Endura completes Standard Alliance Insurance acquisition, appoints new board

Endura Investment Global Limited has announced that it has acquired 24 per cent controlling shareholding in Standard Alliance Insurance Plc and appointed a new board to oversee the affairs of the insurance firm.

This acquisition followed the divestment and exit of the former controlling shareholders, Standard Alliance Investment Limited led by the founding Vice Chairman, O’tega Emerhor, from the company.

In a statement signed by a director of Endura Investment Global Limited, Mr Nathaniel Ibitowa and made available to The PUNCH on Tuesday, it was indicated that the National Insurance Commission and the Nigerian Exchange, have approved the deal.

The transaction became effective on August 19, 2024.

Regarding the new board of directors of the company, Ibitowa said, “As part of our turnaround strategy, a new Board of Directors of Standard Alliance Insurance Plc with Mr Akinlolu Iroko, as Chairman (has been appointed). Other directors are Mr Akinlolu Iroko, Mr Nathaniel Ibitowa, Mr Rohan Fernando, Musa Lawan, Mr Paulinus Offorzor as Managing Director; Mr Tayo Amore as Executive Director, Technical and Mr Michael Owope serving as Chief Financial Officer.”

Ibitowa said the new investors “are dedicated to rebranding, recapitalising and transforming Standard Alliance Insurance Plc. Endura is committed to transparency, accountability, and customer satisfaction that will ensure the protection of policyholders, brokers, employees, regulators, shareholders and those of other key stakeholders’ interests.”

Ibitowa added that Endura is actively engaging relevant regulators in resolving all outstanding issues in respect of Standard Alliance Insurance Plc, injecting fresh capital and settling outstanding claims to policyholders.