The board of STACO Insurance Plc has dismissed the Chief Executive Officer of the company 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.
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.
STACO closed at N0.48, on July 4 its most recent trading date. year to date, the stock is down 4%
Results for the period ended September 2017 show gross Premium written increased from N4.3 billion in 2016 to N4.7 billion in 2017. The company made a profit before tax of N25 million in 2017, against a loss before tax of N1.1 billion in the corresponding period of 2016. Loss after tax stood at N10.8 million in 2017 as against a loss after tax of N1.1 billion in 2016.