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The board of STACO Insurance Plc on Friday August 3, 2018 announced dismissal its Chief Executive Officer Dr Sakiru Oyefeso on grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.
Oyefeso has been CEO of the company since its inception in 1994.
According to a notice sent to the Nigerian Stock Exchange (NSE) Bayo Fakorede has been recommended as the new Chief Executive Officer subject to the approval of the National Insurance Commission (NAICOM).
The Company was incorporated on October 10, 1991 as a public limited liability company under the name Standard Trust Assurance Plc (STACO). Following the acqusition and restructuring of Alpha Insurance Plc it commenced operations on October 1, 1994.
The company changed its name to STACO Insurance Plc on the 30th of October 2006 following the merger of Standard Trust Assurance Plc and Summit Insurance Company Plc. STACO was listed on the Nigerian Stock Exchange (NSE) on the 25th of June 2007. In May 2017, three new entities emerged as core investors following the conclusion of a N1.6 billion private placement by the firm.
Photo Caption: Dr Sakiru Oyefeso
