STACO ASSURES STAKEHOLDERS ON FINANCIAL SECURITY

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The board of Staco Assurance Plc has assured investors, members of the insuring public and other stakeholders in the company that their investments are safe and intact, despite the recent change in the leadership of the company.

The company also assured that the board had taken bold steps in laying down proper corporate governance procedures in line with global best practices, promising that the company would continue to be a responsible and dependable corporate entity that is fully committed to protecting all stakeholders’ interests including meeting its obligations to ll policy holders.

The assurance was informed by the recent changes in the leadership of the company which saw the erstwhile Managing Director and Chief Executive Officer Mr Sikiru Oyefeso handing over the leadership of the company to Mr Bayo Fakorode.

A notice to the Nigerian Stock Exchange showed that Oyefeso was removed over allegations of “financial misappropriation, abuse of office and breach of corporate governance best practices.”

To this end, the Chairman board of the company, Samuel Turoti, assured all shareholders that their investments were safe and intact despite the recent change in the leadership of the company.

“To this end, the board has taken some bold steps in laying down a proper corporate governance procedure in line with global best practices.”

Fakorede, commenting on the position of Staco assured that the company would continue to remain a reputable brand noted for efficient customer service delivery and professional underwriting capacity.

According to him, the principal objective of the change process was to deliver exceptional customer service at all times and across all touch-points.

“Staco will continue to be a major player in the Nigerian insurance market by bringing to the table, a new customer experience and a robust IT infrastructure.

“In the insurance industry, we know that underwriting expertise and capacity are key. This is where Staco derives its strength as capacity building and manpower development will continue to receive maximum attention” he assured.

Speaking further he said, “We want to thank all stakeholders for their support to the company and assure them that the company will continue to deliver value added services to them.

“Let me assure all policy holders that we are committed to fulfilling all our obligations and will continue to be their dependable and reliable insurance company of choice.

“To our investors, they should be fully assured that their investments are safe and fully protected. They will continue to derive maximum value from their investments in our Company.

“Our commitment to proper and good corporate governance in line with global best practices is also being emphasized in our operations as we want to remain an ethical company,” he stated.

He said the company had noted that the new NAICOM initiative to strengthen the capacity of the Insurance sector in delivering the much-needed impetus for the economic growth of the nation.

He said Staco’s board was desirous of keying in to the project by shoring up its capital base to play as a tier-1 company.

According to him, towards this objective, the board had set in motion the talks with stakeholders to realize this dream.

Fakorede, specifically informed that the company was solvent and has advanced in talking with Investors and other stakeholders with a view to bring in new capital into the business.

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