Lasaco Assurance announces CEO’s retirement, appoints Razzaq Abiodun

Razzaq Abiodun

The former Managing Director of WAPIC Ghana – now Coronation Insurance Company, Razzaq Abiodun, has been announced as the Acting Managing Director of Lasaco Assurance Plc.

The Board of Directors at Lasaco Assurance Plc announced his elevation after the retirement of its Managing Director Segun Balogun recently. This was disclosed in a notification that was signed by the firm’s secretary/legal adviser, Gertrude Olutekunbi, and sent to the Nigerian Exchange Group Plc.

Lasaco Assurance Plc is a listed company on the Nigerian Stock Exchange as established by the Lagos State government in the early 1990s. In the statement, the company disclosed that former Managing Director Segun Balogun retired from the board effective May 29, 2021.

In a bid to fill the void left by his departure, the Board announced the appointment of Razzaq Abiodun who will superintend affairs as the MD/CEO, although in an acting capacity.

Mr. Segun Balogun is a financial industry expert with experience that spans over three decades.  Prior to his appointment as Managing Director of Lasaco Assurance Plc, he was CEO of FBN General Insurance Limited. He was also the former MD/CEO of WAPIC Insurance Plc for 30 years.

Balogun is an alumnus of the prestigious University of Lagos and a fellow of the Chartered Insurance Institute of Nigeria. He is also an associate of the Chartered Insurance Institute of the United Kingdom.

In similar vein, his successor Razzaq Abiodun has over 30 years’ experience in the insurance industry, with technical expertise in claims, reinsurance, underwriting and marketing. He has worked for a host of leading insurance companies – like the defunct City Union Insurance, Metropolitan Trust Insurance (Now Consolidated Hallmark), WAPIC Insurance Plc, among others. He joined Lasaco Assurance Plc in 2017 as Executive Director-Technical, and later became Deputy Managing Director-Technical.

Abiodun is an alumnus of Lagos State University and the Ghana Institute of Management and Public Administration (GIMPA), where he obtained an MBA and LLB respectively.

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