Entertainment & SocietyHow O'Tega Ermehor's Interest in Local Politics Affected Fortunes of Standard Alliance...

How O’Tega Ermehor’s Interest in Local Politics Affected Fortunes of Standard Alliance Insurance

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July 03, (THEWILL) – O’Tega Ermehor may have made giant strides in the banking industry with First Atlantic Bank Plc and First Inland Bank as chairman and vice chairman, respectively, before First Monument Bank acquired the latter but the same cannot be said about his interest in the insurance industry where he started out well but lost focus along the way.

During the week, the National Insurance Commission, NAICOM cancelled the certificates of registration of his insurance company, Standard Alliance Insurance Plc, RIC – 091 and that of Niger Insurance Plc, RIC – 029. While the Commission did not give any reason for its action, pundits believe it may not be unconnected to the companies’ inability to pay out claims, damages over the past few years. The commission has since appointed Kehinde Aina Esq, as the Receiver/Liquidator for his insurance company, Standard Alliance Insurance Plc.

While some may argue that the prevailing economic situation in the country mitigated against Standard Alliance Insurance Plc, operating optimally, one cannot also discard the fact that in the last few years, Ermehor has paid very scanty interest in the company instead, channelling his energy to his other companies, one of which includes SunTrust Oil where he is a director. Also, the businessman has gotten quite busy with local politics, forcing him to spend more time in Delta State where he comes from and where he has made unsuccessful attempts to become the governor, rather than finding ways to salvage his company.

Glo

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