Insurance

Staco Insurance Plc sacks 28 staff

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Chuks Udo Okonta

Staco Insurance Plc., has sacked 28 members of its staff, Inspenonline has learnt.

According to industry watches, the firm has been battling with payments of claims, salaries and commissions to brokers and agents. The observers believed the firm might have sacked the staff so as to reduce its overhead in line with its recapitalisation plan.

Inspenonline gathered that the sacked employees were yet to be paid their benefits as at the time it checked on the company yesterday.

Data obtained from the Nigeria Insurance Digest, produced by the Nigerian Insurers Association (NIA) revealed that the firm incurred N3.09 billion management expenses in 2017 and posted gross premium of N5.22 billion; profit before tax, -N782. 28 million; profit after tax, -N817.28 million; share capital, N4.67 billion; shareholders’ fund, N3.09 billion and total assets, N9.58 billion.

The firm’s 2018 financial details was not captured in the NIA Digest, this may be due to the firm’s inability to submit its data to the association

The board of STACO Insurance Plc had in 2018 dismissed the Chief Executive Officer of the company Sakiru Oyefeso on grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.

The Company was incorporated on October 10, 1991 as a public limited liability company under the name Standard Trust Assurance Plc (STACO). Following the acqusition and restructuring of Alpha Insurance Plc it commenced operations on October 1, 1994.

The company changed its name to STACO Insurance Plc on the 30th of October 2006 following the merger of Standard Trust Assurance Plc and Summit Insurance Company Plc. STACO was listed on the Nigerian Stock Exchange (NSE) on the 25th of June 2007.

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