Wapic Insurance News

Leadership

Leadership

Mr. Frank W. Beecham - Chairman

Mr. Frank W. Beecham is a lawyer by profession and a past National President of the Ghana Bar Association. He has spent the greater part of his working life in banking, having joined Merchant Bank Ghana Ltd as a Banking Officer in 1977. He served in several units and departments of the Bank and its subsidiaries and left the Bank, after twenty two years, as a General Manager. Frank is currently a partner in the law firm of Bram-Larbi, Beecham & Co. He has served and continues to serve on several boards.

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Leadership

Mr. Adamu Atta - Non-Executive Director

Mr. Adamu Atta is the Chief Executive, Matad Group Nigeria Ltd, an investment company with operations across Africa. He also sits on the Board of a number of first class companies. An astute business man with over two decade experience in financial management and consulting, he has developed an enviable portfolio of clients. His consultancy provides services for worldclass companies such as Shell, Nigerian National Petroleum Corporation (NNPC), Nigerian Liquefied Natural Gas Company (NLNG), First Bank of Nigeria Plc. and Lafarge Plc. amongst others. His involvements also extend into projects for the World Bank, UNICEF, DFID and HYSON mainly in the areas of infrastructure, financial services, capacity building, hospitality and tourism, housing, transportation and logistics. His other interests include textile and garments, cement, food and beverage production. He has also served on various Committees in Oil and Gas and Textile sectors and was a pioneer member of the Nigerian Business Forum. He holds a B.A. in International Relations and Economics and an MA in Development Economics from the United States International University

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Leadership

Dolapo Ogundimu - Non-Executive Director

Mr. Dolapo Ogundimu is a seasoned banker with almost three decades of high-level professional banking experience in the sub-region. He has been recognized as a change manager and contributor to the development of the financial services industry in Nigeria, Sierra Leone and Ghana. Until his appointment in 2012 as Managing Director of Access Bank Ghana, Mr. Ogundimu pioneered Guaranty Trust Bank to become one of the most successful banks in the industry. He was also the pioneer Managing Director of GT Bank, Sierra Leone and prior to that appointment had held several management positions at GT Bank Nigeria. Mr. Ogundimu is an alumnus of the Kellogg School of Management, Executive Management Programme of the Columbia Business School (USA), Harvard Business School, International Institute for Management Development (IMD) Switzerland and the Lagos Business School. He also holds a B.Sc and an MBA from the Ogun State University in Nigeria.

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Leadership

Adedayo Arowojolu - Managing Director, Wapic Ghana

Adedayo Arowojolu has several years’ experience in insurance with expertise in sales, and is knowledgeable in underwriting, claims administration and reinsurance. Adedayo has Bachelors and Masters degrees from the University of Ibadan. He also holds a Masters in Business Administration. Adedayo worked at Royal Exchange Insurance for over 14 years before he joined the corporate sales team of Wapic Insurance in 2013.

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Leadership

Abena Amoah - Non-Executive Director

Ms. Abena Amoah is an accomplished financial and investment advisor with over 15 years of work experience. She started her career with Strategic Africa Securities where she worked for ten years rising to the position of Executive Director. She is currently the Chief Executive Officer of Baobab Advisors, a financial advisory services company she founded in 2011. Prior to that, she headed the Ghana office of Renaissance Capital; a leading investment bank in Moscow. Abena holds a First Class Honours in Bsc Administration from the University of Ghana Business School and also attended the University of Colorado’s Daniel College of Business.

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Leadership

Mr. Olufemi Obaleke - Non-Executive Director

Olufemi Obaleke is Executive Director, Subsidiaries. He brings on board over two decades of experience from a number of leading Banks in Nigeria including Access Bank Plc where was he was General Manager Business Banking until he joined Wapic Insurance Plc. His wealth of experience covers Sales, Business Development, International Operations and Branch Expansion. Mr. Obaleke is a member of the Chartered Institute of Bankers (CIB). He holds a B. Ed. in Management Economics from the University of Ibadan and an MBA from Abubakar Tafawa Balewa University. He has attended many professional and Executive Management development programs in leading Business Schools locally and internationally.

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Leadership

Mr. Albert G. Brock – Non-Executive Director

Mr. Albert G. Brock is the founder and Managing Director of All Risks Consultancy Ltd; an Insurance Broking and Consultancy Company in Ghana. He is a Fellow of the Insurance Institute of Ghana (F.I.I.G) and has over four decades experience in insurance. He started his insurance career at the State Insurance Corporation of Ghana in December, 1969 from whence he travelled to London to further his Insurance career and was awarded an Associateship Diploma (A.C.I.I) – Life and Pensions in September 1979. Mr. Brock has worked with Abbey Life Assurance Company and Horncastle, Crawford & West (Insurance Brokers) both in London. He also assisted in the establishment of Co-operative Mutual Society of Ghana and the National Co-operative Insurance Company of Nigeria in his capacity as Technical Advisor. Having served as president of the Ghana Insurance Brokers Association (GIBA) and Ghana South African Business Chamber, Mr. Brock currently serves on the board of several companies

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Leadership

Mr. Adedayo Arowojolu – Managing Director

Dayo, a seasoned insurance professional with experience covering special risks, underwriting and claims administration, has nearly two decades of cognate experience in the insurance industry, particularly in the Oil and Gas segment. Prior to Wapic, Dayo worked at Royal Exchange General Insurance where he facilitated the growth of the company’s Oil and Gas Portfolio by 1250%. Dayo joined Wapic Insurance Plc. in 2012 as the Head of the Oil and Gas group, and was named Managing Director of Wapic Insurance (Ghana) Ltd. as an outcome of the execution of our disciplined succession plan and in line with the Company’s ethical and solid corporate governance practices.

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Leadership

Abayomi Ogunshola – Head, Technical Operations

Abayomi is a chartered insurance practitioner with over fifteen years’ experience in Underwriting, Claims, Reinsurance Administration and Risk Management. He holds a Master’s Degree in Business Administration from the Lagos State University and is an Associate of the Chartered Insurance Institute of Nigeria. He is also a member of the Nigeria Institute of Management. Abayomi heads the Technical Division of Wapic Insurance (Ghana) Limited where he sees to the effective management of clients of the company through his expertise in premium computation and claims settlement.

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Leadership

Modupe Sofolahan - Head, Internal Audit

Modupe Sofolahan holds a BSc. Degree in Accounting from the University of Ife (Obafemi Awolowo University Ile- Ife) Nigeria. She is an Associate Chartered Accountant of Nigeria with fourteen (14) years working experience in Auditing and Account, Eight (8) of which has been in the Insurance Industry and the rest as an External Auditor. She has worked both locally and internationally. Prior to joining Wapic Insurance (Ghana) Limited, she worked with Equity Assurance (Ghana) Ltd and RegencyNem Insurance.

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Leadership

Seth Sorgah – Head, Sales & Distribution

Seth Sorgah has several years’ experience in insurance with expertise in sales. He is also knowledgeable in underwriting, claims administration and reinsurance. Seth has a Bachelor’s and Master’s Degree in Business Administration from the University of Ghana. Mr. Sorgah worked with top leading Insurance Companies in Ghana including Metropolitan Insurance for over 17 years before he joined the corporate sales team of Wapic Insurance. Prior to his appointment as Head of Sales of Wapic Ghana, he was the Branch Manager of Metropolitan Life Insurance responsible for both Eastern and Volta Regional Branches of the company. He has attended many professional and Executive Management development programs in leading Business Schools locally and internationally and has won several awards including the Best MBA marketing Student.

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Leadership

Temitope Jejelowo – Head, Internal Control

Temitope Jejelowo is an experienced and meticulous accountant with a comprehensive and strategic understanding of accountancy and auditing professions. Having worked for over 10 years as auditor, Jejelowo has substantive expertise in Audit and Assurance, Taxation, Financial Management, Management consultancy and Accountancy. Temitope Jejelowo is an Associate member of the Institute of Chartered Accountants of Nigeria (ICAN), Associate member of Chartered Institute of Taxation of Nigeria (CITN), Member, Association of Chartered Certified Accountants, Diploma IFR (International Financial Reporting), United Kingdom and a Graduate member of Nigeria Institute of Management (NIM). He holds a B.Sc. in Accounting from Obafemi Awolowo University Ile-Ife Osun State, Nigeria

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Wapic Insurance Plc is fully committed to implementing best practice standards in Corporate Governance. The Company recognizes that Corporate Governance and Practices must balance two goals of protecting the interest of Shareholders and providing for the duty of the Board and Management to direct and manage the affairs of the Company.

In line with our group framework, we have strengthened the corporate governance arrangements of the Company by increasing the Board Committees from four (4) to five (5), namely:

Board Audit and Compliance Committee

  • Purpose - The Committee assists the Board in fulfilling its oversight responsibility relating to the integrity of the Company’s financial statements and the financial reporting process; the independence and performance of the Company’s internal and external auditors; and the Company's system of internal control and mechanism for receiving complaints regarding the Company’s accounting and operating procedures
  • Membership – Four (4) Non-Executive Directors
  • Frequency of meetings – At least once every quarter

Board Enterprise Risk Management and Governance Committee

  • Purpose – The Committee assists the Board in fulfilling its oversight responsibility relating to establishment of policies, standards and guidelines for risk management, governance and compliance with legal and regulatory requirements in the Company
  • Membership –  Five (5) Non-Executive Directors
  • Frequency of meetings – At least once every quarter

Board Establishment and Governance Committee

  • Purpose –To advise the Board on its oversight responsibilities in relation to remuneration, other human resource matters affecting the Directors and employees of the Company and all other general matters. Specifically, the Committee is responsible for determining and executing the processes for board appointments, removal of non-performing directors and recommending appropriate remuneration for directors (both executive and non-executive) and approving remuneration for all other staff
  • Membership – Four (4) Non-Executive Directors
  • Frequency of meetings – At least once every quarter

Board Finance and Investment Committee

  • Purpose – The Committee assists the Board in fulfilling its oversight responsibility relating to management of the Company’s exposure to financial risk; management of the Company’s business plan, cash plan, balance sheet and capital structure; the Company’s capital allocation strategy, including the cost of capital; the quality of the Company’s investment portfolio and the trends affecting the portfolio; the effectiveness and administration of investment related policies including compliance with legal investment limits and the Company’s in-house investment restrictions; and providing oversight and guidance to the Company regarding all aspects of implementing the NAICOM Guidelines and compliance with other regulatory Risk based supervision framework.
  • Membership – Six (6) members comprising of Five (5) Non-Executive Directors and Three (1) Executive Director
  • Frequency of meetings – At least once every quarter

The over-arching goal is to ensure better strategic oversight by the Board and a more in-depth approach to Corporate Governance in the Company. Members of the Board of Directors attend regular trainings on Corporate Governance and related issues both at local and international levels. In addition, the Company Secretary provides advice to the Board on Corporate Governance best practices from time to time.