, has over three decades’ experience in the insurance industry. Formerly managing director/CEO of Central Insurance Company Limited, Okeke, is a member of the Council of Fellows of the Nigerian Council of Registered Insurance Brokers and an associate of the Chartered Insurance Institute of London. Okeke had in late 2000 founded Souche Insurance Brokers unLimited, which metamorphosed to Purebond Insurance Brokers Limited in 2011.
Still, l was among the few staff retained by the company to wind up the general business unit of the company. While this was going on, l qualified in 1990 as an associate of the Chartered Insurance Institute of London and that gave me the leverage to seek employment elsewhere. This is because l do not want to be contained in the life assurance business, l have always wanted to experience both arms of the business.
What aspect of the Pension Reform Act 2014 would you want to be amended to create a level-playing field for both the pension administrators and the insurance industry? It would appear that the contributors are caged under this present arrangement in the pension scheme as their chances to access their benefits when they need them are slim. They must wait for a very period and the procedures are long. Are there no ways this can be improved upon?
To what extent has the withdrawal of the pension fund portfolio affected the Insurance industry in Nigeria? Thank you very much for this question. You know the insurance industry is the only arm of the Nigerian economy that guarantees growth as they provide the necessary financial backing in the event of unforeseen circumstances or disasters. For you to play as a risk manager or sound insurer, it means you must possess the financial capacity to provide for the necessary risks that would arise in the course of your business.