Fortis strengthens operation with new appointments

Dr Umar Faruk Umar. Photo: Kano Focus

Fortis Global Insurance Plc has announced the appointment of Dr Umar Faruk Umar as an Independent Non-Executive Director and Mr Ufuoma Ibru as a Non-Executive Director on its board, following approval by the National Insurance Commission.

The company disclosed this in a regulatory notification signed by the Company Secretary, Halima Jimada, and sent to the Nigerian Exchange Limited and the investing public on Thursday.

According to the insurer, the appointments are part of deliberate efforts to further strengthen its board with experienced professionals capable of providing strategic direction and enhancing corporate governance.

Commenting on the appointments, the board expressed optimism regarding the strategic value the new directors bring to the organisation’s corporate objectives.

“The board is confident that the new directors will bring their wealth of experience to bear in driving the growth and expansion of the business, and that the company will be further strengthened by their valuable contributions,” the statement read in part.

Umar, who brings more than 40 years of professional experience, including over three decades in board and corporate governance, is an educationist, public servant, and corporate director.

He holds a PhD in educational psychology from the University of Wisconsin, United States, and has undertaken executive education and corporate governance programmes at Harvard University, Stanford University, and INSEAD.

He previously served on the boards of Ashaka Cement Plc, CCNN Plc, and the Nigerian Aviation Handling Company Plc, where he chaired and served on various committees covering audit, risk management, governance, finance, and establishment. He currently serves on the boards of GTL Registrars Limited and the Nigerian Capital Market Development Fund.

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Fortis Global Insurance noted that Umar’s extensive background in corporate governance, risk management, finance, and strategic oversight would add significant value to the board.

Similarly, Ibru, the newly appointed Non-Executive Director, is a legal practitioner with extensive professional and board experience spanning hospitality, tourism, and financial services.

He has served on the boards of Ikeja Hotel Plc, The Tourist Company of Nigeria Plc, and Icon Stockbrokers Limited.

He holds a Bachelor of Law degree from the University of Oxford and was called to the Nigerian Bar in 2003. He also holds a Bachelor degree in mechatronic engineering from the University of London.

The insurer stated that Ibru brings considerable expertise in corporate governance, strategic management, legal and regulatory affairs, investment transactions, and stakeholder engagement.

The appointments come as Nigeria’s insurance sector undergoes continuous regulatory and structural shifts under the supervision of NAICOM, with operators facing heightened requirements around solvency, enterprise risk management, and governance frameworks.

Insurers in the domestic market are increasingly prioritising high-calibre board composition to navigate complex macroeconomic conditions, regulatory compliance, and expanding underwriting opportunities.

The board of Fortis Global Insurance is chaired by Mr Akin Iroko, with Rohan Fernando, Musa Lawan, Abiodun Sanusi, and Nelson Ahaneku serving as Non-Executive Directors. Mrs Nomwen Emeghalu serves as the Managing Director, while Olutayo Amore is the Executive Director, Technical.