A Review of the Nigerian Energy Industry

NSIA success result of core business values – Dozie

15 October 2014, Abuja – Chairman, Board of Directors, NSIA Insurance, formerly known as ADIC Insurance, Mr. Pascal Dozie has attributed the success of the company to its adherence, over the years, to the core business values as initially set by its founder, Prof. Joseph Irukwu, who had a burning desire to set up a model insurance company that will be known for its integrity, prompt payment of claims and pursuance of best practices.

Dozie made the assertion when the company rolled out the drums to celebrate its 25 years of operation in Nigeria.

Ngozi-Okonjo-Iweala 1
Dr. Ngozi Okonjo-Iweala, Minister of Finance

The company marked the anniversary with a thanksgiving church service in Lagos which was attended by eminent personalities, including industry giants from across the continent.

Tracing the history of the company, Dozie said a lot has happened since it first opened for business on September 1, 1989 as African Development Insurance Company, or ADIC as it was popularly known. It was acquired by Diamond Bank in 2006 following the recapitalisation of the industry by the Federal Government which raised the capital base for insurance companies to N5 billion.

In July 2011, Diamond Bank sold its 96.15 per cent stake in the firm to NSIA Groupe, an Ivorian firm with footprints in 11 other African countries, as part of a strategy to divest itself from all non-banking subsidiaries. The company became known as NSIA Insurance. “But the change in ownership had no negative impact on the business, as its customers continued to benefit from the expertise, personal service and range of products they have come to expect from ADIC,” he said.

“Twenty five years after, we still adhere to these values in our everyday relationship with our customers and business associates, and this is what sets us apart from our competitors,” he said. He thanked company’s customers for their patronage and for standing by it over the past 25 years.

Speaking in the same vein, Prof. Irukwu who is widely regarded as the ‘Mr. Insurance’ in Nigeria said he feels fulfilled and elated at what the company has achieved so far, and noted that it has lived up to his original vision of making it a leader in the African insurance industry.

“I feel a sense of fulfilment. When I started the company 25 years ago, I wanted it to grow and become big, and that has happened. I called it African Development Insurance Company, and it has got to the level where it is truly African Development Insurance Company because it is involved in the development of the continent, and we share in the risks of the other countries in Africa, and we have a board that includes people from other African countries and the company is growing every day,” said Irukwu.

He sees a brighter future for NSIA Insurance, its customers and shareholders, and backed the company to play a more prominent role in the African insurance industry in the future. He also sees a great future for the insurance industry in Nigeria and Africa as the people become more aware of the benefits of insurance.

“Right now only 10 per cent to 15 per cent of the persons who should be insured are insured, whereas in Europe and America, they have 90 per cent to 95 per cent. So, we still have a large space left. This means that in the next 25 years, the volume of business penetration, the volume of premium would have gone up by no less than 25 per cent and we will have more funds to manage. So, I think the future will be very great for anyone who decides to invest in insurance,” he said.


– Vamguard

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