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Nigerian insurance firm, Staco Insurance Plc, has announced the replacement of the chairman of its board of directors, Samuel Turoti.

A disclosure by the company on Monday said Mr Turoti has been replaced by Muhammad Aliyu.

The new chairman, the company said, would no longer be a member of its various committees on finance investment and general purpose, enterprise risk management and governance.

“We wish to notify The Nigerian Stock Exchange (The Exchange), our shareholders and other stakeholders that by a unanimous decision of the Board of Directors of Staco Insurance Plc (the Company) at the meeting of the Board of Directors held in Lagos on the 11th day of December 2019, Prince Turoti Samuel ceases to be the Chairman of the Board of Directors of the Company,” the company said on Monday.

“He has been replaced by Alhaji Muhammad Sidi Aliyu as Chairman of the Board of Directors of the Company.

“In view of the above appointment, Alhaji Muhammad Sidi Aliyu would no longer be a member of the following Board committees – Finance Investment and General Purpose Committee; and Enterprise Risk Management and Governance Committee.”

However, Mr Turoti still remains a member of the board of directors of the company, the disclosure added.

Mr Aliyu holds B.Sc. and M.A. Aeronautical Science from Embry-Riddle Aeronautical University, Daytona Beach, Florida, USA. According to the disclosure, “he is widely travelled and imbued with a conscientious culture that places a premium on tolerance, respect for facts, logic and an indomitable spirit for identifying problems and proffering solutions to them.”

The company added that the new chairman has a knack for figures with well-developed analytical skills and has over the years worked on various developmental contracts and projects across all government parastatals.

He is currently an entrepreneur in the FMCG industry with over 15 years experience and was appointed to the Board of the Company on March 31 2016.

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