In a novel move, the board of Staco Insurance Plc, on Friday announced the dismissal of Dr, Sakiru Oyefeso, its chief executive officer of 24 years, accusing him of fraud.
In a statement by Jackson, Etti & Edu, the company secretary, the directors said specifically, that the decision to fire Oyefeso also on grounds of financial misappropriation, was taken on July 30, 2018.
The former chief executive who was also accused of abusing his office and breaching corporate governance best practices, was replaced by Bayo Fakorede, whose appointment is now subject to approval of the National Insurance Commission (NAICOM), the company’s primary regulator.
Oyefeso, holder of an MBA from the Lagos State University, was the longest serving chief executive in the industry, having been appointed as chief executive of Staco in August 1994.
An associate, Oyefeso is a council member and currently deputy president of the Chartered Institute of Insurance of Nigeria.