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NAICOM Okays Igbiti as MD/CEO of Niger Insurance

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Edwin Igbiti Niger Insurance

By Modupe Gbadeyanka

The appointment of Mr Edwin Friday Igbiti as the substantive Managing Director/Chief Executive Officer of Niger Insurance Plc has been approved by the National Insurance Commission (NAICOM).

The insurance firm, in a statement to the Nigerian Stock Exchange (NSE), said the industry regulatory agency forwarded a letter to the company, confirming the approval of Mr Igbiti’s appointment.

“We are pleased to inform the Nigerian Stock Exchange, our shareholders and the investing public that the National Insurance Commission has approved the appointment of Mr Edwin Friday Igbiti as the substantive Managing Director/Chief Executive Officer of Niger Insurance Plc,” the notice said.

“We are pleased to welcome him on the board and we wish him a wonderful tenure,” the statement added.

Mr Edwin Igbiti was the immediate past Managing Director/Chief Executive Officer of AIICO Insurance Plc. He holds an MBA from the University of Ado-Ekiti and an Advanced Diploma in Management from the University of Lagos.

He is an Associate member of the Chartered Insurance Institute of London (ACII), a Chartered member of the Nigerian Institute of Management and a Fellow of the Chartered Insurance Institute of Nigeria (CIIN).

He is also a member of the Institute of Directors in Nigeria, a certified Business Continuity System Lead Auditor from the British Institute, UK and an alumnus of the Howard University Business School, USA.

He has worked in various capacities, including underwriting sales and claims management in the insurance industry. Before joining AIICO Insurance in 1992 as a Deputy Manager, he started out working t Phoenix Insurance Company as an underwriting trainee and rose to the position of Managing Director/CEO of AIICO in 2013 until his retirement in August 2019.

Niger Insurance Plc is an insurer in Nigeria transacting all classes of insurance business. The firm offers a wide range of innovative and customer-oriented insurance products in life and non-life insurance to its growing clients.

The company, listed on the Nigerian Stock Exchange (NSE), presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N3.868 billion, according to information o0n the company’s website.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Jobs/Appointments

Osita Chidoka Leaves Guinea Insurance Board

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Osita Chidoka

By Dipo Olowookere

Former Minister of Aviation, Mr Osita Chidoka, has resigned from the board of Guinea Insurance Plc to concentrate on his private matters.

A statement signed by the company secretary, Ms Chinneye Nwankwo, disclosed that the politician, who was once the Corps Marshal and Chief Executive of the Federal Road Safety Corps (FRSC), served on the board as a non-executive.

During his time on the board, he contributed immensely to the growth of the underwriting company and the team appreciated him for this.

In the notice, Guinea Insurance wished the member of the opposition Peoples Democratic Party (PDP) well in his future endeavours.

“Guinea Insurance Plc wishes to inform the Nigerian Exchange Limited (NGX), its esteemed shareholders and the general public of the resignation of Mr Osita Chidoka from the board of directors of the company.

“The resignation of Mr Chidoka is to enable him more time to pursue his private business. The board recognized his immense contributions, selfless service and commitment to the progress of the company and wished him success in his future endeavours,” the disclosure stated.

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Jobs/Appointments

Goyal, Pule Join Advisory Board of Sabi

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Sabi B2B marketplace

By Modupe Gbadeyanka

The founder of Africa Lighthouse Capital, Bame Pule; and the Head of M&A at Udaan, India, Sapna Goyal have been appointed to the advisory board of Sabi, a leading B2B marketplace serving Africa’s informal economy.

The duo will work with the company and bolster its network and knowledge to help improve the infrastructure for informal business.

According to the co-founder/CEO of Sabi, Anu Adasolum, the two highly talented and strategic business leaders will bring fresh insights and perspectives to the board.

“Their expertise and track record in driving value will be critical for Sabi in our quest to serve the informal economy. We look forward to working together as we maintain our exceptional growth,” Adasolum stated.

Bame Pule established an independent Mauritius-based private equity firm founded in 2012 to invest in and nurture businesses into African champions.

The firm has a particular focus on helping investee companies adopt global best practices regardless of sector, attain benchmarks equivalent to those of global peers, and expand into multiple key African markets.

Prior to founding Africa Lighthouse Capital, Mr Pule worked at Actis Capital, ShoreView Capital, Goldman Sachs in New York, Credit Suisse in New York and Salomon Brothers/Citigroup in Los Angeles.

He pursued bachelor’s degrees in Economics and Political Science (double major) from Pomona College in Claremont, California and was awarded the Pomona Scholar prize for superior academic achievement in 1997 and 1999. Mr Pule also pursued a master’s in business administration (MBA) degree from Harvard Business School in Boston, Massachusetts.

On her part, Sapna has investing experience in early and growth stage internet start-ups in India. Before joining udaan, she worked with Goldman Sachs Investment Partners (GSIP) VC & Growth Equity Fund by being responsible for investments in the Indian internet space.

She also has investing experience in Indian Public Markets as part of a hedge fund at GS. She is passionate about the change internet can bring to India and how it is a great leveller. She is an active angel investor.

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Economy

Stockbrokers Elect Oluwole Adeosun as New CIS President

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Olatunde Adeosun

By Adedapo Adesanya

The Chartered Institute of Stockbrokers (CIS) has elected Mr Oluwole Adeosun as its new President and Chairman of its governing council.

With his emergence, Mr Adeosun, who was the institute’s former 1st Vice President, succeeds the erstwhile President, Mr Olatunde Amolegbe, at an election held during the institute’s hybrid annual general meeting on Thursday, May 5 in Lagos.

Mr Adeosun will be formally decorated with the paraphernalia of office in a high profile event known as an investiture at a later date this year.

Mr Adeosun, a fellow of the institute and multinational professional, brings on board over two decades of robust experience in the financial market.

A product of the Loyola College, Ibadan, he holds a B.Sc. (Hons) in Business Administration from the University of Ilorin in 1986 and capped it with a Master’s Degree in Business Administration (MBA) and specialises in Finance and Banking from the University of Lagos in 1993.

Mr Adeosun trained at Coopers at Lybrand (Chartered Accountants), now PricewaterhouseCoopers and qualified as a Chartered Accountant in May 1991. He later qualified as a chartered stockbroker and banker.

He has been a long-standing member of the Governing Council of the Chartered Institute of Stockbrokers since April 2013 and has served as the institute’s first Vice President from 2020 to 2022 and second Vice President from 2018 to 2020.

The stockbroker also served as a member of the Finance and General-Purpose Committee of the Chartered Institute of Bankers of Nigeria (CIBN) and its Investment Subcommittee.

The new CIS President is the Managing Director and Chief Executive Officer of Chartwell Securities Ltd., and a fellow of many major professional institutes in Nigeria’s financial services sector, including, the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Bankers of Nigeria (CIBN) and Chartered Institute of Taxation of Nigeria (CITN) amongst others.

Thursday’s AGM witnessed the re-election of Mrs Fiona Ehimie and Mr Adeyemi Aina to the institute’s Governing Council and the election of Mr Ayodeji Ebo and Mrs Elile Olutimayin to the board as well as the election of the 2nd Vice President, Mr Oluropo Dada, as the 1st Vice President.

In his remarks, Mr Amolegbe, the immediate past president of CIS, expressed optimism that he had left behind a team of top-notch professionals that would further advance the growth and development of the institute.

“My priority has always been to enhance the institute’s brand positioning by increasing its visibility via advocacy while putting the members’ welfare on the front burner,” he said.

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