Niger Insurance appoints new directors


Niger Insurance Plc has notified the Nigerian Stock Exchange that Alhaji Bala Zakariyau (Chairman) and Mr. Frederick Nnamdi Udechukwu (Director) would retire from the board of the company effective 1 January 2016.

The board also approved the appointment of Umaru H. Modibbo and Dr. Stephen N. Dike as nonexecutive directors of the company.

Mr. Yusuf H. Abukakar, OON, was also appointed as Chairman of the Company to replace the retiring Alhaji Bala Zakariyau.

Umaru H. Modibbo is a graduate of Business Administration from the Ahmadu Bello University Zaria (1983). He started his working career with the Gongola State Ministry of Commerce and Industries in 1985 as a Commercial Officer II and joined the Gongola Investment Company Limited (1987-1991) and rose to become a Senior Investment Executive. In July 1991 he was appointed the General Manager/CEO of Tiddo Securities Limited, a dealing member of The Exchange.

He qualified as a stockbroker and dealing clerk of the Nigerian Stock Exchange in December 1991 and is an Associate member, Chartered Institute of Stockbrokers. Between March 1994 and April 1997, Mr. Modibbo was elected as a council member of The Exchange.

During that period, he served as a member on the Quotations and Disciplinary Committees of the Council of The Exchange.

He was also a pioneer Director of Central Securities Clearing Systems (CSCS) Limited and also served as a member of The Nigerian Stock Exchange Investors’ Protection Fund.

Mr. Modibbo was appointed a member of the Transaction Marketing Committee of the National Council on Privatization. He was a member representing the North East Geo-Political Zone in the Federal Government Budget System Review Committee (January-March 2000).

He has promoted several companies which include Sigma Securities Limited, a stockbroking firm which he headed as the Managing Director/Chief Executive between April 1997 to January 2011, Sigma Properties Limited, Sigma Bureau De Change Limited, Sigma Power Projects, Sigma Inspections Limited. He is the founder and Managing Director/CEO of Sigma Pensions Limited.

Dr. Stephen N. Dike is the Chairman of Advanced Management and Technology Solutions (AMTS) and Chairman of Montgomery Nigeria Limited.

He has extensive executive level management experience in public administration, support operations, information communication and technology (ICT), economic and business development, and financial management.

His expertise is in financial management, business development, strategic planning, public policies, market analysis, negotiations, project management, program evaluation, organizational restructuring and repositioning, process redesign and re-engineering and private-public partnerships.

He specializes in advising senior management on a wide range of business and policy decision implications and issues.

Dr. Dike was the founder and CEO of Westcon International Ltd, a full service, management-consulting firm headquartered in McLean Virginia.

He also served at executive levels in such firms as Fairfax Securities, Cayonosa Gas Services Corporation, Vamardec Ventures, Julius Stevens Corporation, Tiffany International, and Metropolitan Development Corporation all in the United States.

His public sector experience includes positions as Administrator in the Department of General Services and the Chief of Systems Accounts and Revenue in Department of Public Works for Fairfax County Government in Virginia.

In Fairfax County which was then the second highest ranked county in the United States in terms of governance and affluence, Dr. Dike was instrumental in managing the County’s centralized support services distributed under four agencies with a workforce of over 500 employees.

His responsibilities included facilities, fleet, purchasing, and supply management as well as telecommunication and other support services. He also managed various and large-scaled public private partnership projects for the County.

Dr. Dike was the Chairman of the Nigerian Educational Research and Development Council, a member of the Presidential Electoral Reform (Uwais) Committee and the Coordinator of the National Technical Working Group for the Business Environment and Competitiveness Thematic Area for Nigeria’s Vision 20:2020 Strategic Plan.

Dr. Dike holds an earned Ph.D. in Economics, an MBA in Finance, an M.S. in Resource Management, an M.A. in Economics and a B.S. in Chemistry from West Virginia University. He was an Adjunct Professor of finance and management from 1988 to 2001 and taught various graduate and doctoral level courses in finance and management for various universities in the Washington DC area. Dr. Dike serves on the board of several organizations. He has reviewed several text books in finance and served as Guest Editor for the South African Journal of Economics. He held Series 7 and 24 Investment Banking Licenses in the United States.

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