Standard Alliance has announced a strategic acquisition of substantial part of its shares by Gemrock Management Company Limited and Mr. Bode Akinboye as its new Group Managing Director/CEO.
According to information on its website, “Mr. Bode Akinboye is the Group Managing Director of the company. He is the Vice Chairman of Firstindependent Global Limited, a private Equity firm which spearheaded the setting up of Gemrock Management Company Limited, the special purpose vehicle used to acquire strategic stake in Standard Alliance Insurance Plc in December 2014”
Bode Akinboye, who had an exemplary career spanning close to twenty years as Financial Controller, AGM Oil/Energy, Financial Institution Marketing, Managing Director/Chief Executive and then Group Managing Director of Standard Alliance Group from where he left in 2009 to set up the private equity company replaces Mr. Tom Imokhai who resigned as Managing Director/Chief Executive Officer on January 9, 2015.
Investigation by Insuranceadvicenigeria revealed that Gemrock Management Limited which has its roots in Canada (where the new MD/CEO had relocated after leaving Standard Alliance in 2009) acquired controlling stake of 51% of the company. Already, massive re-organization has begun.
Olorogun O’tega Emerhor, OON who founded the company and was the Vice Chairman of the company for so many years has ceased to be a Board member having recently made forays into politics. He is represented by his daughter, Orerhime Emerhor-Iwuagwu who is an Executive Director of the company