STACO Assurance has almost concluded plans to market insurance products at the grassroots in order to make its services available to the insuring public wherever they may be in Nigeria.
Sikiru Oyefeso, managing director of STACO, who disclosed this in Lagos said that the company would soon set up branch office in all the states of the federation before the end of this year.
Oyefeso added that since the company recapitalized, it has to justify the increase in its capital base, especially as it is conscious of the fact that the investors expect good returns on their investments.
“Now that the capital base of STACO has been substantially enhanced, it wants to reach out to those segments of the society that have hitherto been left unattended to”, he disclosed.
“As a proactive insurer, STACO has mapped out strategies to earn premium income of N3.5 billon this year. To achieve this, Oyefeso said that the integration of STACO Assurance and Summit Insurance has been concluded and operations commenced as a single entity last December.
For a start, six new branch offices would be opened in Warri, Uyo, Victoria Island, Onitsha, Owerri and Jos before the end of the first quarter, according to Oyefeso.
To remain a force to be reckoned with in the area of life insurance business, STACO plans ahead to partner with a consortium among which is a foreign company that would add value to its operations.
With the merging of STACO Assurance and Summit Insurance, the shareholders’ funds of the new entity is over the N3 billion required for transacting general business in Nigeria. The company would soon be listed on the Nigerian stock exchange.
