By Dipo Olowookere
Dr Sakiru Oyefeso has been dismissed as the Chief Executive Officer (CEO) of Staco Insurance Plc by the board of directors of the company.
In a notice to the Nigerian Stock Exchange (NSE), the insurance firm explained that Mr Oyefeso was fired on the “grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.”
It was disclosed the decision to dismiss Mr Oyefeso was taken at the board meeting held on July 30, 2018, where the resolution to fire him was passed.
“We wish to notify The Exchange, our shareholders and our esteemed stakeholders that the Board of Directors of Staco Insurance Plc at its meeting held in Lagos on July 30, 2018, passed a resolution dismissing Dr Sakiru Oyefeso as the Chief Executive Officer of the company on the grounds of financial misappropriation, abuse of office and breach of corporate governance best practices,” the statement said.
Meanwhile, the board of Staco Insurance has recommended Mr Bayo Fakorede to replace the sacked CEO.
However, this is subject to the approval of the regulatory agency of the insurance sector, the National Insurance Commission (NAICOM).
“Mr Bayo Fakorede has been recommended by the Board as the new Chief Executive Officer of the company, however this is subject to the approval of the National Insurance Commission (NAICOM), the company’s primary regulator,” the statement said.
