Standard Alliance Insurance Plc has announced the appointment of Mr. Akinlolu Iroko as the Chairman of its newly constituted Board of Directors.
TheNewsGuru.com (TNG) reports this is coming after Endura Investment Global Limited acquired 24% controlling shareholding in Standard Alliance Insurance Plc.
Former strategic and controlling shareholders, Standard Alliance Investment Limited led by the founding Vice Chairman Olorogun O’tega Emerhor had divested and exited the company.
It was gathered that Endura’s acquisition of 24% controlling shareholding in Standard Alliance Insurance has received regulatory approvals by the National Insurance Commission (NAICOM) and the Nigerian Exchange (NGX).
Mr. Nathaniel Ibitowa, a Director in Endura Investment Global Limited, disclosed in a statement on Tuesday that the transaction became effective on August 19, 2024.
“This strategic investment underscores Endura’s confidence in Standard Alliance Insurance Plc’s potential and commitment to revitalising the business. Our focus is on enhancing the Company’s services, operations, and customer experience, particularly prompt payment of claims,” the statement reads.
Along with Mr. Iroko and Mr. Ibitowa appointed into the newly constituted Board of Directors are seasoned professionals with expertise in insurance, finance, and governance.
They are Mr. Rohan Fernando, Alhaji Musa Lawan, Mr. Paulinus Offorzor, Managing Director, Mr Tayo Amore, Executive Director, Technical and Mr. Michael Owope, Chief Financial Officer.
“The experienced team is dedicated to delivering exceptional insurance solutions. This development positions the Company for growth, innovation, and excellence.
“Standard Alliance Insurance Plc has embarked on a new journey under Endura’s stewardship, succeeding the previous leadership and ownership structure.
“The new investors are dedicated to rebranding, recapitalising and transforming Standard Alliance Insurance Plc.
“Endura Investment Global leadership is committed to transparency, accountability, and customer satisfaction that will ensure the protection of policyholders, brokers, employees, regulators, shareholders and those of other key stakeholders’ interests.
“With Endura’s guidance, Standard Alliance Insurance Plc is poised for growth, innovation, and excellence.
“Endura is actively engaging with relevant regulators for Standard Alliance Insurance Plc to resolve outstanding issues, inject fresh capital and settle outstanding claims to policyholders,” the statement added.
TNG reports Endura Investment Global Limited is a private investment company focused on strategic investments in Nigeria’s financial services sector.