Staco Insurance board sacks Oyefeso as Managing Director

Sakiru Oyefeso has been dismissed as the chief executive officer (CEO) of Staco Insurance Plc, according to a statement sent to the Nigerian Stock Exchange (NSE) signed by Jackson, Etti & Edu, company secretary.

The company notified the Nigerian Stock Exchange and the shareholders that the Board of Directors at its meeting held in Lagos on July 30, 2018 passed a resolution dismissing Oyefeso as the CEO of the company on the grounds of financial misappropriation, abuse of office, and breach of corporate governance best practices.

Meanwhile, Bayo Fakorede has been recommended by the Board as the new Chief Executive Officer of the Company. Fakorede’s appointment is subject to the approval of the National Insurance Commission (NAICOM), the company’s primary regulator.