LUR Appoints New Board
March 09th, 2018
Renowned technocrats and professionals have been appointed into the Board of Directors of Nigeria’s first generation insurance company, Law Union & Rock (LUR)Insurance Plc. This is following the successful acquisition of 1.7 billion units of the company’s shares initially owned by Skye Bank Plc, by the new investors. Alternative CapitalPartners (ACAP), one of Nigeria’s leading fund managers, had recently led a consortium that included Swede ControlIntertek Limited to emerge the preferred bidder for Skye Bank Plc’s equity in LUR.
A statement released by the Company after its Annual General Meeting held on Thursday, October 11, 2012 in Lagos, announced shareholders’ approval of the new Board of Directors who have shown great commitment to unlock the value in the company and transform it to be among the top five insurance companies by 2015.
MEMBERS OF THE BOARD:
Princess Adenike Adeniran, Chairperson of the board is an accomplished Accountant with over 40 years professional experience. She qualified as an Accountant in December 1970 and is a fellow of the Institute of Chartered Accountant of Nigeria and President 1997/98. She is also a qualified professional Dealing Clerk and Stockbroker of the Nigerian Stock Exchange.
She started her accounting career as an Assistant Accountant with Her Majesty Customs and Excise, Accountant and Controller Division, London. Princess Adeniran later worked with Cooperative Bank where she rose to become the Chief Accountant. She served in various committees of State and Federal Governments of Nigeria spanning through Privatization and Commercialization of government parastatals and the National Economic Intelligence Committee.
She is the first female President, Association of Accountancy Bodies in West Africa and former President International Federation of Women Accountants – Africa Region. She served as a member of the Governing Council of ICAN and she also served as a member of the Council of the Chartered Institute of Stockbrokers of Nigeria for several years. She is the Chairman of Dominion Trust Limited and a former Director of Skye Bank PLC.
She is a graduate of Catford College of Commerce London, Staffordshire College of Commerce, Woodgreen Wednesbury near Birmingham and Sundridge Park Management Centre, Kent, England.
Mr. Remi Babalola, the Vice-Chairman, is a former Minister of State for Finance and a Fellow of the West African Insurance Institute. A consummate banker and insurance practitioner, Babalola was Minister of State for Finance from July 2007 to August 2010 and simultaneously held the position of Supervising Federal Capital Territory Minister between October and December 2008. Prior to his appointment as Minister of State for Finance, he had extensive experience in the private sector at top management level, most especially in banking, auditing, consulting and strategy. He has both brain-on and hands-on experience in value creation, organizational renewal and leadership effectiveness. Currently, he is Chairman/Chief Strategist of Alternative Capital Partners Limited, a Securities and Exchange Commission registered Advisory and Fund/Portfolio Management firm.
Also appointed into the Board of Law Union & Rock Ins. as an Independent Director is Mrs. Funmi Ekundayo while the Non-Executive Directors are: Mr. Victor Faleye, Managing Director and Chief Executive Officer of Swede Control Intertek Limited; Mr. Olaseni Kusamotu, Managing Director of Oceancell Nigeria Limited, a marine logistics company; Mr. Olaiya Isaac Ajana, Executive Director, Finance and Accounts, Swede Control Intertek; and Ms. Toyin Olusanya, External Director/Franchise Development Consultant at FDHL, a financial market and risk consulting firm.
The Company has also brought together,a rich and experienced management team with demonstrable track records led by the new Managing Director/Chief Executive Officer, Mrs. Oluwatoyin Eunice Ogunseye. A seasoned professional and former member of the executive management of Custodian & Allied Insurance Plc, Ogunseye has over 20years of core insurance experience and had worked for a decade with Femi Johnson & Co, a renowned insurance brokerage firm. She is a seasoned professional and passionate insurance practitioner.
Other strategists at the management level are: Mr. Ayotunde Fanibe, who serves as the Chief Marketing Officer; Mr. Olasupo Falana, Chief Technical Officer and Mr. Imo Okorie Imo, Head of Strategy & Planning. Other members of the executive management include: Stanley Chikwendu, Company Secretary & Head of Legal, Mr. Olayinka Ogundeji, Head Internal Audit and Mrs. Toyin Lolu-Ogunmade, Head Human Capital Management.
The new board and management of LUR have undergone the assessment of the insurance industry regulator, National Insurance Commission (NAICOM) and found to be fit and proper. Having met recently in Lagos, the board and management has mapped out strategies to strengthen the insurance company and make it a major player in the insurance sector and the economy. This will translate to value creation for its numerous policyholders and shareholders, while operating within the confines of the law entrenching high level good corporate governance.
Law Union & Rock Insurance commenced operations in 1951 as chief agency when Sir Mobolaji Bank Anthony held the power of Attorney for Royal International Insurance Holding, a UK leading insurance company. The company acquired branch status in 1957 and continued operations as a branch of Royal International Insurance
Holding, United Kingdom, transacting all major classes of insurance business until June 1969, when it became incorporated locally, in compliance with the Companies Act of 1968.
LUR CORE INVESTORS
Alternative Capital Partners is an independent alternative wealth management company with additional focus on private equity, financial & investment advisory, principal investments and sales & trading. The wealth management company had in 2011 acquired the Fund management role of Oceanic Vintage Fund from Oceanic Bank Plc and rebranded the fund to ACAP Canary Growth Fund with new investment strategy directed towards creating sustainable value for investors. Swede Control Intertek Limited is a wholly owned Nigerian company with a strong foreign technical partner in the United Kingdom – Intertek Group Plc. Swede Control Intertek Limited has complimented and worked closely with Intertek Group Plc, United Kingdom on the Government Services in which Swede carried out Pre-shipment Inspection Programme for the Federal Government of Nigeria between 1984 and 2006.