Over its 62 years of existence as a corporate entity, Wapic Insurance Plc, may never have had a more definite plan for its future than at this present time. In the last eight years the company has benefited from a comprehensive corporate transformation programme led by one of Africa’s distinguished business leaders, Aigboje Aig-Imoukhuede in his then capacity as Board Chairman.
Following Aig-Imoukhuede’s retirement in April this year the Company’s Board of Directors and future direction will be led by Mutiu Sunmonu, another talented leader in the African business community.
Today Wapic Insurance is equipped financially and managerially to compete favourably for insurance sector leadership. The company is totally free from the burden of unpaid claims, outdated operational processes, weak capital base and low brand awareness. Wapic Insurance has totally transformed and is positioned for extra-ordinary exploits in the second phase of its growth agenda.
The man to lead this new phase of transformation, Sunmonu, succeeded Aig-Imoukhuede as Chairman of the company’s Board of Directors. He is not a new-comer to the art of leading organisations to achieve outstanding performance and distinction. Over the last three decades, Sunmonu has established himself as a respected private sector leader and has become a highly sought-after boardroom player in Africa.
Sunmonu’s track record and multi-sectoral experience are expected to be warmly embraced by Wapic’s shareholders. It is inevitable that after Aig-Imoukhuede’s outstanding innings, shareholders would want another capable leader to succeed him and sustain the Wapic’s transformation program. With the lot falling on Sunmonu, shareholders are certain that their investments are secure, and Wapic Insurance will continue to grow in leaps and bounds. The confidence in Sunmonu, a former Managing Director and Country Chair of Shell Petroleum Development Company in Nigeria, is well placed. It is a valid deduction from his glittering profile and rich history of performance, locally and internationally.
In his new role Sunmonu is expected to drive Wapic Insurance’s strategic vision at board level while working with the management team, the company is expected to occupy a top three industry position and become a regional leader. It is therefore certain that whilst Sunmonu’s job is cut-out for him, he has the capacity to build on the achievements recorded during Aig-Imoukhuede’s eight-year tenure as Chairman of Wapic Insurance Plc and take the company to even greater heights. Sunmonu will focus on providing purposeful leadership in his usual style. As the Chairman of Wapic Insurance at this period when governments, businesses and individuals across the world are facing uncertainties because of the ravaging effect of COVID-19, Sunmonu will bring his scenario analysis and contingency planning skills from Shell to deliver results in unusual conditions and situations.
For a visionary to lead the Board of Wapic Insurance on the back of his multi-disciplinary and variegated professional experiences garnered across industries over four decades, can only mean that the company is in good hands. It is a rarity to experience Board leadership succession that matches the quality and profile of Wapic’s baton exchange between Aig-Imoukhuede and Sunmonu.
The succession process is a testament to business leaders who have focused on building entities that will outlast them. Sunmonu is one of the finest and brightest home-bred Nigerian graduates. He graduated from the University of Lagos in 1977 with a first-class degree in Mathematics and Computer Science.
After 36 years of commendable service, Sunmonu retired as Managing Director of SPDC, and Country Chair of the Shell Companies in Nigeria. After his tour of duty as the Country Chief Executive at SPDC, he was appointed the Chairman of the Board of SPDC companies in Nigeria. He is also the current Chairman of the Board of Julius Berger, Imperial Homes Mortgage Limited as well as Petralon Energy Limited and SanLeon Energy Uk.