SUNU Assurance Nigeria Plc has a deadline of 78 days to appoint a substantive managing director, in line with insurance sector’s corporate governance code.
SUNU Assurance on Monday confirmed the resignation of its Managing Director, Mr, Morufu Apampa with effect from November 30. It appointed the Executive Director (ED) for Technical and Operation, Mr Samuel Ogbodu as the Acting MD.
The Corporate Governance Code for the Insurance Sector, under the auspices of the National Insurance Commission (NAICOM), stipulates a maximum of 90 days between the resignation of a managing director and appointment of a new substantive one.
The company’s Board of Directors promised to appoint a new managing director soon.
In 2016, the SUNU Assurances Group acquired 60 per cent equity of the former Equity Assurance Plc and renamed the company SUNU Assurance Nigeria Plc.
SUNU Assurance operates in not less than 12 Franco-phone African countries and the acquisition of Equity Assurance was a major entry strategy to get into the Anglo-phone countries.