Insurance sector in Nigeria is faced with faced plethora of headwinds top among which include lack of insurance awareness and low public confidence in the sector; inadequate capital and prescriptive legal framework, among others.
Despite these industry challenges, Wapic Insurance continues to pioneer innovation, technology, service excellence and sustainable business practices, thus attaining the primus inter pares status in the industry. Wapic has moved from a position of relative obscurity to notable prominence.
The journey to greatness started following the introduction of a new banking model by the Central Bank of Nigeria which permits banking groups to either divest non-core banking business or to retain same by evolving into a non-banking holding company structure, tier1 lender, Access Bank divested from its non-banking subsidiaries in 2013, and distributed all its shareholding in Wapic Insurance to its 800,000 plus shareholders by way of a special dividend.
This also culminated in the appointment of foremost banker and boardroom guru, Aigboje Aig-imoukheuede, as its new chairman.
The birth of Wapic Insurance came in 1958 as a private limited liability company under the name of West African Provincial Insurance Company Limited. It however became a public limited liability company in 1990 when its shares were listed on the Nigerian Stock Exchange.
The Group secured a life insurance business license from National Insurance Commission (NAICOM) in 2000, and became a composite insurance business. The Group separated the life business and transferred the related assets and liabilities to its subsidiary, Intercontinental Life Assurance Limited (now Wapic Life Assurance Limited) in 2007 through which it continues to provide life assurance services. The insurance company is domiciled in Nigeria with operations in Nigeria and Ghana.
Wapic Insurance Ghana Limited, a wholly owned subsidiary of Wapic Insurance Plc, was incorporated on in 2008 to carry on general insurance business in Ghana. The Group is principally engaged in the business of underwriting life and non-life insurance risks and also issues a diversified portfolio of investment contracts products to provide its customers with asset management solutions for their savings and target investment plans.
The Aigboje AigImoukheuede-led board was saddled with an enormous task of repositioning the company and turning around its fortunes which would see Wapic emerge as a regional leader in the insurance sector.
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At the time Aig-imoukhuede took over the leadership of the Board, Wapic Insurance’s total capital was N4.7 billion. Known for his track record as a turnaround expert, AigImoukhuede-led team successfully recapitalised the business to the tune of N23.1billion, between 2011 and 2019, a significant 400percent growth. It is noteworthy that the General business which has already met the 2018 NAICOM recapitalisation requirement is now also well positioned to recapitalise its Life subsidiary business in 2020.
Wapic has also built a successful succession planning which has seen business objectives and vision passed on from individual to another.
As the curtain draws on the tenure of foremost banker, and with the appointment of Mutiu Sunmonu to succeed him as chairman of Board of Directors of Wapic Insurance, while Bababode Osunkoya takes over from him as chairman of Wapic Life Assurance, and Frank Beecham, the current Chairman of Wapic Insurance (Ghana) Ltd will retain his position until the end of his tenure. With this smooth transition, Wapic has further demonstrated that its commitment to raising a workforce of leaders who can be called upon to continue with the vision of the organisation and the future of any organisations lies in the growth of people in them
According to Harvey Firestone, the growth and development of people is the highest calling of leadership. In his farewell speech, the former Chairman spoke highly of his two successors, their suitability for the job and the unimpeachable credentials they both exhibit.
An excerpt from the speech reads, “My dear colleagues, Mr. Sunmonu is a respected business leader, with extensive board experience in various organisations across multiple sectors of the economy. He is well prepared to lead the next phase of the Wapic Insurance growth plan. He is the former Managing Director of Shell Petroleum Development Company of Nigeria (SPDC) and Country Chairman of Shell Companies in Nigeria, with an Oil & Gas career spanning over 36 years in Nigeria, United Kingdom and the Netherlands.”
“Mr. Osunkoya is a Senior Partner at the Chartered Accounting firm of ABAX-OOSA Professionals, boasting over twodecade cognate experience in banking, business and financial advisory. He is one of Nigeria’s foremost certified Forensic Auditors, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Taxation of Nigeria (CITN); he will champion Wapic Life Assurance’s growth objectives in this phase of the transformation agenda.”
“As I retire from the Boards of Wapic Insurance and Wapic Life Assurance today, I am confident that Messrs. Mutiu Sunmonu and Bababode Osunkoya will enjoy the necessary support towards the actualisation of our outlined institutional goals in this second phase of our Transformation Agenda.”
It is noteworthy that even on the eve of Aig-imoukhuede’s retirement from the Board of Wapic, the company continues to lead the industry as the first Nigerian underwriter to refund 100% premiums on motor insurance to its customers. The Company understands that its customers are experiencing unprecedented circumstances and many are struggling to cope during this period, leading to the generous decision to refund customers in recognising that they are making a sacrifice by staying at home and supporting the country in flattening the curve of the pandemic.
“With a sense of fulfilment, Wapic Insurance has successfully transformed into an insurance company of choice. The series of implemented corporate actions have established the company as a leader championing customer-centric initiatives and programmes aimed at industry transformation.”
In the words of John Maxwell, a leader’s lasting value is measured by succession. The retirement signals the beginning of another phase of Wapic’s transformation agenda. The new phase is expected to drive the extension of the accomplishments and successes, which saw the insurance company move from a mid-table position to an industry leading position, with shareholders’ funds growing significantly from N4.7 billion to N23.1 billion in the first phase of its transformation. Thus, making it one of the most capitalised companies in the industry and undoubtedly better positioned to take our position as one of the leading insurance companies in West Africa.
Over the past 8 years, the Aig-imoukhuede-led team has laid a solid foundation for the continuous growth of Wapic Insurance and its subsidiaries – Wapic Life Assurance Ltd and Wapic Insurance (Ghana) Ltd, and positioned Wapic Insurance as an industry model for distinctive innovation. No doubt that Wapic is now well placed to consolidate on its past efforts and push for a future in which it strives to delight its customers through outstanding service and innovative offerings.
As a new era begins at Wapic, shareholders and other stakeholders expect the two new Board leaders to build upon the robust legacy of AigImoukhuede’s Board.
