Sunmonu succeeds Aig-Imoukhuede as Chairman, Wapic Insurance Plc

Agusto & Co. assigns a ‘Bbb’ rating to WAPIC Insurance Plc, with a stable outlook.

The Board and Management of Wapic Insurance today announced the appointment of Mutiu Sunmonu CON as the Chairman of its Board of Directors and Bababode Osunkoya as Chairman of its subsidiary, Wapic Life Assurance Ltd. By this appointment, Sunmonu and Osunkoya succeed Aigboje Aig-Imoukhuede
CON, who retired effective April 27, 2020, after 8 years of diligent and committed service to both organizations.

Aig-Imoukhuede was appointed to champion the transformation of Wapic Insurance Plc and its subsidiaries Wapic Life Assurance Plc and Wapic Insurance (Ghana) Limited following the company’s successful execution of a merger between Wapic Insurance Plc and Intercontinental Properties Limited in November 2011. Over the past 8 years, Wapic Insurance Plc and its subsidiary Wapic Life Assurance Ltd has grown remarkably from an industry position of 18 to 8, and transformed into a frontline insurance company in subSaharan Africa.

According to the companies, “this board-leadership transition heralds the second phase of our growth plan, which is focused on extending our culture of distinction in service excellence, innovation, technology, sustainability practices, and operational efficiency”.

The companies added, “During the first transformation phase under Aig-Imoukhuede’s exemplary leadership, Wapic Insurance and Wapic Life Assurance implemented a number of transformational initiatives that stabilized and returned the 62-year old company to profitability and enabled Wapic to take its place amongst Nigeria’s Top 10 Underwriting companies”.

As Wapic moves on to the next phase of transformation, Mr. Sunmonu and Mr. Osunkoya, both respected business leaders with extensive board experience in various organizations across multiple sectors of the economy, will lead the Boards of Wapic’s Nigerian businesses. Over the next 5 years, Wapic Insurance and its subsidiaries aspire to a top 3 position in the Nigerian insurance industry and to expand operations further across the West African sub-region.

“I am excited to take on this new role and build on the tremendous achievements of Aigboje AigImoukhuede. I am going to work with management and employees to actualize the aspirations espoused in the second phase of our company’s growth plan, most especially creating value for shareholders”, said Sunmonu, Wapic Insurance Plc’s new chairman.

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“Both Sunmonu and Osunkoya’s appointments are well-considered because of their pedigree and extensive boardroom experience, garnered serving on the board of various organizations across multiple sectors of the economy. Mr Sunmonu was outstanding in his role as Managing Director of Shell Petroleum and Development Company of Nigeria,” said Frank W. K. Beecham, Chairman, Wapic Insurance (Ghana) Limited, who also described Aigboje Aig-Imoukhuede’s tenor as “highly innovatory and very successful”.

Commenting, Mr. Osunkoya, the newly appointed Chairman Wapic Life Assurance said, “under Mr AigImoukhuede’s leadership, Wapic Life Assurance Ltd has not only raised the capital to meet the 8 Billion Naira minimum capital requirement, it is now one of Nigeria’s top Group-Life underwriters”. He also stated, “It is a great time for me to assume the role of Chairman as we are well-positioned to becoming the leading Life underwriters in the Industry”

Prior to his appointment, Osunkoya who joined the Wapic Assurance Board in January 2013, was the Chairman of the company’s Board Audit and Compliance Committee. A Senior Partner at the Chartered Accounting firm of Abax-OOSA Professionals. Mr. Osunkoya is one of Nigeria’s foremost-certified Forensic