Sunmonu Now Wapic Insurance Chairman as Aig-Imoukhuede Retires
By Dipo Olowookere
Former bank chief, Mr Aigboje Aig-Imoukhuede, has retired as Chairman of Wapic Insurance Plc with effect from Monday, April 27, 2020.
To succeed him is Mr Mutiu Sunmonu, whose appointment was approved by the board and management of the company.
“I am excited to take on this new role and build on the tremendous achievements of Aigboje Aig-Imoukhuede.
“I am going to work with management and employees to actualise the aspirations espoused in the second phase of our company’s growth plan, most especially creating value for shareholders,” Mr Sunmonu said.
Also, the board approved the appointment of Mr Bababode Osunkoya as Chairman of its subsidiary, Wapic Life Assurance Ltd.
Mr Osunkoya, while commenting on his appointment, stated that “under Mr Aig-Imoukhuede’s leadership, Wapic Life Assurance Ltd has not only raised the capital to meet the N8 billion minimum capital requirement, it is now one of Nigeria’s top Group-Life underwriters.”
Mr Osunkoya, who joined the Wapic Assurance board in January 2013, also stated that, “It is a great time for me to assume the role of Chairman as we are well positioned to becoming the leading life underwriters in the industry.”
Business Post reports that Mr Aig-Imoukhuede retired from the position after 8 years of diligent and committed service to both organisations.
He was appointed to champion the transformation of Wapic Insurance Plc and its subsidiaries Wapic Life Assurance Plc and Wapic Insurance (Ghana) Limited following the company’s successful execution of a merger between Wapic Insurance Plc and Intercontinental Properties Limited in November 2011.
Over the past 8 years, Wapic Insurance Plc and its subsidiary Wapic Life Assurance Ltd have grown remarkably from an industry position of 18 to 8, and transformed into a frontline insurance company in sub-Saharan Africa.
According to the companies, “this board-leadership transition heralds the second phase of our growth plan, which is focused on extending our culture of distinction in service excellence, innovation, technology, sustainability practices and operational efficiency.”
The companies added that, “During the first transformation phase under Aig-Imoukhuede’s exemplary leadership, Wapic Insurance and Wapic Life Assurance implemented a number of transformational initiatives that stabilised and returned the 62-year old company to profitability and enabled Wapic to take its place amongst Nigeria’s top 10 underwriting companies”.