The Board of Directors of Staco Insurance Plc has announced the dismissal of its Chief Executive Officer, Dr. Sakiru Oyefeso.

The statement signed by the company secretary, Messrs Jackson, Etti and Edu, says the the CEO was fired on grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.

The statement also says Mr. Bayo Fakorede has been recommended by the Board as the new CEO of teh company subject to the approval of the National Insurance Commission (NAICOM), the regulatory agency that supervises insurance companies in Nigeria.

source: Staco Insurance Fires CEO Sakiru Oyefeso

He really look like financial Misappropriation and critical examination of the head shows Corporate Governance is missing also the cheeks reveals abuse of office .
This man go like woman well well

DonroxyII:
He really look like financial Misappropriation and critical examination of the head shows Corporate Governance is missing also the cheeks reveals abuse of office .
This man go like woman well well

Lmao

The company's board are so generous. He should have been reported to EFCC

Ok

Okay,next please!

Someone should help dial EFCC hotline.

DonroxyII:
He really look like financial Misappropriation and critical examination of the head shows Corporate Governance is missing also the cheeks reveals abuse of office .
This man go like woman well well

Mehn! Mr assessor, can you help assess our Mr President

How is this news... I neither know the insurance company nor the person fired... I think this type should be left in its section and not block space for front page materials

hmmm

why

You no get EFCC hotline?

kolajoo:
Someone should help dial EFCC hotline.

Meet the next Nigeria's CBN governor.

Who pushed this to FP



Are you a tech enthusiast? see my signature

Ehya...


Are you a tech enthusiast? see my signature

Who will now quench the fire

hhahahahhahahahahaha na waooooooo person come fire owner of sometin for him own tin again

DonroxyII:
He really look like financial Misappropriation and critical examination of the head shows Corporate Governance is missing also the cheeks reveals abuse of office .
This man go like woman well well

Wicked

Do you know anybody doing Financial Misappropriation. Learn How to Blow Whistle on Them

adekanmbi1986:
Ok

And this is firm Afonja once claimed and listed among the firms own by their kinsmen, because he is the CEO real owners don sack him, same way real owners of Oando oil and gas are planning to sack Adawale Tinubu over financial misappropriation borrow borrow make me rich

Cc deomelo

DonroxyII:
He really look like financial Misappropriation and critical examination of the head shows Corporate Governance is missing also the cheeks reveals abuse of office .
This man go like woman well well

Comment of the year

Nonnyflex:
How is this news... I neither know the insurance company nor the person fired... I think this type should be left in its section and not block space for front page materials

It's you that don't know staco since 1996 since most Nigerians hardly believe in doing insurance. He established staco plc in 1996 by himself but later on when the issue of Nigeria policy came up that all insurance companys must pay N7bn and banks N25bn then........... He has to bring in those directors to invest more, but he insisted that he still wants to become the MD............. but as usual now, omo naija wants him to step aside so that they can have full control. What a pity to his insurance dream. Staco has always been one of the best insurance company in Nigeria with branches in Nigeria, Africa, UK and USA.

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tolusaliu:

It's you that don't know staco since 1996 since most Nigerians hardly believe in doing insurance. He established staco plc in 1996 by himself but later on when the issue of Nigeria policy came up that all insurance companys must pay N7bn and banks N25bn then........... He has to bring in those directors to invest more, but he insisted that he still wants to become the MD............. but as usual now, omo naija wants him to step aside so that they can have full control. What a pity to his insurance dream. Staco has always been one of the best insurance company in Nigeria with branches in Nigeria, Africa, UK and USA.

In the world of corporate governance you are not in total control. Even when u think you started a company. Other shareholders have a say and the CEO reports to them not the other way round.

tolusaliu:

It's you that don't know staco since 1996 since most Nigerians hardly believe in doing insurance. He established staco plc in 1996 by himself but later on when the issue of Nigeria policy came up that all insurance companys must pay N7bn and banks N25bn then.........

That's the point that most of us in Nigeria misunderstand with regards to corporate governance of public corporations
As long as his company went public and took public funds from investors and shareholders, then the company is no longer his. At tha point he should have taken a strategic back seat and direct the affairs indirectly but greed would not allow same


E

Nonnyflex:
How is this news... I neither know the insurance company nor the person fired... I think this type should be left in its section and not block space for front page materials

What do you know? Blockhead

He is tired of corporate politics

So this man too will now come and join those of us in labour market?
He will start writing job application and sending CV upandown. It good for him.

Ori ni yen kebiti

He's the husband to Aremu Gawat's daughter! Carry your cross sir!

omoelerin1:
So this man too will now come and join those of us in labour market?
He will start writing job application and sending CV upandown. It good for him.

Ori ni yen kebiti

Forget that............... the man is a billionaire already.Don't bother yourself.Na mega man with investments worth billions of Naira. Staco business clients are even withdrawing their investments/businesses now after his removal