Wole Onasanya has been appointed as the substantive Executive Director of Veritas Kapital Assurance Plc. Onasanya’s appointment came after the resignation of Oyinlade Olalekan who previously served in the position.
In a notification sent to the Nigerian Stock Exchange (NSE), shareholders, stakeholders and the investing public at large, the insurance company declared that the National Insurance Commission (NAICOM) approved Onasanya’s appointment.
Consequently, Onasanya’s appointment took effect from Friday, September 20, 2019.
Profile: Wole Onasanya is an experienced insurance, strategy and finance executive with over two decades of experience in Nigeria and the United States.
He worked as a Director at the New York office of American International Group (AIG) and as an investment banker with Credit Suisse in New York City where he closed several corporate transactions. He began his career as an analyst at the Lagos Office of Arthur Andersen (Now KPMG) and went on to work as an investment associate with Ocean and Oil Holdings where he worked on corporate development and M&A transactions.
Before his appointment at Veritas Kapital Assurance Plc, he served as the Chief Financial Officer of Ellah Lakes Plc.
He earned an MBA from Kellogg School of Management in the United States and a Bachelor’s degree in Economics (second class upper) from the University of Ibadan. He is a Chartered Accountant with the Institute of Chartered Accountants of Nigeria (ICAN).
His areas of expertise include insurance product development and pricing; corporate transaction execution; insurance strategy development and implementation, and strategic planning.
A look into the Company’s financials: Veritas Kapital Assurance Plc financial statements for the financial year ended December 31, 2018, shows a 40% increase in the company’s gross premium.
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The group’s gross premium rose from N2.4 billion in 2017 to N3.3 billion in the period under review, indicating an additional N922 million.
Veritas Kapital also recorded growth in its Net Premium which grew by 17% in 2018, hitting N1.9 billion up from N1.7 billion recorded in the 2017 financial year. Its loss after tax dropped to N695.2 million from N700.6 million in 2017.