Staco Insurance assures shareholders of maximum protection on investments


Staco Insurance Plc on Tuesday assured its shareholders of maximum protection on their investments with the company.

Its Acting Managing Director, Mr Bayo Fakorede, gave the assurance in Lagos against the backdrop of allegations of regulatory infractions by the House of Representatives Sub-Committee on Capital Market.

Fakorede said that management of the company would not take for granted the confidence investors bestowed on the company.

“We want to assure all our insuring public and the shareholders in particular, that their investments are safe and intact with us.

“We reiterated our commitment to professionalism, being one of the core values of the any organisation.

“We assure our stakeholders and investors that such indiscipline and other indiscipline do not exist in our company,” he said.

The acting managing director said that the company always ensured compliance with the industry codes and corporate governance.

“The Board of Directors (BOD) of the company is always at the fore-front to ensure good corporate governance, best practices and compliance with both external and internal rules guiding operations of the company.

“There is no iota of insider dealings in the company,” Fakorede said in a statement.

He said that inability of the company management to attend the slated meeting by the House Committee was due to an unforeseen circumstances which was communicated to the Sub-Committee.

“This underwriting firm has attended similar meetings and will not intentionally boycott the meeting,” he said.

The House had on Oct. 31 threatened to authorise the Securities and Exchange Commission (SEC) to take over the management of some insurance companies allegedly involved in regulatory infractions.

Other allegations include insider dealings, non-dividend payments to shareholders, taxes evasion and failure to comply with corporate governance regulations.



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