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Former Secretary to the Government of the Federation, Alhaji Yayale Ahmed, has emerged the new chairman of Industrial And General Insurance Plc.
According to a statement by IGI on Sunday, he replaces Gen. Yakubu Gowon, a former Head of State, who has retired from the Board of Directors. His appointment took effect from April 19, 2016.
“The change of baton signified a major shake-up in the board of the 24-year-old insurance company, as two other directors: the founding Director-General, Nigerian Stock Exchange Hayford Alile; and Mrs. Olubunmi Olowude, wife of the late Executive Vice Chairman of IGI, Mr. Remi Olowude, have also relinquished their positions,” the statement added.
Ahmed’s appointment was unanimously ratified by the company’s shareholders at its 23rd Annual General Meeting in Lagos.
The firm stated that they also endorsed four other names proposed as non-executive directors to fill the vacancies on the board.
“The new directors are: Augustine Olorunsola, Kanayo Okoye, Gaffar Animashawun Jr. and Mrs. Awuneba Ajumogobia,” it stated.
IGI said the retirement of the trio was coming on the heels of a directive by the National Insurance Commission which requires non-executive directors who have served up to nine years on the board of insurance companies to quit.
“By the new composition of its board, IGI becomes one of the first underwriters to fully comply with NAICOM’s directive and 2009 Code of Corporate Governance,” it stated.
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