Wapic Insurance Appoints Four New Directors

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Wapic Insurance Plc, Thursday announced the appointment of four (4) directors to its board.

In a notice to the Nigerian stock exchange (NSE), Wapic said it appointed the following: Chizoba Ufoeze – non- executive director, Folusho Alliyu, Bode Ojeniyi and Femi Obaleke as executive directors respectively.

In the same vein, the company said three (3) non-executive directors resigned from its board following the divestment by Access Bank Plc from Wapic Insurance Plc.

The outgoing non-executive directors had represented the Bank’s interest on the board of the insurance company. The directors are Taukeme Koroye, Ojini Olaghere and Victor Etuokwu.

Also, the board of Wapic Insurance announced the resignation Titilayo Osuntoki, a non-executive independent director of the company following her appointment as an executive director of Access Bank.

Wapic said all the resignations were accepted with effect from January 16, 2014.

Ufoeze is a graduate of the University of Nigeria Nsukka (B.Sc. in Urban & Regional Planning) and obtained her M.Sc. in Investment Management from the City University Business School, London. She also has an MBA from the Middlesex University Business, London.

She is an Investment Analyst with over 22 years’ experience in the financial services industry.

Ufoeze began her career as a Research Assistant with African Development Consulting Group and an Investment Officer with African Development Bank. She also worked with BGL Limited as an Investment Analyst and then as the Head of Investments of the Wealth Management Group.

She was the CEO of United Alliance Company of Nigeria Limited prior to this appointment. Her appointment was effective January 16, 2014 and will be presented before the Shareholders at the Company’s next Annual General Meeting (AGM) for approval as required by the Company’s Articles of Association.

Alliyu holds a Bachelor of Science degree in Insurance from the University of Lagos. He is an Associate member of the Chartered Insurance Institute of U.K with over 20 years’ experience in Insurance Underwriting/Claims both in Nigeria and Internationally. Prior to joining Wapic Insurance Plc, Alliyu was the Chief Underwriting Officer/General Manager at Custodian & Allied Insurance Plc.

His appointment has been approved by NAICOM is effective March 6, 2013

While Ojeniyi holds a B.Sc. and M.Sc. in Agric. Economics from the University of Ibadan. He also has an MBA in Strategic Management as well as in Finance from Ogun State University and Edinburgh Business School, Heriot-Watt University, U.K respectively.

He has over 22 years’ experience in the banking industry (Access Bank Plc and EcoBank Nig. Plc). Prior to joining Wapic Insurance Plc, Ojeniyi was the Head, Business Banking Southwest Region at Access Bank Plc. His appointment which is effective January 16, 2014 has been communicated to the National Insurance Commission for approval.

On his part, Obaleke holds a B.Ed. from the University of Ibadan and an MBA from Abubakar Tafawa Balewa University, Zaria. He has over 22 years work experience in the banking industry. Prior to joining Wapic Insurance Plc, Obaleke was the Group Head, Business Banking at Access Bank Plc. His appointment which is effective January 16, 2014 is awaiting the approval of NAICOM.

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