Fortis Global Insurance names Umar Faruk Umar, Ufuoma Ibru to board as NAICOM approves
By Aboki Forex —
Fortis Global Insurance Plc has appointed Dr. Umar Faruk Umar and Mr. Ufuoma Ibru to its Board of Directors as Independent Non-Executive Director and Non-Executive Director, respectively. The appointments were disclosed in a notice filed with the Nigerian Exchange (NGX) and signed by Company Secretary Halima Jimada.
The insurer said the appointments have received approval from the National Insurance Commission (NAICOM), although effective dates were not disclosed.
What the company said
According to Fortis Global Insurance, the appointments are part of efforts to strengthen its board and enhance corporate governance.
“Fortis Global Insurance Plc hereby notifies the Nigerian Exchange Limited (NGX) and the investing public that the National Insurance Commission (NAICOM) has approved the appointments of Dr. Umar Faruk Umar as Independent Non-Executive Director and Mr. Ufuoma Ibru as a Non-Executive Director on the Board of Fortis Global Insurance Plc.”
The Board expressed confidence that both directors would leverage their extensive experience to support the company’s growth strategy and long-term expansion plans.
Capital reconstruction ongoing
The appointments come shortly after Fortis Global Insurance commenced a share capital reconstruction exercise aimed at repositioning the company and streamlining its capital structure.
Under the approved plan, the insurer will reduce its issued share capital from N6.46 billion, comprising 12.91 billion ordinary shares of 50 kobo each, to N1.61 billion, comprising 3.23 billion ordinary shares of 50 kobo each.
The reconstruction will be implemented on the basis of one new ordinary share for every four existing shares held, effectively reducing the total number of issued shares by 75% while preserving shareholders’ proportional ownership interests. The exercise follows shareholder approval at the company’s Extraordinary General Meeting (EGM) held on April 4, 2025, as well as subsequent regulatory clearances.
Profiles of the new directors
Dr. Umar is an educationist, public servant, and corporate governance expert with more than four decades of professional experience, including over 30 years in boardroom leadership. He holds a Ph.D. in Educational Psychology from the University of Wisconsin, United States, and has completed executive education and corporate governance programmes at Harvard University, Stanford University, and INSEAD.
He has served on the boards of Ashaka Cement Plc, Cement Company of Northern Nigeria (CCNN) Plc, and NAHCO Plc, where he chaired and served on key committees covering audit, risk management, governance, finance, and establishment matters. He currently sits on the boards of GTL Registrars Limited and the Nigerian Capital Market Development Fund.
Mr. Ibru is a legal practitioner and corporate director with extensive experience across hospitality, tourism, financial services, and investment sectors. He has previously served on the boards of Ikeja Hotel Plc, The Tourist Company of Nigeria Plc, and Icon Stockbrokers Limited.
He holds a Bachelor of Laws degree from the University of Oxford and was called to the Nigerian Bar in 2003. He also earned a degree in Mechatronic Engineering from the University of London. The company said his expertise in corporate governance, legal and regulatory affairs, strategic management, investment transactions, and stakeholder engagement would strengthen board oversight and decision-making.
What you should know
The appointments come as Fortis Global Insurance seeks to strengthen its operations following a challenging financial year. The insurer reported a loss before tax of N1.68 billion for the year ended December 31, 2025, compared with a profit before tax of N4.99 billion in 2024.
The reversal was driven by higher insurance service expenses, management costs, and finance charges, which outweighed growth in gross written premiums. For Nigerian policyholders and investors, the board changes and capital reconstruction signal a push to stabilise the company after a loss-making year, though the real test will be improved earnings and stronger oversight in the coming quarters.