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Royal Exchange Board Sacks MD....Sets Up 3-Man Interim Management

By  Ifeanyi Ugwuadu & Patience Saghana

The board of Royal Exchange Assurance of Nigeria Plc (REAN)  has sacked its managing director, Mr Patrick Olatunji Oluyemi just as it has set up a three-man interim committee to man the affairs of the company till the end of the year 2007, following foreign investment in the company. Though detail of the foreign investment is not known as at press time but Vanguard can authoritatively reveal that the board has set up a three-man committee chaired by Mr Adeyinka Faboade, Executive Director (operations) of the company with Mrs Cecilia Madueke, Executive Director (Services) and Mr Nkem Ozubelu.

The sacked chief executive officer assumed office on April 1, 2005, following the retirement of the former managing director, Mr James Ayo same year.

Mr. Adeyinka Akin Faboade chairman of the interim management, is a graduate of the University of Lagos. He holds a Bachelor of Science Degree in Insurance. He is also a Fellow of the Chartered Insurance Institute, London and an Associate member of the Chartered Insurance Institute of Nigeria. He joined the Company in August 1991. He is presently the Executive Director (Operations) with the responsibility to coordinate Direct Sales, Marketing, Business Planning and Improvement, and Technical Services of the Company.

Royal Exchange Assurance in which Chief Sunny Odogwu has substantial shares, is a branch of the parent Company, Guardian Royal Exchange, London, (GRE) was established in Lagos on February 28, 1921. The Company was, on December 29, 1969, reconstituted and incorporated as a Private Limited Company, the Royal Exchange Assurance (Nigeria) Limited (Royal Exchange). The Company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.

Source: Vanguard