduction on the Exchange so that they can raise additional funds through the capital market which would enable them expand their operations”.

Otudeko further charged Dominion Trust to prepare itself for listing on Exchange. “I am looking  forward to a day when Dominion Trust will be quoted on the Exchange. I commend the Chairperson of Dominion Group for her hard work towards uplifting the company to its present heights. She is an embodiment of excellence".

In her welcome address, Princess Adenike Adeniran, Chairman of Dominion Group, commended the Board and management of the company for the significant milestone in its strive to greatness.
According to her “Dominion Group, today, consists of Dominion Trust Limited, Dominion Finance Limited and DTL Ventures Limited. As a group, our vision is to be one of the best and the first choice in the area of Financial Asset Management.”

She further stressed that the company’s mission is to create value added Financial Asset Management services to its select clientele through a well motivated, professional manpower and deliver superior returns to its shareholders using up to date systems and software.
According to her “In our strive to attain both our mission and vision, we operate in full compliance within the rules and regulations of all the regulatory authorities as well as professional ethical standards expected of a very responsible corporate citizen. This has sustained us all the years even during very difficult and challenging political and economic circumstances and environment.”

It would be recalled that Dominion Trust Limited was registered on May 1, 1989, and commenced business immediately at the 11th floor of the Great Nigeria House on Martins Street, Lagos, till date.
According to Adeniran “Dominion Trust initially dealt only in money market but, within months, was registered with the NSE as a licensed stockbroker and later with Securities and Exchange Commission (SEC)”

She, however, acknowledged the confidence that the shareholders reposed on the company to take care of their investment. Commenting on the activity of the firm, she said “We were characteristically forward looking in our operations as we were both reactive and proactive. Dominion Trust was able to discern, early enough, the need for restructuring in order to be well positioned for the future challenge. Thank God it has paid us well.”

Sovereign Trust Insurance set for listing on Stock Exchange

Sovereign Trust  Insurance Plc, one of the nation’s insurance and risk management services outfit,  in its bid to maintain a leadership  position in the insurance industry, is set to list its existing 2,243,167,216 shares of 50 kobo each on the Nigerian Stock Exchange (NSE) at a price of N1 per share on Wednesday, November 29th, 2006 .

 This arrangement, Vanguard gathered, will create room for the shares of the company to be publicly traded on the floor of the Nigerian Stock Exchange (NSE).

According to the Managing Director, Mr. Seun Ajayi, this step will create an avenue for existing shareholders to enjoy capital appreciation and make exit decision conveniently while also providing room for other investors to buy into the company. He further stated that this decision will place the company among the top players in the insurance industry after the recapitalization and consolidation exercise. The Company recently concluded a private placement of one billion ordinary shares of 50 kobo each at 80 kobo per share, which was oversubscribed. The share listing has given investors who bought into the company in the last one year at 60 kobo per share an appreciation of 66.67 per cent

Sovereign Trust Insurance Plc has, since inception in 1995, recorded over 1,000 per cent return on investment. The company’s return on investment is ranked among the top five in the insurance industry. Also, the company, over the last 10 years, has consistently issued bonus shares and paid dividend to its shareholders at an average yearly increase of 43.37 per cent. The company recently concluded its merger arrangement with Coral International Insurance Company Limited, Confidence Insurance Plc and Prime Trust Insurance Company Limited and will continue to trade as Sovereign Trust Insurance Plc. The combined shareholder’s fund of the company is now over the N3 billion required for non-life insurance business.

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