Overview:
Ugandan insurer NIC Holdings Limited appoints Professor Samuel Kisakye Sejjaaka and Simon Kusiima Mwebaze as non-executive directors following board resignations.
Ugandan insurer NIC Holdings Limited has appointed two new non-executive directors to its board following the departure of representatives from its majority shareholder.
Professor Samuel Kisakye Sejjaaka and Simon Kusiima Mwebaze join the board to fill vacancies left by Akinlolu Akinyele and Bayo Folayan, who represented Industrial and General Insurance Plc.
The appointments took effect this month and were confirmed in a public notice on Monday. They will require formal approval from shareholders at the company’s next annual general meeting.
NIC Holdings said the new directors would bring extra expertise in corporate governance, finance, and investment management to the firm.
Professor Sejjaaka is a certified public accountant with more than 30 years of experience in management and finance. He is a partner at the accounting firm Sejjaaka, Kaawaase and Co, and serves as principal at the MAT Abacus Business School.
The company said his experience would strengthen its governance and strategic direction.
Mr Mwebaze is an investment professional with 18 years of experience in financial markets and asset management. A charterholder with the CFA Society of East Africa, he is currently the managing director of Cornerstone Asset Managers Limited.
NIC Holdings said his background in financial modelling and portfolio management would support the company’s investment strategy.
The board accepted the resignations of the outgoing directors at a meeting on 30 June and thanked them for their service.
NIC Holdings, which was founded in 1964 as the National Insurance Corporation, is one of Uganda’s oldest insurance and financial services providers. The company said the boardroom changes had been disclosed in line with Uganda Securities Exchange and Capital Markets Authority regulations.