Fortis Global Insurance appoints Umar Faruk Umar, Ufuoma Ibru to Board

Fortis Global Insurance has appointed Dr. Umar Faruk Umar and Mr. Ufuoma Ibru as Independent Non-Executive Directors to its Board of Directors. The decisions were made public in a filing with the Nigerian Exchange and approved by the National Insurance Commission (NAICOM). The two appointments are part of the insurer's efforts to improve board composition and corporate governance.

Dr. Umar, an educationist, public servant, and corporate governance expert, brings over four decades of professional experience, including 30 years in boardroom leadership. Mr. Ibru, a legal practitioner and corporate director, has extensive experience in various sectors, including hospitality, tourism, financial services, and investment.

His expertise includes corporate governance, legal and regulatory affairs, strategic management, investment transactions, and stakeholder engagement. The appointments follow the insurer's share capital reconstruction exercise, which aims to reduce the issued share capital and streamline the capital structure. The reconstruction will see the issued share capital decrease from N6.46 billion to N1.61 billion, representing a 75% reduction while preserving shareholders' proportional ownership interests.

The share capital reconstruction was approved by shareholders at the Extraordinary General Meeting held on April 4, 2025, and followed by regulatory clearances.