The Board of Directors of Staco Insurance Plc has announced the dismissal of its Chief Executive Officer, Dr. Sakiru Oyefeso.

The statement signed by the company secretary, Messrs Jackson, Etti and Edu, says the the CEO was fired on grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.

The statement also says Mr. Bayo Fakorede has been recommended by the Board as the new CEO of teh company subject to the approval of the National Insurance Commission (NAICOM), the regulatory agency that supervises insurance companies in Nigeria.