The management of Cornerstone Insurance Plc, today, announced the resignation of Mr Ayo Osunbunmi from its Board of Directors. Prior to his resignation, Mr Osunbunmi was an Executive Director at the company.
His resignation happened earlier this year; precisely April 27th, 2018. But the company has just confirmed it through a press statement issued to the Nigerian Stock Exchange (NSE). No specific details were given regarding the resignation.
According to the statement, the company’s Board of Directors is now comprised of eight executives, including the Chairman, Mr Segun Adebanji and Chief Executive Officer, Mr Ganiyu Musa.
“The Board expresses its profound gratitude to Mr. Ayo Osunbunmi for his service to the Company and wishes him the best in his future endeavours.” – Cornerstone
Mr Osunbunmi was appointed as an Executive Director at Cornerstone Insurance on April 21st, 2015. He served in that capacity for precisely three years before his resignation.
As a business executive, Osunbunmi’s experience spans over 20 years; cutting across such areas as internal control and corporate governance, financial accounting, auditing, etc. He is a Chartered Accountant, certified by the Institute of Chartered Accountants of Nigeria (FCA). Some of his
Some of the notable places he worked in prior to his stint at Cornerstone Insurance Plc include KPMG and Union Bank Plc.
Cornerstone Insurance Plc was initially incorporated in 1991 as a private limited company and listed on the Nigerian bourse six years later in 1997. It is licensed to provide general and life insurance services.
The company’s recently-announced half year 2018 financial result shows a gross premium written of N7.1 billion. This is relatively better than N5.5 billion recorded in half 2017. It, however, recorded a loss after tax of N322 million compared to N953 million recorded in the comparative period of June 2017.
Cornerstone Insurance Plc’s shares closed at 0.23 kobo during today’s trading on the floor of the Nigerian Stock Exchange.