IGI changes management as Fashola retires
General Insurance Plc (IGI) has announced a
new management following the retirement of Rotimi Fashola, the Group Managing
Director of the company. Fashola, a founding member of the company
retires having spent over 20 years in the management cadre. The new management
whose appointment takes effect immediately, according to the Board of
Directors, would occupy the
positions in acting capacities till substantive officers are
appointed in line with the regulations of the National Insurance Commission
the acting Managing Director, will lead the new management whose
appointment is in continuation of the restructuring programme
aimed at repositioning the company for optimum performance. Other members of the
new team include Mr.
Shade Ajayi, acting Executive Director, Technical and
Operations, Mr. Nnamdi Iwuoha, acting Head,
Technical Division, Mr. Bolade Ashaolu, acting Head, Marketing, and Mr.
Emmanuel Udoh, acting Chief Finance Officer.
Also retiring with
Fashola are the Deputy Managing Director, Mr. Sina Elusakin,
who has also served the company in various positions for over 20 years. Others
are the Executive Director, Finance and
Accounts, Yinka Obalade, also retired, while his
Information Technology, Human Resource and Administration counterpart,
Mrs. Foluso Gbadamosi, tendered her resignation.
The change in
leadership is part of the restructuring process initiated by the Board of
Directors to revitalise
the organisation. The erstwhile management, having
laid the requisite foundation and structures for the success of the
repositioning agenda, offered to step aside to pave the way for fresh ideas
that will further galvanize the advancement of the new strategic direction of
The Board thanked
the exiting management for its immense contribution to the growth of the
company and for laying the proper structures and processes for the ongoing
restructuring. From the performance indices, it is clear that IGI is applying
the right strategies and moving in the right direction, with strong momentum.
We recognise the
need to sustain this momentum in order to create a formidable platform for
Shareholders have every cause to look forward to a better future as the
company is being positioned to enhance sustainable growth and improve return on equity.
In the months ahead, there will be strong emphasis on strategy
execution in order to efficiently and effectively realize our expected gains.
Our projections indicate positive growth in all areas and we are committed to
exceeding the benchmark for standard performance.