Mr. Davis Ebelechukwu Iyasere of Nigeria has been appointed the new Secretary-General/Chief Executive Officer (CEO) of the West African Insurance Companies Association (WAICA).

The appointment was approved by the Governing Council of the West African insurance and reinsurance body at its current 50^th anniversary conference in Lagos, Nigeria.

The appointment of Iyasere follows the retirement Mr. William Coker, the incumbent Secretary-General/ CEO of WAICA.

According to media reports, Iyasere now becomes the first Nigerian to occupy the position of Secretary-General in the 50 years of WAICA.

Currently, Iyasere is the Deputy Director in-charge of Corporate Communications, Human Resources and Administration at the Nigerian Insurers Association (NIA), where he had a career spanning almost two decades.

He joined the Association as Corporate Affairs Manager in 2004 and rose through the ranks to his current position by dint of hardwork, strength of character, pursuit of excellence, humility and strong intellectual capacity.

Iyasere started his career as a freelance sports journalist with Vanguard Newspapers and later with National Times Newspaper before he joined The Guardian newspapers as a sub-editor in 2000. He later joined Sporting Champion, then Nigeria’s highest selling weekly sports newspaper from where he joined the Nigerian Insurers Association as Corporate Affairs Manager in 2004.

He attended Comprehensive High School Igbodo, in Ika North East Local Government Area of Delta State and was the Senior Prefect during his time. He later proceeded to the Nigerian Institute of Journalism, Ogba, Lagos for a professional Diploma in Journalism.

He obtained a Bachelor of Arts Degree in Communication Arts from the University of Uyo, Akwa Ibom State with a second-class upper division and was the President of the Faculty of Arts Students Association (FASA).

He later obtained a Master’s Degree in Communication Studies from Lagos State University before proceeding to University of Lagos for a second Master’s Degree in Industrial and Labour Relations.

He is currently pursuing a doctorate degree in Public Relations at Babcock University, Ilishan, Ogun State.
He is a member of many professional bodies and Associations such as:

Nigerian Institute of Public Relations (NIPR), Advertising Practitioners Registration Council of Nigeria (ARCON), Chartered institute of Personnel Management of Nigeria (CIPM), Chartered Insurance Institute of Nigeria (CIIN), Society for Human Resource Management (SHRM), USA, and Association of Corporate Governance Professionals of Nigeria.

The West African Insurance Companies Association (WAICA) is the umbrella Association of Insurance and Reinsurance companies as well as brokers in Anglophone West Africa.

As Secretary-General and CEO, he will oversee the activities of insurance institutions in Nigeria, Ghana, Liberia, Sierra Leone, and The Gambia.
He would be based at WAICA’s Secretariat in Accra, Ghana.

Welcome Address

By Mr. Eddie Efekoha

Vice-President

WAICA

I warmly welcome you to the 2023 Education Conference and 50^th Anniversary celebrations of the West African Insurance Companies Association (WAICA), which we are privileged to be hosting in Nigeria.

We want to sincerely appreciate the Hon Minister of Finance, Budget and National Planning, Dr. Mrs. Zainab Shamsuna Ahmed for taking time out of her usually very tight schedule to be part of this event. 

It bears eloquent testimony to her passion and interest in the insurance industry, and it is important to note that your support since assumption of office has been immense and very profound.

Let me also acknowledge the support of the Commissioner for Insurance, Mr. Olorundare Sunday Thomas who has been a source of inspiration and support to WAICA over the years.

I want to equally appreciate the excellent work done by the industry leaders and past presidents who laid the solid foundation upon which WAICA is standing.

As you all know, WAICA is the umbrella Association of insurance, reinsurance, and insurance broking companies in West Africa and over the years, WAICA has provided the platform for us to enrich our knowledge of insurance, share business information and network as insurance players in the sub-region.

It is in furtherance of these noble objectives that we have packaged this conference to address the issue of Rating of insurance companies in West Africa to reposition them for global competitiveness in the full realisation that insurance is a global business.

The theme of this year’s Conference which is: “Re-positioning the Insurance Industry in West Africa for Global Competitiveness” aptly captures our thoughts and expectations while the resource persons have been carefully selected to address the issue in a manner that presents all shades and perspectives.

Let me admit that putting up a conference of this magnitude within such a limited time is not easy. Credit must go to all members of the Local Organising Committee who worked tirelessly to make sure that we have a memorable Conference and 50^th anniversary.

To all the delegates from across West Africa and beyond, we say a big welcome and to our Commissioners of Insurance here present, we appreciate your time and support and wish you the very best in your deliberations.

We are optimistic that the learnings you will take from this conference will make you better managers that will reposition insurance institutions across the sub-region and make the competitive globally.

We’re hopeful that you will leave this conference with very fond memories of your brief, but eventful stay in Nigeria.

Happy deliberations.

Dr (Mrs.) Zainab Ahmed, the Hon. Minister of Finance, Budget and National Planning has urged delegates at the on-going West African Insurance Companies Association (WAICA) Conference and 50^th Anniversary in Lagos to deliberate and recommend ways of repositioning the insurance industry in West Africa for Global Competitiveness.

Her keynote address reads:

I am indeed delighted to be here this morning to address this humble gathering of delegates from the West African Sub Region and beyond to the West African Insurance Companies Association Educational Conference 2023 and celebration of its 50th Anniversary hosted here in Nigeria.

In the year 1973, the founding fathers created this great association (WAICA) with the purpose of improving the image of the insurance industry in West Africa, whilst assisting in establishing an enabling environment for industries and economies by promoting cooperation in every respect amongst all the insurers and reinsurers companies operating in its sub-region.

In modern business environment, disruption plays an integral part of any business. Hence, the 2023 WAICA Educational Conference choice of theme: “Repositioning the Insurance Industry in West Africa for Global Competitiveness” could not have been more propitious in view of:

1. The overarching objective behind the African Continental Free Trade Area (AfCFTA) is to accelerate intra-African trade by providing a single market for goods and services, facilitate movement of persons in order to deepen the economic integration and prosperity on the Continent as well as boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations;
2. The need to establish high quality insurance database to provide a holistic view of the industry’s operations in the sub-region;

iii.           The need for WAICA members to leverage technology and other alternative distribution channels in order to increase market penetration;

1. The importance of enhancing multilateral cooperation with the objective of promoting international standards in fostering favourable investment environments and orderly markets in the West African sub region and beyond.

The insurance industry, like other components of the financial system, is changing in response to a wide range of global social and economic forces. In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectorial boundaries.

Consequently, it has become imperative for the Insurance supervisory systems and practices to continually upgrade in order to cope with these developments to mitigate possible financial and systemic stability concerns arising from the insurance sector as they emerge.

At this juncture, I am pleased with the not so recent stride so far achieved by the West African Insurance Supervisors Association (WAISA) with regards the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) in February, 2022 as we are aware that the college is saddled with the objectives of strengthening cross border insurance supervision through:

1. Creation of an enabling environment via synergies for the insurance sector to flourish;
2. Harmonisation of regulatory standards;

iii.           Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector;

1. Enhancing solo supervision of insurance entities by the competent authorities;
2. Facilitating group wide supervision;
3. Minimising fraudulent activities in the insurance sector in accordance with the Financial Action Task Force (FATF) principles on Anti-Money laundering amongst others.

I wish to state that insurance in the whole of Africa has been characterised by low penetration and poor contribution to most African country’s financial growth, therefore maintaining efficient, fair, safe and stable insurance market in the West African sub region must be promoted for the benefit of the policyholders and other stakeholders.

As an optimist, we are encouraged to believe in a new dawn, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side. I therefore urge the delegates here present to deliberate and recommend ways of repositioning the insurance industry in West Africa for Global Competitiveness.

Finally, I wish to congratulate all WAICA delegates on the occasion of the Association’s 50th Anniversary (Golden Jubilee) and hereby formally declare this years’ conference open.

I thank you for your attention and I wish you fruitful and value-adding deliberations.

Mrs. (DR.) Zainab Shamsuna Ahmed CON

Honourable Minister of Finance, Budget & National Planning

Federal Republic of Nigeria

Dr. Pius Edobor

Executive Director, Finance & Administration

Guinea Insurance Plc

Guinea Insurance Plc’s Executive Director of Finance and Administration, Dr. Pius Osaro Edobor, was recently inaugurated as a member of the Board of Diplomates for Forensic Accounting and Auditing of the Chartered Institute of Forensic and Certified Fraud Examiners of Nigeria (CIFCFIN).

The ceremony, which took place at the Office of the Auditor General of the Federation, Abuja, marked the inauguration of the Governing Board of the Nigerian College of Forensics and Fraud Investigators (NICFFI) as well as the Board of Diplomates for Digital Forensics and Board of Diplomates for Forensic Accounting and Auditing of the CIFCFIN.

As a member of the Board, Edobor will play a key role in setting standards and guidelines for the Institute in the area of forensic accounting and auditing. He will also oversee the delivery of training and human capacity development within the field.

Edobor’s extensive experience and expertise in forensic accounting and auditing, having been a renowned forensic accountant for over two decades and a Fellow of the CIFCFIN, make him a valuable addition to the Board and the Institute as a whole.

During a press briefing at the event, members of the Institute expressed their enthusiasm for Edobor’s appointment and highlighted his potential contributions to the Institute’s growth and development. In response, Edobor expressed his gratitude for the honour bestowed on him and pledged to work diligently with other Board members to achieve the Institute’s objectives. He also affirmed his commitment to ensuring that the Institute’s training programs are of the highest quality and meet the needs of the industry.

In conclusion, Edobor’s appointment as a member of the Board of Diplomates for Forensic Accounting and Auditing of the CIFCFIN is a testament to his expertise and accomplishments in the field of forensic accounting and auditing.

His extensive knowledge and experience will undoubtedly contribute to the growth and development of Guinea Insurance, the Institute and the field of forensic accounting and auditing in Nigeria.

Mr. Mayowa Adeduro

Managing Director/CEO

Tangerine General Insurance Limited

Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited, says that over 133 million Nigerians are at the risk of dying of poverty due to lack of access to financial inclusion.

Adeduro, who spoke at the SUPERNEWS Nigeria Fintech23 Conference in Lagos added that there is a nexus among poverty, education and financial inclusion, noting that this is the reason the Federal Government needs the contribution and action plan of many stakeholders to achieve the goal.

“The banking sector just have 50 percent of the adults in the banking circle. It is even worse in the insurance sector, which has less that one percent penetration level in terms of population.

The Tangerine General CEO said: “To resolve this, the adoption of fintech has been highlighted as a critical tool to the financial inclusion drive. There is need for fundamental investment of infrastructural development in IT and Fintech as being done in Europe and other developed economies.

“There is also the need to have massive education because the illiteracy rate that we have at present cannot sustain the type of financial infrastructure that we are clamouring for. So, companies need to do more in investing in educating the people.”

Also speaking at the event, Mr. Oluseye Olusoga, the Group CEO of Parthian, welcomed innovations to be created by opportunities and challenges inherent in embracing Fintech as a tool for promoting financial inclusion in the country.

“Opportunities yes, but there are also challenges. We know the infrastructural challenges. We know that sometimes, the Fintech fails and it comes with a lot of concerns but l am not worried about this because the interesting thing you see is that when technology comes up and you have more advancements and you see more customers’ needs, it creates innovation and that innovation is what we need” he said.

Mr. Moruf Apampa

Managing Director/CEO

NSIA Insurance Limited

NSIA Group to which NSIA Insurance Limited belongs, recently acquired four (4) insurance subsidiaries of SANLAM Group.

Born from a desire to strengthen its positions in West and Central Africa, NSIA Group began this acquisition in 2021with the following subsidiaries of SANLAM Group:

• Sanlam Life Insurance in Togo
• Sanlam Life Insurance in Gabon
• Sanlam Non-Life Insurance in Congo
• Sanlam Non-Life Insurance in Guinea

According to the Chairman of NSIA Group, Jean K. DIAGOU: “For 26 years, the NSIA Group has been implementing a controlled development strategy for its activities. This is what allows us to establish ourselves permanently in each of the countries where we operate. Today, we are strengthening our presence in Togo, Gabon, Congo, and Guinea. For all of our stakeholders, this operation heralds promising prospects.”

“This operation meets two objectives: to increase our market share in countries that are important for the development of NSIA and to strengthen our compliance with the requirements of the regulator of the CIMA zone”, stated B. Janine Kacou Diagou, Managing Director of the NSIA Group.

About NSIA Insurance Limited

NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism.

The head office is in Lagos, with a strong regional presence in Abuja and an extensive 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 Group is a financial services group made up of nearly 3,000 employees, working in 3 banks, 2 bank branches, 21 insurance companies, 1 management and intermediation company (SGI), 1 UCITS management company, 1 real estate company, 1 reinsurance brokerage company, and 1 Foundation.

The Group is present in Côte d’Ivoire, Benin, Togo, Guinea, Guinea Bissau, Mali, Ghana, Nigeria, Gabon, Cameroon, Congo Brazzaville, and Senegal.