The Board of STACO Assurance Plc, has assured investors , insuring public and other stake holders in the company that their investments are safe and intact despite the recent change in the leadership of the Company.
The company also assured that the board has taken bold steps in laying down a proper corporate governance procedure in line with global best practices, promising that the company would continue to be a responsible and dependable corporate entity fully committed to protecting all stakeholders’ interests including meeting its obligations to all policy holders.
The company’s assurances and promises in this regard was informed by the recent changes in the leadership of the company which has seen the erstwhile Managing Director and Chief Executive Officer, Mr Sikiru Oyefeso bowing out of office and handing over the management baton of the company to Mr Bayo Fakorode.
Allaying fears of investors, customers and other stake holders of the company on the security of their investments and paid premium, the Chairman of board of the company, Prince Samuel Turoti, said: “The Board has also assured all shareholders that their investments are safe and intact despite the recent change in the leadership of the Company. To this end, the Board has taken some bold steps in laying down a proper corporate governance procedure in line with global best practices.”
Fakorede while commenting on the position of STACO, assured that the company will continue to remain a reputable brand noted for efficient customer service delivery and professional underwriting capacity.
According to him, the principal objective of the change process is to put the customer first and deliver exceptional customer service at all times and across all touch-points.
“STACO will continue to be a major player in the Nigerian insurance market by bringing to the table, a new customer experience and a robust IT infrastructure. In the insurance industry, we know that underwriting expertise and capacity are key. This is where STACO derives its strength as capacity building and manpower development will continue to receive maximum attention”, he assured.
Speaking further he said, “We want to thank all stakeholders for their support to the Company and assure them that the Company will continue to deliver value added services to them. Let me assure all policy holders that we are committed to fulfilling all our obligations and will continue to be their dependable and reliable insurance company of choice. To our investors, they should be fully assured that their investments are safe and fully protected. They will continue to derive maximum value from their investments in our Company”,
“Our commitment to proper and good Corporate Governance in line with global best practices is also being emphasised in our operations as we want to remain an ethical company” he stated.
He said the Company had noted the new NAICOM initiative to strengthen the capacity of the Insurance sector in delivering the much needed impetus for the economic growth of the Nation. He said STACO’s Board is desirous of keying in to the project by shoring up its capital base to play as a Tier 1 company.
According to him, towards realising this objective, the Board has set in motion the talks with stakeholders to realise this dream.
Fakorede specifically said that the Company is solvent and has advanced in talking with investors and other stakeholders with a view to bring in new capital into the business.
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