Ruth Ibikunle
Stephen Alangbo has been a pivotal figure at Cornerstone Insurance Plc, taking the reins as Managing Director and steering the company through some significant transformations. His leadership journey is quite fascinating, really—filled with challenges and triumphs that have not only shaped the company but also influenced the broader insurance landscape in Nigeria. He is a distinguished figure in the insurance sector with over 30 years of experience.
When he first stepped into the role, the company was facing a variety of hurdles, from stiff competition to changing consumer expectations. Honestly, it was a tough time for the industry. But Alangbo didn’t shy away. Instead, he rolled up his sleeves and got to work. His approach was a blend of innovation and strategic planning. He understood that to keep up with the times, Cornerstone needed to evolve, and fast.
One of the most notable impacts he’s had is in embracing technology. Under his guidance, Cornerstone has made strides in digital transformation. They’ve launched user-friendly online platforms that make it easier for customers to access their services. I mean, who doesn’t love a good app that simplifies life, right? This shift not only enhances customer experience but also opened new avenue for growth, streamlines operations, saving time and resources.
But it’s not just about tech. Alangbo has also focused on fostering a strong company culture. He believes that happy employees are key to satisfied customers. And honestly, that makes a lot of sense. By promoting teamwork and communication, he’s cultivated an environment where employees feel valued and motivated. This has led to improved productivity and a more engaged workforce, which is a win-win for everyone involved.
Moreover, Alangbo has been a strong advocate for corporate social responsibility. He’s initiated several programs that give back to the community—whether it’s through education, health initiatives, or environmental sustainability. This commitment not only enhances the company’s reputation but also resonates with customers who appreciate businesses that care about their social impact.
The company’s shares have seen fluctuations, which is pretty normal in the financial market, but what’s important is how Alangbo has managed to maintain investor confidence. By focusing on transparency and clear communication, he’s helped reassure shareholders during those inevitable ups and downs. You know, keeping everyone in the loop can make a world of difference.
Under his watch, the share price of Cornerstone Insurance grew by 84.72% from the opening price of N3.6 in January 2025 to the current price of N6.65. When a company shows strong performance indicators — like increased revenue and a solid market position — investors usually jump at the chance to buy shares. That’s exactly what happened with Cornerstone. Alangbo’s strategic decisions have contributed to a noticeable uptick in share prices.
His proactive approach and strong leadership have positioned Cornerstone to weather these storms better than many of its competitors.
Looking to the future, Alangbo’s vision for Cornerstone Insurance Plc appears promising. With a focus on continued innovation and a commitment to excellence, he’s set the stage for the company to thrive in a competitive market. It’s clear that his impact extends beyond just numbers and profits; he’s shaping a legacy that blends business success with genuine care for people and the community.
Stephen holds a B.Sc. in Mathematics with Statistics from the University of Lagos and an MBA from the ESUT Business School, Enugu. He is also an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN). His dedication to excellence and unwavering commitment to ethical business practices continue to shape the insurance landscape, positioning Cornerstone Insurance Plc as a trusted and innovative player in Nigeria’s insurance industry. His leadership is characterized by a profound impact, making him a pivotal figure in the sector’s ongoing growth and development.
In summary, Stephen Alangbo’s impact as Managing Director of Cornerstone Insurance Plc is evident in both the company’s operational improvements and its standing on the stock exchange. He’s not just a name on a corporate letterhead; he’s a driving force behind a company that’s making strides in the insurance sector. His leadership style, marked by innovation, customer care, transparency and strategic growth, has not only strengthened the business internally but also enhanced its reputation externally. It’ll be interesting to see where he leads the company next.
Cornerstone Insurance Plc is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance Plc was adjudged as the ‘Best use of Technology, Insurance Company, 2016, Nigerian Technology Awards.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business we currently undertake include the following: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance)
The company’s issued and fully paid share Capital and Market Capitalization is ₦9.083 billion and ₦65.399 billion respectively as of December 31, 2024. Total assets of over N78 Billion at the end of 2024.
In the 2023 and 2024 financial years, Cornerstone Insurance PLC paid over N9.78 billion and N11.13 billion respectively as various gross claims to our esteemed clients.
Cornerstone, remains committed to its core values of Integrity, Empathy, Professionalism, Innovation, and Team Spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
Stephen Alangbo, MD/CEO, Cornerstone Insurance