• Monday, February 26, 2024
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Staco gets NAICOM approval for 2012 accounts

Insurance Policy

Staco Insurance plc is among the underwriting firms that got the National Insurance Commission’s (NAICOM’s) approval on the 2012 International Financial Reporting Standard (IFRS) compliant accounts before the close of 2013, the Company has said.

According to the Company, subsequent years would be less cumbersome as lot of knowledge has been acquired during the process of converting to IFRS.

Sakiru Oyefeso, managing director, Staco Insurance plc attributed the approval to the determination of the management, board of directors, the entire staff as well as other stakeholders, including the company’s auditors.

He said though the transition to IFRS reporting was not as seamless as envisaged in the industry, subsequent years would be less problematic for the players because of the lessons already learnt.

In line with this development, he said the company was making arrangements to present the approved financials to shareholders soon.

Oyefeso added the company remained committed to ensuring that compliance issues with all regulators would be continually adhered to, as Staco strived to continue delighting all stakeholders.

He further promised the company’s stakeholders of better years ahead, saying that concerted efforts would be made to exceed their expectations in all areas of the business.

Oyefeso further assured that the company is determined to ensure that its stakeholders continue to get the desired satisfaction from the company’s products and services. “We are ensuring the satisfaction of the shareholders, customers and employees. We are ensuring we meet every interest, we put customer first in all that we do.”
The satisfaction of customers could only be achieved through satisfied employees, because if the employees were disgruntled, then, they would not put in their best.

For this reason, he said that the company was ensuring it met the needs of all the stakeholders of the firm, assuring that Staco was carrying along every stakeholder to realise its visions.

For Staco, the retail end of the market is the way to go in increasing market penetration, informing that efforts were being made to establish its presence in the nook and crannies of the country, through branch expansion and agency network.

We are seriously looking at developing our micro insurance business to further boost our efforts on retail development.