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NAICOM okays new directors for Standard Alliance Insurance

The National Insurance Commission (NAICOM), has approved the appointment of Richard Ododo as the managing director, Odusi Niyi as the executive director and Haruna Mohammed and Uzoma Igbonwa as the non-executive directors of Standard Alliance Insurance Plc.

According to the company, the directors are coming on board with a vibrant enterprising mind-set coming from the experience of driving entrepreneurship, diversified background in banking and international equity market.

Ododo is an insurer with over 30 years’ experience in the industry cutting across various functional areas specifically insurance brokerage, underwriting and risk management.

Odusi, is an insurer who possesses extensive skills and over 28 years’ experience in insurance broking, underwriting (life and non-life), business development and leadership management.

Mohammed is an economist and investor with an interest in financial services and agriculture who has over 20 years experience in commercial and development banking, rising to the position of deputy general manager. He is a member of the prestigious Institute of Directors of Nigeria and a Certified Independent Director.

Igbonwa is also an economist with over 28 years’ experience in Internal Control System and Foreign Exchange and Treasury management. He was the general manager of Mazola vegetable oil and edible Products Inc. in the USA before returning to Nigeria to establish his own business. He is the chairman Board of Directors of several companies.

On the issue of NAICOM’s new minimum paid up capital, the managing director said that the company has reached an advanced stage of discussions with individual/corporate strategic investors who have signified strong interest to invest in Standard Alliance Insurance Plc and with this the company shall surpass the new minimum capital requirement.


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