Unity Kapital restrategises for growth, gets new boss

Unity Kapital Assurance Plc has restrategised for growth in a move to entrench efficiency in the use of resources- human and capital, increase knowledge base and achieve significant results in time.

To drive that plans, it has appointed Mr. Olatunji Oluyemi as the new Managing Director, following the resignation of Mr. Michael D. Dogo from the position.

The new appointment, under the board leadership of Aisha Azumi Abraham, has taken effective since July 20, 2016, though subject to regulatory ratification.

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Company source told The Guardian that the move was part of strategies for next growth phase.

The development follows the successful 39th yearly general meeting of Unity Kapital Assurance held in Abuja.

Oluyemi has held various high level positions in the insurance industry in the course of his career and was the Managing Director of Royal Exchange Assurance of Nigeria.

The new MD is expected to bring his depth of experience in Nigeria’s financial sector to bear on Unity Kapital Assurance.

“Olatunji Oluyemi is a leader that understands how to work with people, and use knowledge and time to achieve significant results for all stakeholders. He is known to have launched new initiatives and significantly grow an operations balance sheet over a short period,” the insurance industry source said.

The Guardian has also gathered that the decision to select the industry veteran was to reassure investors as management works through a strategy focused on building a more efficient insurance firm.

The new MD will be focused on moving the company to the next growth phase after the recent surge in premium and other income in the past three years.

The company reported gross premium income of N2.68 billion in 2015 and a net premium income of N2.09 billion for 2015, with an underwriting profit of N1.043 billion.