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Staco assures on human capital development

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BY ROSEMARY ONUOHA

Staco Insurance Plc has promised to sustain its human capital development by sending employees of the company to the West African Insurance Institute (WAII) in Banjul, The Gambia in order to keep enriching their knowledge.

Speaking during a chat with journalists in Lagos recently, the company’s Managing Director, Sakiru Oyefeso, informed that the management of Staco has resolved that employees are trained at the WAII on an annual basis.

While referring to seven employees of Staco who graduate from the institute in July, he pointed out that Staco prioritises human capital development because the insurance firm appreciates the fact that its human capital is its most valuable assets.

This human capital, he noted requires constant training and retraining if they are to be at their best and be able to make meaningful contribution to the growth of the underwriting firm.

In order to remain a profitable organisation delivering exceptional value to its stakeholders, he said the company is constantly looking at its products, operations and meeting the needs of its customers.

“We must satisfy our customers and that can only be possible when you have satisfied employees, and what is going well for Staco is the kind of employees we have. This strategy is geared towards satisfying this triangular table of shareholders, customers and employees. The target is to meet all the interests, but customers first.”

Although WAII was established initially as an insurance institution to train middle level manpower for the insurance industry in the four Anglophone countries of West Africa namely; Nigeria, Ghana, Gambia, Sierra Leone and The Gambia, the 30 year old institute will metamorphose into a full-fledged university by 2015.

Manpower training
The history of WAII is closely linked with the West African Insurance Companies Association (WAICA), the sub-regional association of insurance companies in Anglophone West Africa.  The Association, which was formed in 1973, is committed to the development of insurance in all ramifications.

The deliberation and efforts of WAICA led to contacts with United Nations Conference on Trade and Development (UNCTAD) which is also interested in training manpower for the Third World. It was agreed that the West African Insurance Institute should be established with the support of UNCTAD.

This ultimately led to the signing of an Agreement in Monrovia on 2nd August, 1978 between UNCTAD and the Governments of five Anglophone West African Countries of Nigeria, Ghana, The Gambia, Liberia and Sierra Leone. WAICA, as a representative of West Africa insurance industry, was made a founding member of the institute.

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