One conglomerate, which name rings a bell as a leading
organization in Nigeria, is Standard Alliance Group (SAIG).
The Standard Alliance Group comprises Standard Alliance
Insurance Plc (SAI), Standard Alliance Life Assurance Limited (SA Life),
Standard Alliance Capital and Asset Management Limited, Standard Alliance
Pension Managers Limited, Standard Alliance Mortgage Limited (Lagoon Savings
and Loans Ltd.) and Standard Alliance Properties Limited.
Sources close to the company however, revealed that the
Group Chief Executive Officer of the company, Olorogun O'tega Emerhor, who was
also the majority shareholder of all the companies in SAIG, recently sold 60
percent shares of his stakes to foreigners mainly South Africans, who
reportedly bought the largest shares of the insurance and life assurance
companies.
What surprised events watchers was the allegation that the
facilitator of the transaction is one Mr. Bode Akinboye, who was frustrated out
of the conglomerate as the Group Managing Director (GMD) few years back.
He was reportedly forced out of the system in 2009, when
O'tega brought in his daughter as the Group Executive Director of the SAIG.
Reports had it that the humiliation was so much for Akinboye
then that he had to resign from the company.
“The turn of event now is that O'tega has sold his shares
and it is the same Bode Akinboye that brought in the investors and he also
front for them, which was the reason those investors now appointed him as the
new GMD of the two companies that are representing their interest in Nigeria,”
said a source.
Informants told us exclusively that MD of SAI, Mr. Tom
Imokhai and Mr. Austin Enajemo- Isiri had to resign from the board of the group.
The source added that Bode Akinboye has also carried out
some restructuring within the organization such as the re-deployment of the
Head of Administration, Emeka Obi to Marketing Department, while Mrs. Rhe
Emerhor Iwuagwu was changed from being the Group Executive Director to
Executive Director with fewer responsibilities now.
Some top management staff of SAI that were affected by the
re-structuring, according to our sources, were the Head of Human Resources, one
Mr. Richard, who has now been redeployed to Administration Department, while the
Head of Northern Operations, Mr. Akanni Olade has been sacked.
“One of the Heads of the Marketing Department, Mrs. Bolatito
Salami, and Mr. Jide Fasanmi, who was the Regional Head, West was also sacked with
some marketers.
“In SA Life, Mr. Bolaji Oladipupo, who was an Executive Director
and Mr. Andrew Agbaga were demoted to GM. Bode said that the restructuring is
ongoing till he is okay with the workforce around him,” said our source.
Mr. Jerry, who was sacked as the Financial Controller of
SAI, was reportedly recalled, and we learnt that he has resumed to his duty
post now.
Sources stated further that Bode Akinboye has promised to restore
the lost glory of SAIG, while O'tega has denied the rumour that he sold his
majority shares in SAIG to raised money for his gubernatorial election in Delta
State as he is the candidate of the All Progressives Congress (APC) for the
election.
We gathered that O’Tega is still on board of the company, but
not as a majority share holder, and the new Chairman of SAIG is said to be Major
General Tony Oneya (Rtd.).
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