Insurance World

Staco Insurance Sacks Oyefeso For Misappropriation * Name Fakorede As Ag. Managing Director/ CEO

BY NKECHI NAECHE—-Staco Insurance Plc at the weekend  announced the dismissal of Dr. Sakiru Oyefeso as the Managing Director/ Chief Executive office of the company.
This is contained in a notice dated August 3, 2018 to Nigerian Stock Exchange ( NSE) and made available to BusinessToday that Oyefeso was dismissed on the ground of financial misappropriation, abuse of office and breach of corporate governance best practices.
The notice which was signed by the company secretary, Jackson Etti & Edu thus reads: “We wish to notify The Exchange, our shareholders and our esteemed stakeholders that the board of directors of Staco Insurance Plc ) the company) at its meeting held in Lagos on the 30th day of July, 2018 passed a resolution dismissing Dr. Sakiru Oyefeso as the Chief Executive Officer of the company on the ground of financial misappropriation, abuse of office and. breach of corporate governance and best practices.

The notice furher reads that “Mr Bayo Fakorede has been recommended by the board as new Chief Executive Officer of the company, this the company said is subject to the approval of Nationsl Insurance Commission( NAICOM), the industry’s regulator.”

It would be recalled that Staco Insurance were among eight companies the Exchange suspended trading on its shares for failure to submit 2017 audited accounts and statements.

As it stands today the shares of Staco insurance remains suspended till the company is able to files its audited account for 2017 to the exchange.

The company in a separate letter also notified the Exchange if its inability to file its unaudited financial statement for the period ended 30, June 2018 as a result of the fact that the 2017 audited financial statement is being reviewed by NAICOM.

The notice added that ” the company is unable to provide specific timeline as to when it would file outstanding returns, as this is dependent on the decision of NAICOM on the financial statements.”

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