New CIIN boss Lawal, sets agenda for promotion of insurance education

 

Lawal taking an oath yesterday

 

Chuks Udo Okonta

Empowering selected institutions offering insurance programmes to enhance their capacity to offer quality education, reinforcing the activities at the college of insurance and financial management, promotion of the Insurance Industry Consultative Forum (IICF), completion of the restructuring of institute’s secretariat to enhance service delivery and more would be my focus the new President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal, has said.

He disclosed this yesterday in Lagos at his investiture, adding that his goal is to build on the successes of his predecessors, to strengthen the institute for national relevance and global competitiveness.

Lawal said the theme of his presidency which is promoting insurance education in Nigeria is borne out of the belief, that operators can only create necessary awareness when people are fairly and reasonably educated about insurance.

He said illiteracy has been the bane for poor patronage of financial services which insurance happens to be most affected.

He said: “Today, out of Nigeria population of over 160 million, we have just 3500 professionally qualified insurance professionals, which is a far cry from the population. The only way we can get insurance to penetrate every nook and cranny of this country, is to get more people, involved as crusaders, vanguards for insurance.

“During my tenure, we saw focus attention on: Empowering selected institutions offering insurance programmes to enhance their capacity to offer quality education, I shall work with my council to reinforce the activities at the College of Insurance and Financial Management which we are building presently at Asese village along the Lagos Ibadan Expressway.

“The first phase of the project has been completed and we are on the second phase on the moment. I will also like to complete the restructuring of the institute’s secretariat to enhance its service delivery. I will also want to ensure that we pay particular attention to funding the institute and to prudent management of the institute’s resources.

“The Victoria Island building project of the institute will also gain my attention. I believe that the project that has been abandoned for 30 years deserves special attention. We shall take a bold and pragmatic step at that project, which appeared to have been jinxed. That project is a waste of resources, because when you talk of owning a property in the heart of Victoria Island that has remained uncompleted for 30 years, it is a huge waste of resources and I think we should do something about it.

“I will also work on the promotion of the Insurance Industry Consultative Forum (IICF), which is an initiative of my predecessor. The forum is aimed at engaging leaders of the various trade associations in the industry – Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), the Institute of Loss Adjusters (ILAN) and the National Insurance Commission (NAICOM) on national issues affecting the insurance industry.

“I shall work hard to ensure that that forum serves as a unifying force for the industry and act as a source of collaboration and conflict resolutions.”

He noted that the operators can make a difference in the industry and in their profession, adding that the institute’s past President Adeyemo Adejumo, has been actively engaged in preliminary issues on how to achieve the goals set by his administration.       

 Lawal was born 52 years ago at 8 Reclamation Road (now Iga Iduganran Avenue) on Lagos Island to the family of Late Alhaji Tiamiyu Ajiboye Lawal (the Majekobaje Adinni of Akanni Mosque) of Ibasa Compound Oke-Ola, Oro, Kwara State.  

He attended Saint Paul Anglican Primary School, Idi Oro, Lagos and Okeya High School, where he passed his West African School Certificate (WASC) with Division 1.  He proceeded to Kwara State College of Science and Technology, School of Basic Studies for his “A Levels” which he passed with distinction in three subjects.  

FK as he is fondly called proceeded to the University of Lagos to study Insurance and bagged a B. Sc (Hons) Insurance degree in 1983.  It was at UNILAG that FK’s leadership qualities started to manifest. 

He was elected Financial Secretary of the Actuarial Science and Insurance Students Association (ASISA) and later Vice Chairman of El-kanem Hall by virtue of which, he became a member of the Students Parliament. 

Notwithstanding his student’s leadership activities, FK combined his degree programme with the professional examination of the Chartered Insurance Institute of London and qualified ahead of his class as ACII in 1984.   He returned to the University of Lagos for the Executive MBA degree from 1987–1989, and also qualified as Fellow of the CII London by examination in 1990. 

He was subsequently elected Fellow of the Chartered Insurance Institute of Nigeria in 1992.  FK Lawal attended the prestigious Lagos Business School for the Chief Executive Programme (CEP 13) in 2004.  

He was recruited as a professionally qualified graduate by Glanvill Enthoven & Co. in August 1984 and was posted to the reinsurance division of the British Broking Firm.  And in 1986 the he was invited to join the Management team of the newly established Continental Reinsurance Co. Limited as Technical Manager. 

A calculated, ambitious and confident FK joined Continental Re as staff number one in September, 1986, even before the company was licensed to transact business.  He rose through the ranks to the position of Assistant General Manager (Marketing) with responsibility for international business development in East and North Africa.  

FK was again invited to join the Board of Refuge Insurance Company Limited in June 1993 as Managing Director/Chief Executive Officer, a role he performed creditably till 1999.  A much sought after FK was again invited to the Board of Universe Reinsurance Co. Ltd.

In August 1999 as MD/CEO for a turnaround task, he once again excelled in this assignment to the admiration of the Board and other Stakeholders.  

Following the merger of Universe Re, Newline and Sterling Assurance in 2007, in response to the government consolidation and capitalization exercise of the Insurance industry, F.K. Lawal became the logical choice of the Board to lead the new Sterling Assurance Nigeria Limited as MD/CEO a position he occupies till today. 

F.K. Lawal is married to Kudirat Abiola Lawal and the marriage is blessed with four lovely and Godly children.  He is a father figure to many nieces, nephews and cousins.  He believes in family ties and participates actively in family programmes.  

He is a devout Muslim who takes his religion duties very seriously.  He is widely travelled and takes delight in walk outs, plays badminton at leisure and enjoys reading and travelling.  

He was Past Chairman, Finance and General Purpose Committee, Chairman, CIIN Secretariat Restructuring Committee, Deputy Chairman Fellowship Assessment Committee, Chief examiner,        Chairman, College of Insurance and Financial Management Board, Member examination committee, Deputy President CIIN. Other positions he has held are Past President, West Africa Insurance Companies Association, Council Member, Nigeria Insurers Association, Member, West Africa Insurance Institute Board, Banjul, The Gambia and Director, Waica Reinsurance Plc, Sierra Leone  

 He is Director, Golden Capital Plc Director, Golden Securities Limited, Director, Medexia Limited Director, Kohart Investment Limited, Ambassador, International Insurance Society Inc., USA Member, Ikoyi Club 1938. He is a quintessential insurance professional, a reinsurance specialist, and an exceptional manager with adorable leadership qualities.