Staco Insurance Plc Dismisses Dr Sakiru Oyefeso as CEO and Appoints Mr Bayo Fakorede

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We wish to notify The Exchange, our shareholders and our esteemed stakeholders that the Board of Directors of Staco Insurance Plc (the Company) at its meeting held in Lagos on the 30th day of July 2018, passed a resolution dismissing Dr. Sakiru Oyefeso as the Chief Executive Officer of the Company on the grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.

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

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