Board orders Unity Kapital Assurance CEO to resign

The Chief Executive Officer, Unity Kapital Assurance, Mr. Michael Dogo, has been asked to resign by board and management of the company.

A source at the company’ Annual General Meeting (AGM) in Abuja yesterday told Business247 News Online that the board had forced the former Unity Kapital Assurance boss to resign but the reason was not stated.

Another source disclosed that the company’s secretary was absent at the AGM, an indication that all is not well with the company.

According to our correspondent’s findings, Dogo was appointed Unity Kapital Assurance boss in July 21, 2015 after spending over 28 years in the industry; most of these years have been spent at various management and executive management levels.

Further findings revealed that the company’s profit in the first quarter of 2016 dropped by 81 per cent from N217.4 million in first quarter of 2015 to N39 million in the first quarter of 2016.

For the period under review, the company’s claims expenses incurred rose by 90 per cent from N65.38 million to N124.26 million in the first quarter of 2016.

The company shares has remained at par value (N0.50) since the beginning of the year as investors’ interest in insurance companies has continued to diminished over the years.

 

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