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Chuks Udo Okonta
The Managing Director/CEO of Cornerstone Insurance Plc Stephen Alangbo, has emerged as one of the Top 25 CEOs of the Year at the Business Day Media Awards held on Saturday at the Federal Palace Hotel, Victoria Island, Lagos.
The BusinessDay Top 25 CEOs Awards 2024 celebrates visionary leaders of companies listed on the Nigerian Stock Exchange (NGX) who have not only demonstrated exceptional leadership, but also guided their companies through growth and success during a challenging year for the business world.
Alangbo, a distinguished figure in the insurance sector with over 30 years of experience was recognized for his exceptional leadership in driving innovation and growth within the insurance sector.
Since assuming leadership of Cornerstone Insurance in 2023, Mr. Alangbo has consistently delivered strategic growth and innovation, driving the company to new heights. In the 2023 financial year, Cornerstone Insurance, under his stewardship, achieved an impressive 38% growth in top-line revenue, increasing from N22.2 billion in 2022 to N30.6 billion in 2023. This growth is a testament to Mr. Alangbo’s ability to implement customer-centric strategies, optimize operational efficiency, and expand product offerings in key segments of the market. His leadership has also driven significant improvements in digital innovation, making Cornerstone a leader in the Nigerian insurance sector.
Beyond financial growth, Mr. Alangbo has also played a pivotal role in enhancing Cornerstone’s international standing. In 2024, the company was recognized as the African Insurance Company of the Year by the African Insurance Organization (AIO), at their prestigious awards ceremony held in Windhoek, Namibia. This accolade underscores Cornerstone’s leadership on the continent, driven by Mr. Alangbo’s vision to deliver excellence across all facets of the business.
Commenting on the award, the Managing Director/CEO Cornerstone Insurance Plc, Stephen Alangbo said, “I give praise and appreciation to the Almighty God for this recognition. Also, I want to appreciate the Publisher of BusinessDay and the entire management. It’s interesting to note that three months ago we were in Windhoek Namibia where Cornerstone won the African Insurance Company of the year, and today we are here to receive another award.
“I appreciate our numerous customers and staff that have made this possible. I want to assure our customers of continuous insurance relations to meet their needs”, he said.
In his opening remark, the Publisher, BusinessDay Media Limited, Mr. Frank Aigbogun, while commending the honorees emphasized that the Top 25 CEOs Awards is a reward for excellence, innovation and drive for positive change in Nigeria.
He said, “I’m reminded of the significant role that leaders like you play in shaping the future of our great nation and its business landscape. Your steadfast leadership has not only propelled your companies forward but has also motivated countless others to aim for greatness. You have created employment opportunities, expanded wealth, generation, fostered innovation, and contributed to the overall growth of our economy.
“Together we gather to celebrate your achievements, we celebrate your passion and your dedication to excellence. We recognize the countless hours of hard work, sleepless nights and sacrifices that have helped to bring you to where you are today, and we indeed commend your leadership,” Mr. Aigbogun said.
Among other leaders recognized at the event are MD/CEO AIICO Insurance Plc, GMD/CEO Lafarge Africa Plc, GMD Rain Oil Limited, CEO Tolaram, MD/CEO Nestle Nigeria Plc, MD/CEO Nigerian Breweries Plc, MD/CEO Eterna Plc, Group CEO United Capital Plc, MD/CEO NEM Insurance Plc, President/Group CEO, Transnational Corporation Plc, Founder/GMD Custodian Investment Plc, MD/CEO Opay Nigeria, GMD Mojec Limited, MD/CEO UPDC Plc, and GMD GPFI Group.
The BusinessDay Top 25 CEOs Awards, has been successfully hosted for seven years by BusinessDay Media and the Nigerian Stock Exchange. This year’s edition honors CEOs of companies who have demonstrated outstanding performance in areas such as financial management, strategic planning, innovation, and corporate social responsibility.
About Cornerstone Insurance
Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life business. As the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, our services are technologically driven by cutting-edge insurance applications. These services are accessible with ease through the internet and on mobile.
At Cornerstone, we remain committed to our core values of integrity, empathy, professionalism, innovation, and team spirit, and our continued mission of delivering value beyond expectations through needs-based products and quality service.
