Dipo Olowookere
By Dipo Olowookere
Mr Samuel Turoti has been unanimously removed as Chairman of Staco Insurance Plc and replaced by Mr Muhammad Aliyu. the board of directors of the insurer has announced.
The decision to remove Mr Turoti as Chairman of the firm was taken at the board meeting held on Wednesday, December 11, 2019 in Lagos, a disclosure from the company disclosed.
No reason was given for this action, but according to the notice sent to the Nigerian Stock Exchange (NSE), the former Chairman will remain on the board of the company.
“We wish to notify the Nigerian Stock Exchange, our shareholders and other stakeholders that by a unanimous decision of the board of directors of Staco Insurance Plc at the meeting of the board of directors held in Lagos on December 11, 2019, Prince Turoti Samuel ceases to be the Chairman of the board of directors of the company. He has been replaced by Alhaji Muhammad Sidi Aliyu as Chairman of the board of directors of the company,” the notice said.
According to the statement, the new chairman would no longer be a member of its various committees on finance investment and general purpose, enterprise risk management and governance.
“In view of the above appointment, Alhaji Muhammad Sidi Aliyu would no longer be a member of the following Board committees – Finance Investment and General Purpose Committee; and Enterprise Risk Management and Governance Committee,” it stated.
It was further disclosed that the widely travelled Mr Aliyu holds B.Sc. and M.A. Aeronautical Science from Embry-Riddle Aeronautical University, Daytona Beach, Florida, USA.
He is said to be imbued with a conscientious culture that places a premium on tolerance, respect for facts, logic and an indomitable spirit for identifying problems and proffering solutions to them.
Staco Insurance noted that its new chairman has a knack for figures with well-developed analytical skills and has over the years worked on various developmental contracts and projects across all government parastatals.
He is currently an entrepreneur in the FMCG industry with over 15 years’ experience and was appointed to the board of the company on March 31, 2016.
Business Post recalls that in 2018, Staco Insurance sacked its former Managing Director, Mr Sakiru Oyefeso, over an alleged fraud. 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.
