Aig-Imoukhuede steps down as Wapic Insurance Board Chairman

Aigboje Aig-Imoukhuede has stepped down as Board Chairman of Wapic Insurance Plc.

In a notice filed by the firm to the Nigerian Bourse, he would be succeeded by Mutiu Sunmonu CON and Bababode Osunkoya as the Chairman of its Board of Directors and Chairman of its subsidiary, Wapic Life Assurance Ltd, respectively.

Aig-Imoukhuede retired from Wapic's board on April 27th, 2020 after eight years of meritorious service to both organisations.

Aig-Imoukhuede was appointed to champion the transformation of Wapic Insurance Plc and its subsidiaries, Wapic Life Assurance Plc and Wapic Insurance (Ghana) Limited following the company’s successful execution of a merger between Wapic Insurance Plc and Intercontinental Properties Limited in November 2011.

Over the past 8 years, Wapic Insurance Plc and its subsidiary Wapic Life Assurance Ltd has grown remarkably from an industry position of 18 to 8, and transformed into a frontline insurance company in sub-Saharan Africa.

The insurance firm remarked that the board-leadership transition heralded the second phase of its growth plan, focused on a culture of distinction in service excellence, innovation, technology, sustainability practices and operational efficiency.

Mr Sunmonu and Mr Osunkoya, both respected business leaders with extensive board experience in various organisations across multiple sectors of the economy, will lead the Boards of Wapic’s Nigerian businesses.

Over the next 5 years, Wapic Insurance and its subsidiaries would aspire to a top 3 position in the Nigerian insurance industry and expand its operations further across the West African sub-region.

“I am excited to take on this new role and build on the tremendous achievements of Aigboje AigImoukhuede. I am going to work with management and employees to actualise the aspirations espoused in the second phase of our company’s growth plan, most especially creating value for shareholders,” Wapic Insurance Plc’s new chairman, Sunmonu said.

Commenting,  the newly appointed Chairman Wapic Life Assurance, Mr Osunkoya, said,  “Under Mr AigImoukhuede’s leadership, Wapic Life Assurance Ltd not only raised the capital to meet the 8 Billion Naira minimum capital requirement, but has become one of Nigeria’s top Group-Life underwriters."

“It is a great time for me to assume the role of Chairman as we are well-positioned to becoming the leading Life underwriters in the industry,” he added.

Prior to his appointment, Osunkoya who joined the Wapic Assurance Board in January 2013, was the Chairman of the company’s Board Audit and Compliance Committee. A Senior Partner at the Chartered Accounting firm of Abax-OOSA Professionals. Mr Osunkoya is one of Nigeria’s foremost-certified Forensic Auditors.

On the other hand, Mr Sunmonu was outstanding in his role as Managing Director of Shell Petroleum and Development Company of Nigeria.