By Benson Daniel
Fortis Global Insurance Plc has strengthened its board with the appointment of Dr Umar Faruk Umar as an Independent Non Executive Director and Mr Ufuoma Ibru as a Non Executive Director.
The appointments, which have received approval from the National Insurance Commission, are part of the insurer’s efforts to reinforce its corporate governance structure and support its growth and expansion strategy.
Umar brings more than four decades of professional experience to the board, including over 30 years of experience in corporate governance and board responsibilities. He has held senior positions across both the public and private sectors and has served on the boards of several major Nigerian companies.
His previous board experience includes roles at Ashaka Cement Plc, Cement Company of Northern Nigeria Plc and the Nigerian Aviation Handling Company Plc. He has also served on various board committees covering areas such as audit, risk management, governance, finance and establishment.
Umar holds a PhD in Educational Psychology from the University of Wisconsin in the United States and has undertaken executive education and corporate governance programmes at leading institutions, including Harvard University, Stanford University and INSEAD.
He currently serves on the boards of GTL Registrars Limited and the Nigerian Capital Market Development Fund, bringing additional experience in corporate governance, financial oversight and strategic management to his new role at Fortis.
Ibru, who joins the board as a Non Executive Director, is a legal practitioner with extensive experience across the hospitality, tourism and financial services sectors.
He has served on the boards of Ikeja Hotel Plc, The Tourist Company of Nigeria Plc and Icon Stockbrokers Limited, giving him experience in corporate governance, investment transactions, regulatory matters and stakeholder engagement.
Ibru holds a Bachelor of Law degree from the University of Oxford and was called to the Nigerian Bar in 2003. He also holds a Bachelor of Engineering degree in Mechatronic Engineering from the University of London.
The insurer said the combined experience of the two directors would strengthen the board’s capacity as the company navigates changing regulatory requirements and seeks to expand its operations.
The appointments come at a time when Nigeria’s insurance industry is undergoing significant changes, with companies facing increasing pressure to strengthen capital positions, improve governance standards and expand their market reach.
Fortis Global Insurance has been repositioning its business following its rebranding from Standard Alliance Insurance Plc and the resumption of trading in its shares on the Nigerian Exchange earlier this year.
The company’s latest board appointments are therefore expected to provide additional expertise in governance, risk management, legal affairs, finance and strategic decision making.
The board expressed confidence that Umar and Ibru would contribute significantly to the company’s long term growth plans and help strengthen its oversight as Fortis continues to build its position in Nigeria’s insurance market.
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