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Change of baton: Akin-Olugbade becomes chairman of NSIA Insurance as Ituah Ighodalo bows out

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Nigeria’s frontline insurance institution, NSIA Insurance has announced the appointment of Dr Adesegun Akin-Olugbade, as the new chairman of the company.

He replaces Pastor Ituah Olajide Ighodalo, a renowned accountant and managing partner of SIAO Associates, a leading Lagos-based accounting consultancy firm

Dr Akin-Olugbade is a seasoned legal, finance and corporate governance expert who holds a Doctorate degree (SJD) and a Masters’ degree (LL.M.) from Harvard Law School. He obtained an LL.B. (Honours) degree from King’s College London (University of London), in 1983, and was called to the Nigerian Bar in 1984.

Commenting on his appointment, Dr Akin-Olugbade expressed his appreciation to the board of the company for giving him the opportunity to serve, adding, “I feel very privileged to take on this role at such an exciting time in the industry when the needs of NSIA’s customers, people, regulators, and other stakeholders are changing rapidly. We are committed to making the best of these changes in thoughtful and innovative ways which will benefit all our stakeholders for years to come.

“NSIA has been very successful in providing traditional, innovative and tailor-made insurance risk management products in both Life and Non-Life classes of Insurance over the years, and I am looking forward to working with such a competent team,” Dr Akin-Olugbade said.

Congratulating the new chairman, the outgoing chairman, Pastor Ituah Ighodalo, reiterated his confidence in the competence of Akin-Olugbade as well as the MD/CEO. He noted that the company can confidently look forward to great accomplishments as the teamwork hand in hand going forward.

He said further: “It’s the end of a season and the beginning of a new season as we celebrate this transition which has taken place at our company. NSIA has very strong rules, character, culture, and very strong background, and we would like to consider ourselves as one of the best, keenest, as well as one of the most focused insurance companies in Nigeria; and we are growing steadily with a clear vision of the role that we want to play in the market.

“My time on the Board of NSIA Insurance was an eventful one, with the support of seasoned professionals who made serving as the Chairman seamless. I trust that Dr Akin-Olugbade would experience the same, as I wish him success.”

In a bid to expand its foothold, NSIA Insurance has also announced plans to take insurance to the retail market.

MD/CEO NSIA Insurance, Ebelechukwu Nwachukwu who made this disclosure while addressing the press noted that the objective of the company is to continue to grow to fulfil the mission and vision of the founding fathers of the company.

In her words: “Being a member of a group that has companies across Africa, our major objective is to make sure that at all times Nigeria specifically stands out among the 12 countries where NSIA Insurance and NSIA Bank operates. Over the last 4 years, we have seen cumulative gross premium income growth of over 90% and cumulative profit growth of 50%. So we are currently developing a couple of alternative channels, e-channels, simple products with differentiated pricing to help us achieve this uplifting.

“We also want to position NSIA in a way that we continue to stand out in terms of service delivery, even though we are already well known for how we deliver quality services to customers. We subject ourselves to being audited on an annual basis, that’s why we have the highest known certification to make sure that our standards are upheld constantly. We are also working to be one of the best insurance providers in the market; we want to give differentiated products as we make sure that our products reach the retail space and continue to generate great value and profit for the shareholders,” Nwachukwu further stated.

NSIA Insurance Limited is a first-class composite insurance company driven by Integrity, Care, Innovation and Professionalism, with its Head Office in Lagos, strong regional presence in Abuja and a large network in strategic states across the country.  NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment and lifestyle needs of its corporate, commercial and individual customers.

NSIA Insurance Limited (Nigeria) is part of NSIA Participations which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo.

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