NAICOM Approves New Directors for Standard Alliance

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The National Insurance Commission (NAICOM) has approved the appointment of Haruna Mohammed and Uzoma Igbonwa as non-executive directors for Standard Alliance Insurance Plc.

According to the company, the directors are coming on board with vibrant enterprising mind-set coming from the vast experience of driving entrepreneurship, diversified background spanning from banking and international equity market.

A statement described Mohammed as an economist and ardent investor with an interest in financial services and agriculture.

The Kaduna born indigene has over 20 years’ experience in Commercial and development banking rising to the position of deputy general manager. He is a member of the prestigious Institute of Directors of Nigeria and a Certified Independent Director.

On the other hans, Igbonwa, an Anambra indigene, who is also an economist, has over 28 years’ experience in Internal Control System and Foreign Exchange and Treasury management. He was the general manager of Mazola Vegetable oil and edible Products Inc. in the USA before returning to Nigeria to establish his own business. He is the Chairman Board of directors of several companies.

NAICOM also approved the appointment of Richard Ododo as the managing director and Odusi Niyi as the executive director of the company. Ododo is an Insurance Practitioner with over 30 years’ experience in the Industry cutting across various functional areas specifically insurance brokerage, insurance underwriting and risk management.

Odusi, the executive director is a dynamic Insurance Practitioner who possesses extensive skills and of over 28 years’ experience in insurance broking, underwriting (Life and Non-Life), business development and leadership management.

Apart from the achievements and steps taken by the company in appointing these distinguished intellectuals, the managing director of the company said during an interview with journalists that they had paid total claims of over N1.1 billion for both life and non-life arms of the business this year so far and they are making effort to settle other outstanding claims.

“We are set to meet the needs of our customers in terms of service delivery and willing to settle all fully documented claims”.

On the issue of NAICOM new minimum paid up capital, the managing director further added that the company has reached an advanced stage of discussions with individual/corporate strategic investors who have signified strong interest to invest in Standard Alliance Insurance Plc and with this the company shall surpass the new minimum capital requirement.