January 30, 2017

NAICOM calls for replacement of Linkage Assurance MD designate

By Favour Nnabugwu

NATIONAL Insurance Commission, NAICOM, has given two weeks ultimatum to Linkage Assurance Plc to forward a name to the Commission to replace the Managing Director designate of the company, Dr. Pius Apere.

A source in the Commission told Vanguard Insurance that the regulatory body allegedly declined to confirm the MD designate on grounds that his nomination did not satisfy some requirements of the relevant regulatory provisions.

Consequently, the Commission was said to have given the insurer two weeks within which to submit a new name for a replacement.

NAICOM’s letter to Linkage Assurance Plc, to this effect was dated January 4, 2017 and signed by the Director, Authorisation & Policy, Mr Pius Agboola.

Regulatory agencies

Part of the letter sighted by Vanguard Insurance read: “Please note that the Commission is constrained to process the appointment of Dr Pius Apere as your managing Director/CEO because his appointment does not satisfy the provision of Section 31 of the Insurance Act 2003.

“In view of this, you are required to urgently propose a suitable and qualified candidate as you MD/CEO” Vanguard learned that before the Commission approve any Managing director submitted to it by insurers, it contact other regulatory agencies to inquire of the personality in case of any unknown issues with the nominated persons.

Apere was said to have joined the company as Deputy Managing Director.

He holds NCE certificate in Mathematics/Economics (Distinction) from College of Education, Abraka, Nigeria (1977 – 1980) before obtaining his B.Sc. in Actuarial Science (2nd Class Upper Division) from the University of Lagos (1981 – 1984).

From 1992-1994, he obtained his Masters (M.Sc.) from CASS Business School, City University, London – UK and qualified holding a PhD in Actuarial Science (Modelling Life Insurance New Business Risk) from the same University (1996 – 2005).

Apere started his working career as an Actuarial Staff with Ajibola Ogunshola & Co. (Actuarial Consultant), Nigeria (1986 – February 1989) before Joining Unity Life & Fire Insurance Co. Lagos as a Life Manager of the Company (1989 – February 1991). From March 1991 – February 1992, he became a consulting Partner with Chika Oyeka & Co. (Actuarial Consultant).

Apere joined Cornerstone Insurance Company, Nigeria as Head of Life Insurance Department between March 1992 to September 1992,.

He moved to the United Kingdom and worked with Wandsworth Management Services Ltd, London as an Operational Officer spending six years in the Company – 1994 – 2000).

Professional bodies

From July 2005 -December 2006, he joined Zurich Assurance Ltd, Swindon, London as an Actuarial Analyst while from January – August 2007, he worked with Sungard, Chertsey, Surrey, UK as a private library developer.

Dr Apere, in 2010 joined the famous Lloyds Banking Group (HBOS), Bristol, UK as an Actuarial Analyst, Finance WP Reporting (Permanent) and in 2011 worked with Ernst & Young, London, UK.

He has also received certificates from major certified professional bodies among which are; Fellow (FCII), Chartered Insurer in 1995, Diploma in Actuarial Techniques (1998), Certificate in Finance and Investment (2000) AIICTs, CA1, CA2, ST2, and P2 respectively.