Nigeria Business & Finance Updates

Standard Alliance gets NAICOM approval for new directors

Standard Alliance Insurance Plc says it has received an approval from the National Insurance Commission on the appointment of Haruna Mohammed and Uzoma Igbonwa as non-executive directors.

The company said in a statement that the new directors were undoubtedly coming on board with vibrant, enterprising mindsets coming from the vast experience of driving entrepreneurship, diversified background spanning from banking and international equity market.

It said Mohammed, an economist and ardent investor with an interest in financial services and agriculture, had over 20 years experience in commercial and development banking.

According to the statement, Igbonwa is also an economist with over 28 years’ experience in internal control system and foreign exchange and treasury management.

Standard Alliance said NAICOM also approved the appointment of Richard Ododo as the managing director and Odusi Niyi as the executive director of the company.

Ododo told journalists that apart from the achievements and appointments made by the company, a total claim of over N1.1bn for both life and non-life arms of the business had been paid this year so far.

He said, “We are making efforts to settle other outstanding claims. We are set to meet the needs of our customers in terms of service delivery and willing to settle all fully documented claims.”

On the issue of NAICOM new minimum paid up capital, Ododo further added that the company had reached an advanced stage of discussions with individual and corporate strategic investors who have signified strong interest to invest in the company.

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