7 Insurance Firms’ CEOs To Leave As 10-year Tenure Limit Implementation Commences
Lagos
No fewer that seven managing director/CEO of insurance companies in the country will vacate their position as the the National Insurance Commission(NAICOM) is set to implement the 10 years tenure limit for the managing directors/CEOs and executive directors(EDs) of insurance and reinsurance companies in the country, LEADERSHIP findings reveal.
To this end, the current MDs and EDs who have overstayed the 10-year period have 12 months transition period from now to bow out of their managerial position in the companies they represent.
NAICOM had, in a circular number: NAICOM/DPR/CIR/45/2022, sighted by
LEADERSHIP yesterday and sent by NAICOM to all insurers and reinsurers on Tuesday, 22nd of November,2022, said, this development would become effective from 1st of January, 2023.
By this development, the affected managers are expected to have exited their companies by 31st of December 2023 by handing over to their successors.
Preliminary investigation by LEADERSHIP shows that, indeed, seven CEOs have spent above 10 years managing their insurers, but they could be more, if deeper analysis is done on all CEOs in the insurance industry. Expectedly, over 15 executive directors will equally face the axe.
Dr. Fatai Kayode Lawal is presently the managing director/CEO of Sterling
Assurance Nigeria Limited, a position he held from 2007 to date, translating to 15years at the helms of affair of the insurer, therefore, would be asked to leave by this directive.
Similarly, the group managing director/CEO of Consolidated Hallmark Insurance(CHI) Plc, Mr. Eddie Efekoha has spent over 10 years managing the company, hence, would be affected by this development.
Moreover, Mr. Tope Smart who is the managing director of NEM Insurance Plc would be another casualty of this development, while Mr. Ganiyu Musa, who became the group managing director/ CEO of Cornerstone Insurance Plc in 2012, have spent 10 years managing the firm, hence, he is affected by the circular.