Staco Insurance Pays N1.9bn Claims

By Nse Anthony-Uko

(Sundiata Finance) – Staco Insurance Plc paid a total claims of N1.99 billion in its 2016 financial years, even as a substantial part of it was paid in dollar denomination. This is an indication of the company’s commitment to settle genuine claims as and when due.

Speaking at the company’s 21st Annual General Meeting (AGM) held in Lagos, Its Chairman, Prince Samuel Turoti, said the shareholders Fund of the insurance firm grew by 10.33 per cent at the close of business in 2016. The shareholders fund of the company, according to him,  rose from N3.4 billion in 2015 to N3.8 billion in 2016 audited financial statements for the year ended December 31, 2016.

However, he said the company recorded a decline in profit to the tune of N1.8billion. This, he pointed out, was as a result of foreign exchange fluctuations arising from unfavourable exchange rate of the naira to the dollar on the company’s dollar denominated liabilities – both contractual and operational.

Despite the short-comings resulting from the high exchange rate, he disclosed that the company’s board and management reaffirmed its commitment to turning things around for the better by continuously delivering value and positively affecting the lives of its stakeholders and leveraging best practices.

Staco Insurance, he noted, are reviewing the company’s circumstances with a view to make it profitable as soon as possible notwithstanding the current economic saturation of the country.


Leave a Reply

Your email address will not be published. Required fields are marked *


Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143

Washington Office: 1245 Delafield PI NE, Washington DC 20017, USA.
Tel: 0092404216156
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate