How Olorogun O’Tega Lost Out As Major Shareholder In Standard Alliance Group

One conglomerate, which name rings a bell as a leading organization in Nigeria, is Standard Alliance Group (SAIG).
The Standard Alliance Group comprises Standard Alliance Insurance Plc (SAI), Standard Alliance Life Assurance Limited (SA Life), Standard Alliance Capital and Asset Management Limited, Standard Alliance Pension Managers Limited, Standard Alliance Mortgage Limited (Lagoon Savings and Loans Ltd.) and Standard Alliance Properties Limited.
While, the MD/CEO of SAI is Mr. Tom Imokhai, that of SA Life is Mr Austin Enajemo- Isire, and SA Properties is headed by Mr. John Inojefore.
Sources close to the company however, revealed that the Group Chief Executive Officer of the company, Olorogun O’tega Emerhor, who was also the majority shareholder of all the companies in SAIG, recently sold 60 percent shares of his stakes to foreigners mainly South Africans, who reportedly bought the largest shares of the insurance and life assurance companies.
What surprised events watchers was the allegation that the facilitator of the transaction is one Mr. Bode Akinboye, who was frustrated out of the conglomerate as the Group Managing Director (GMD) few years back.
He was reportedly forced out of the system in 2009, when O’tega brought in his daughter as the Group Executive Director of the SAIG.
Reports had it that the humiliation was so much for Akinboye then that he had to resign from the company.
“The turn of event now is that O’tega has sold his shares and it is the same Bode Akinboye that brought in the investors and he also front for them, which was the reason those investors now appointed him as the new GMD of the two companies that are representing their interest in Nigeria,” said a source.
Informants told us exclusively that MD of SAI, Mr. Tom Imokhai and Mr. Austin Enajemo- Isiri had to resign from the board of the group.
The source added that Bode Akinboye has also carried out some restructuring within the organization such as the re-deployment of the Head of Administration, Emeka Obi to Marketing Department, while Mrs. Rhe Emerhor Iwuagwu was changed from being the Group Executive Director to Executive Director with fewer responsibilities now.
Some top management staff of SAI that were affected by the re-structuring, according to our sources, were the Head of Human Resources, one Mr. Richard, who has now been redeployed to Administration Department, while the Head of Northern Operations, Mr. Akanni Olade has been sacked.
“One of the Heads of the Marketing Department, Mrs. Bolatito Salami, and Mr. Jide Fasanmi, who was the Regional Head, West was also sacked with some marketers.
“In SA Life, Mr. Bolaji Oladipupo, who was an Executive Director and Mr. Andrew Agbaga were demoted to GM. Bode said that the restructuring is ongoing till he is okay with the workforce around him,” said our source.
Mr. Jerry, who was sacked as the Financial Controller of SAI, was reportedly recalled, and we learnt that he has resumed to his duty post now.
Sources stated further that Bode Akinboye has promised to restore the lost glory of SAIG, while O’tega has denied the rumour that he sold his majority shares in SAIG to raised money for his gubernatorial election in Delta State as he is the candidate of the All Progressives Congress (APC) for the election.

We gathered that O’Tega is still on board of the company, but not as a majority share holder, and the new Chairman of SAIG is said to be Major General Tony Oneya (Rtd.).