Universal Insurance Plc has announced the appointment of Dr. Japhet Ogueri Duru as the company’s Managing Director/Chief Executive Officer, effective January 10, 2025.
This announcement was disclosed by the company in a statement published on the Nigerian Exchange (NGX) on January 16, 2025, and signed by the company secretary, Chinedu A. Onyilimba.
According to the disclosure, Dr. Duru joined Universal Insurance Plc on August 22, 2024, as Executive Director of Technical Operations.
He was subsequently appointed to act as Managing Director/CEO on September 26, 2024, following the departure of the former MD/CEO, Dr. Benedict Ujoatuonu.
According to the disclosure:
“He is thereafter confirmed by the Company’s Board of Directors as the substantive MD/CEO and subsequently receives the approval of the National Insurance Commission (NAICOM).’’
About Dr. Japhet Ogueri Duru
Dr. Duru is a Chartered Insurer and risk analyst with over 30 years of experience in the insurance sector. He has held various roles in management and executive positions throughout his career.
- He received a BSc (Hons) in Economics and Insurance from Imo State University and St. Monica University in Cameroon.
- Dr. Duru also earned a Master’s in Finance from Lagos State University, along with a PhD in Business Administration from Charisma University in the Turks and Caicos Islands, and a recent PhD in Finance from Lead City University, Ibadan.
- Dr. Duru is a Fellow of the Chartered Insurance Institute of Nigeria and holds memberships in several professional organizations. He has participated in various training programs focusing on leadership and management.
- Starting his career at Valid Assurance Company Limited, Dr. Duru has worked with several companies, including Central Insurance Company Ltd and Old Mutual Nigeria General Insurance Company Ltd. He has taken on roles such as Head of Underwriting and Chief Operating Officer at Heirs General Insurance Limited before moving to Universal Insurance Plc.
He has also been a part-time lecturer at Lagos State Polytechnic and served as a Chief Examiner for the Chartered Insurance Institute of Nigeria. Additionally, he conducts courses and workshops in insurance and management.
Stock market performance of Universal Insurance
In 2024, Universal Insurance recorded a year-to-date performance of 153.9%, largely driven by increased bullish activity that picked up momentum in December.
- The company’s shares opened in January 2024 at a price of N0.26, with a market volume of 776 million shares.
- Throughout the first and second quarters, the stock showed little movement. However, by August, signs of bullish activity began to appear.
By December, the stock rose above the N0.60 mark, closing the month at N0.66 per share, with a market volume of 407 million shares. As of the market opening on January 17, 2025, the company’s shares are trading at N0.58.
