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Staco Insurance Denies Allegation Of Infractions



Staco Insurance Plc has denied the allegation of infractions, following the news of infractions of some Insurance firms on the invitation by the House of Representatives sub-committee on Capital Market recently.

The company, however, reiterated its commitment to professionalism being one of the core values of the organisation and its determination to ensure compliance with the industry codes of corporate governance.

The acting managing director of the company, Mr. Bayo Fakorede, confirmed that there is no iota of insider dealings in the company, as accused, noting that the inability of the Management to attend the meeting as scheduled by the House Committee was due to an unforeseen circumstances which was duly communicated to the Sub-Committee. We have attended similar meetings in the past and thus would not intentionally make off from attending the scheduled meeting, he said.

Stating that the insurer anchors her operations on high ethical standards, he added that Staco imbibes the principles of full disclosure, accountability, transparency and respect for stakeholders’ interest.

“This has been the manner of dealings with all regulatory authorities and the stakeholders at large, which are enshrined in regular fillings of all mandatory reports. The Board of Directors of the company has always been at the fore front of laying down proper and good corporate governance with best practices and ensuring that there is compliance with both external and internal rules guiding the operations of the company,” he pointed out.

He assured the company’s stakeholders, insuring public and shareholders that there investment is safe and intact with Staco Insurance PLC.