SPEECH DELIVERED BY MR. ROBERT BROWNE AT THE INVESTITURE CEREMONY FOR MR. REMI OLOWUDE

SPEECH DELIVERED BY MR. ROBERT BROWNE AT THE INVESTITURE CEREMONY FOR MR. REMI OLOWUDE, OON AS THE CHAIRMAN OF NIGERIA INSURERS ASSOCIATION (NIA).

I first came to Lagos in 1970

Your market then was dominated by expatriate Companies,

AIG and British Companies :

Royal Exchange

Commercial Union

Lion of Africa – Guardian

Sun Alliance

Nes India

NICON was set up about that time. I seem to recall attending a launch party here at Federal Palace Hotel.

Nigeria Re came later.

I come from a generation that wanted Africa to be free economically as well as free politically.

When Francophone African countries saw the development of Nigeria, Ghana and Kenya they reformed their markets.

Reinsurance travelers like me encouraged and trained African insurance executives to replace the expatriates, who dominated the private sector. Even NICON’s first General Manager was Welsh, Derek Gaston-Jones. I was accused of being a traitor to my country by the Indian-born MD of one insurer here.

A lot of Nigerians could boast an ACII qualification – there were even a few FCII’s. When the Nigerian Insurance market exploded numerically, many of these became General Managers of small new companies.

Sadly, lots of them had no real experience, either of insurance or management, and this did not help the reputation of your market. But there were some great characters who towered over most of their African contemporaries. Some are still, happily, with us.

I have fond memories of being driven for the first time for me in a Rolls Royce by Chief Francis Nzeribe, who became famous in London after the Brixton riots.

More conventional were my good friends, Bode Ogunlana. Haji Aliko Mohammed of NICON; Professor Chief Jo Irukwu poached from the private sector to be the first MD of Nigeria Re. other great friends, Yinka Lijadu; Chief Bode Emmanuel; Chief Akin-George; Mike Chukwudinma to name a few. And it was when NICON first got into Oil Insurance; with the Philips Petroleum account, that I came across a very bright, young and, er, slim young man, whom you have elected as your Chairman, Remi Olowude.

During the 40 plus years that I have visited Nigeria; Remi was always part of my scene.

In the early years, working with him on Oil business, especially when NICON landed the SPDC account, with which I become involved for many years.

When 21 years ago Remi felt that he had repaid his debt to the Nation through Public Service, he branched out on his own. He had my OYIBO encouragement for the setting up of IGI and was able to attract support from former President Yakubu Gowon, Apostle Hayford Alile, Former Head of Stock Exchange, former Central Bank Governor the recently departed Ola Vincent and Dr. Adegbite.

He brought into the company people with genuine expertise to allow him to approach the major industries of the country. His own Oil and Gas knowledge meant that he was a respected figure in the industry.

But I want also to talk about the Nigerian impact on African Insurance beyond Nigeria.

When I first came here, i worked as CEO of the Reinsurance Company of Mauritius. I had the backing of UNCTAD to organise the first ever African Insurance Conference in Mauritius and Prisca Soares, now Secretary General of the AIO, invited me to be guest of honour at the 40th Anniversary meeting last month in Mauritius.

Then, as now the largest delegation came from this great country. Chief Jo Irukwu attended the 1972 and 2012 events. Nigeria had a lot of influence in shaping AIO and African Re, which was set up here.

But in commercial terms, apart from the London Contact offices of Nigeria Re and NICON and the probably unnecessary attendance of their senior executives at the Monte Carlo September Rendezvous, only Remi Olowude has sought to export Nigeria Insurance expertise to other countries, in West, Central and Eastern Africa. IGI has invested in Rwanda, Uganda, Ghana and Gambia – and that is just a beginning. They also have a representative office in London to offer Insurance Services to the Clients of London-based brokers. I would hope that they will become the first Nigerian Insurance to receive an international rating, and also the latest ISO Standard, testifying to the quality of their services.

I think you should find it shameful that with the largest population in Africa, with so much insurance and commercial expertise and monetary wealth. Nigeria is an insurance minnow compared to South Africa.

I appreciate that Exchange Control is largely responsible for Nigeria, absence from International reinsurance markets, but I call on the NIA to educate your authorities to introduce sensible regulation, protecting your economy from capital flight but allowing your larger companies to strut the African and world stages with confidence and respect. And respect will come if you are able to fight your reputational challenges.

Sadly, on the international stage, we have mostly seen the key State-owned risks, previously the monopoly of NICON and Nigeria Re who had to accommodate substantial add-on costs, and the problem of late or even non-payment of premium-think Nigeria Airways. This has also strangely resulted in increased premium costs to the Nation.

Remi Olowude has a reputation at home and abroad for being one of the Nigerian who refuses to play the corruption game. I call on the NIA, under his Chairmanship to work with its member to deal with and expose this issue.

I further call on them to develop a strategy, perhaps through an international subcommittee to enhance the involvement of the Nigerian insurance industry, companies, brokers and professional services in Africa and beyond, also compensating for the necessary outflow of reinsurance premium through intelligent inwards reinsurance acceptances by Nigerian companies with International ratings.

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I realize that in this country with the largest population in Africa, many of you are giving excellent services to your countrymen and women.

But today, I applaud your decision to recognise and honour my friend and brother Remi Olowude.

　

ROBERT BROWNE

30 NOVEMBER 2012