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Staco denies violating regulatory rules


The Management of Staco Insurance Plc has denied allegations of regulatory infractions, which were levied against it and some other insurance companies.

The company’s Acting Managing Director, Bayo Fakorede, made the denial when some of the operators were invited by the House of Representatives sub-Committee on Capital market.He reiterated the company’s commitment to professionalism, being one of the core values of the organisation and the determination to ensure compliance with the industry codes of corporate governance.

“The management also confirms that there is no iota of insider dealings in the company. The inability of the management to attend the meeting as scheduled by the House Committee was due to unforeseen circumstances, which were duly communicated to the lawmakers.“We have attended similar meetings in the past and thus, would not intentionally stay away from attending the scheduled meeting.

The management of the company confirms that it anchors its operations on high ethical standards, which imbibe the principles of full disclosure, accountability, transparency and respect for stakeholders’ interest.“This has been the manner of dealings with all regulatory authorities and the stakeholders at large, which are enshrined in regular fillings of all mandatory reports,” he said.

To underscore this assertion, it added that the board of directors of the company had always been at the forefront of laying down proper and good corporate governance with best practices and ensuring that there was compliance with both external and internal rules guiding the operations of the company.

As a responsible corporate citizen, we want to assure all our stakeholders, the insuring public and the shareholders in particular, that their investments are safe and intact with us.

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