David Olanrewaju Olaoluwa Appointed as Receiver and Manager in Respect of Staco Insurance Plc


Friday January 21, 2022 / 04:27 PM / by ThisDay Newspaper / Header Image Credit:  Tribune Online


The General Public, all Banks, Financial institutions, relevant regulatory agencies and Government Registries are notified as follows:

1.    In the exercise of its rights pursuant to the Consent Judgment entered on 24th February 2021 in the Suit No: LD/ADR/304 1/2020 - Growth and Development Asset Management Limited v, Staco Insurance PLC & Ors, confirmed by the Orders of the Federal High Court made on 5th January 2022 in Suit No: FHCA/CS/1882/2021 - Growth and Development Asset Management Limited v. Staco Insurance PLC & Ors, the Growth and Development Asset Management Limited) has appointed I, David Olanrewaju Olaoluwa as Receiver of all funds and assets (movable or immovable) (jointly referred to as ("assets") of the persons and entity listed below:

i.                    STACO INSURANCE PLC

ii.                 MR SAKIRU OYEFESO

iii.               MR BAYO FAKOREDE

2.    In furtherance of this appointment, I, have taken over all the assets of the above-listed persons and entity towards the satisfaction of the outstanding debt owed to the Growth and Development Asset Management Limited.

3.      Pursuant to the Order of Court. no further transactions in respect of the funds and assets of the above listed persons and entity, up to the Judgment debt of N240,000,000.00 (Two Hundred and Forty Million Naira) only, and the continuing interest of 10% per annum from 1st July 2021 until full satisfaction of the Judgment debt, may occur except at my request or order as Receiver/Manager, as the said funds and assets have been attached in satisfaction of the debt.

4.      All financial institutions, stock registrars, property managers or any person or institution in custody of any assets of all or any of the above-named persons and entity are required by the Order of Court to disclose to me, within a period of five (5) days from the date of this Notice, the full and complete particulars of such assets in their custody, by an Affidavit filed in court and delivered to the address indicated below.

5.      In consequence of the above, the Public, all Banks, Financial Institutions and Government Registries are hereby urged to comply with the afore-mentioned Order of Court and refrain from any prejudicial dealings in respect of the assets, as any breach may constitute contempt of Court and be punishable as such.

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