Endura Investment Global Limited has announced the acquisition of a 24% controlling stake in Standard Alliance Insurance Plc, alongside the appointment of a new board to oversee the company’s operations.
This acquisition follows the exit of the previous controlling shareholders, Standard Alliance Investment Limited, led by the founding Vice Chairman O’tega Emerhor.
In a statement issued by Mr. Nathaniel Ibitowa, a director at Endura Investment Global Limited, it was confirmed that the deal has received approval from the National Insurance Commission and the Nigerian Exchange.
Regarding the newly appointed board, Ibitowa stated: “As part of our strategy for turning the company around, a new Board of Directors has been installed at Standard Alliance Insurance Plc, with Mr. Akinlolu Iroko as Chairman. Other directors include Mr. Akinlolu Iroko, Mr. Nathaniel Ibitowa, Mr. Rohan Fernando, Mr. Musa Lawan, Mr. Paulinus Offorzor as Managing Director, Mr. Tayo Amore as Executive Director, Technical, and Mr. Michael Owope as Chief Financial Officer.”
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Ibitowa emphasized that the new investors are focused on rebranding, recapitalizing, and transforming Standard Alliance Insurance Plc. “Endura is committed to ensuring transparency, accountability, and customer satisfaction, which will safeguard the interests of policyholders, brokers, employees, regulators, shareholders, and other key stakeholders,” he said.
He also noted that Endura is in active discussions with relevant regulators to resolve outstanding issues related to Standard Alliance Insurance Plc, including injecting fresh capital and addressing unpaid claims to policyholders.
