Standard Alliance Insurance PLC has unveiled significant leadership changes, including a new Board Chairman, Managing Director/CEO, and Company Secretary. The announcement was made in a corporate disclosure to the Nigerian Exchange Group on Friday, following recent efforts to stabilise the company after its regulatory and financial challenges.
Context: A turning point for Standard Alliance Insurance
Established in 1981 and listed on the Nigerian Exchange in December 2003, Standard Alliance Insurance has faced a tumultuous period. In 2021, its operating licence was revoked by the National Insurance Commission (NAICOM) due to alleged insolvency. However, the Federal High Court in Lagos overturned this decision in July 2023, ruling that the revocation process did not follow due procedure.
This legal victory, coupled with the acquisition of a 24% stake by Endura Investment Group Ltd, marked a turning point for the company. Following these developments, the board has been restructured to position the company for growth and stability.
Key appointments: Strengthening the leadership team
- Board Chairman: Mr Johnson Chukwu, founder of Cowry Asset Management Limited, brings extensive expertise in finance and corporate governance. He holds an MBA from Lagos Business School and is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and the Chartered Institute of Taxation of Nigeria (FCTI).
- Managing Director/CEO: Mr Paulinus Offorzor, previously Executive Director, Technical, has been elevated to lead the company. A graduate of Insurance from IMT Enugu, Mr Offorzor holds an MBA in Insurance and Risk Management from ESUT Business School and is an Associate Member of the Chartered Insurance Institute of Nigeria (ACII).
Additional appointments:
- Non-Executive Directors: Nathaniel Ibitowa, Rohan Fernando, Musa Lawan
- Executive Directors: Michael Owope (Finance), Olutayo Amore (Technical)
- Company Secretary/Legal Adviser: Halima Jimada, with expertise in corporate governance and regulatory compliance, replaces Kasoki Hart Olekanma.
Standard Alliance Insurance is looking to rebuild trust and stability after a challenging period. With new leadership in place, all eyes are on how the company will leverage its fresh board and executive team to navigate its recovery and regain a competitive edge in the insurance sector.