Wapic Insurance’s new chair promises greater value creation

By Taofik Salako, Deputy Business Editor

The Chairman of Wapic Insurance Plc, Mr Mutiu Sunmonu, has promised to build on the enviable profile of the insurance growth and provide leadership to achieve the second phase of the group’s growth plan.

Sunmonu’s appointment was announced on Monday by the Board . The new chairman is a former managing director of Shell Petroleum and Development Company (SPDC) of Nigeria.

Sunmonu succeeds Aigboje Aig-Imoukhuede, who retired on April 27 after eight years as chairman of Wapic Insurance and its subsidiary, Wapic Life Assurance Limited.

Mr Bababode Osunkoya was also appointed as chairman of Wapic Life Assurance Limited.

In a regulatory filing signed by Company Secretary, Wapic Insurance Plc, Mary Agha, the board noted that the board-leadership transition heralds the second phase of the group’s growth plan, which is focused on extending its culture of distinction in service excellence, innovation, technology, sustainability practices and operational efficiency.

According to the company, during the first transformation phase under Aig-Imoukhuede’s leadership, Wapic Insurance and Wapic Life Assurance implemented a number of transformational initiatives that stabilised and returned the 62-year-old company to profitability and enabled Wapic to take its place amongst Nigeria’s top 10 underwriting companies.

The board pointed out that as Wapic Insurance moves on to the next phase of transformation, both Sunmonu and Osunkoya, who are respected business leaders with extensive board experience in various organisations across multiple sectors of the economy, are expected to lead the group to greater position.

According to the company, over the next five years, Wapic Insurance and its subsidiaries aspire to a top three position in the Nigerian insurance industry and to expand operations further across the West African sub region.

Sunmonu said he would build on the legacy of achievements and lead the management and employees to actualise the second phase of the company’s growth plan.