OLASUPO OLADEINDE SOGELOLA: The new face of International Energy Insurance

 KELVIN EGERUE (08111813020)

The submissions of one William Edward Burghard in a letter to his great grandson wherein he declared that “the returns from your work must be the satisfactions which that work brings to you and the world’s need of that work. With this, life is heaven or as near heaven as you can get. Without this–with work which you despise, which bores you, and which the world does not need–this life is hell” can be said to be true of the Managing Director and Chief Executive Officer of International Energy Insurance Plc (IEI) Mr Olasupo Oladeinde Sogelola, a man whose considerations at all times is the joy and benefits which his professional expertise and proficiency bring to mankind.

The emergency of Olasupo Oladeinde Sogelola as the helmsman at International Energy Insurance is like a refreshing tonic to a company which has always been desirous of playing frontal roles in the nation’s insurance and risk management subsector of the economy. Olasupo regales so much in his trajectory of successes, a fit which is constantly propelled by hard work, commitment to set goals and capacity to work as a team leader. After all, success they say is never an orphan. The many gains of the strategic repositioning of IEI in the insurance space coupled with the team spirit among the company’s work force as encouraged and moderated by its dynamic board is beginning to be evident in such sensitive areas like the stock exchange where the shares of IEI have suddenly become a must buy for discerning investors.

There is no gain in saying that IEI, like most institutions and corporate bodies in Nigeria have had a fair share of its troubled moments occasioned by the unpredictability of the nation’s business operating environment but the truth today is that International Energy Insurance Plc has retooled its work processes, rejuvenated its winning ways and emboldened itself with hybrid products and services to the extent that the company is in an upward swing to occupying a commanding height in matters of insurance underwriting, risk management and financial intermediation. The truth of the matter today is that customers who are looking out for one of the Nigeria’s strongest and most reliable insurance company to deal with are establishing business relationships with IEI, a company which lays claim to having the energy and technical competence to care for the needs of customers whether individual, corporate or agencies of government.

Simply put, the appointment of Olasupo Oladeinde Sogelola to lead the new team at IEI came as the cap to a painstaking efforts and strategic plans of the new core investor in the company; Norrenberger, an integrated financial services group which got the approval of the National Insurance Commission (NAICOM) to acquire 100 per cent equity holding in International Energy Insurance Plc. Norrenberger has kept to its commitment  to expand and strengthen the business models of IEI Plc and to improve its solutions and service distribution to its clients across the country hence the new wave of insurance businesses gravitation towards IEI.

The upward swing in the share pricing of IEI at the stock exchange is not in isolation of the technical and financial trading results of the company but come as a total mani-festation of the current winning formula instituted by the Olasupo led team of managers. With a hope inspiring capital of N5 billion deposited with NAICOM and the company’s target of achieving a paid up share capital of over N7 billion, it can be said that its 2023 premium projection of N5.3 billion is within reach. Olasupo says that the company will record a profit in excess of 10 per cent of the premium projection in 2023. Already the company has removed all business encumbrances including the commitment of well over N1.3 billion in the payment of all outstanding liabilities which included pensions, claims and salaries.

“We now have a stronger company with a well focused board which is properly aligned with the business model of the company. A lot of things have changed for good. The 2022 financial account which has been submitted to NAICOM for approval speaks volume of the drive of IEI towards becoming one of the leading insurance companies in the country. Our board of directors is chaired by Mr. Bukar Goni Aji, OON, CFR who was one time Head of Civil Service of the Federation. Other board members include Tony Edeh, Chamberlain Peterside, Mohammed Mijindadi , Oluwateniola Eleoramo ,Adeyinka Hassan and Mrs. Monsurat Ayoola. IEI is now a broker friendly company. We have restructured the company’s operation system including the branches as we now have more agency offices. We are focusing much efforts on retail businesses the much that we are doing on corporate clients. I reaffirm my delight and commitment to steer the strategic direction of the company to the next level”, Mr Olasupo OladeindeSogelola who takes over from Mr Ebun Ayeni  as the new Chief Executive Officer of the company disclosed.

Mr Olasupo Oladeinde Sogelola is an accomplished chartered Insurer, risk analyst, administrator, and management consultant equipped with a well-recognized track record in an executive board role and management skills with over two and half decades of versatile and trusted experience in the insurance industry. A holder of Masters in Business Administration from the Lagos State University, an Associate of the Chartered Insurance Institute of Nigeria and a certificate program in leadership from Florida Southern College, Lakeland, Florida, USA,  he started his insurance career in Guinea Insurance plc and later joined Globe Reinsurance Plc  in 1995 where he rose through the ranks from Senior Executive Officer to Assistant General Manager (Operations) with oversight responsibility in technical underwriting and marketing achieving significant fit in revenue drive. He was a pioneer Management staff of FBN Insurance (Now Sanlam Life Nigeria)  leading the Corporate Sales Division successfully for 7years. Prior to his appointment as MD/CEO of International Energy Insurance Plc, he was an Executive Director, Technical & Operations, at Tangerine General Insurance Ltd (Formerly Law Union & Rock Plc) where he had many significant achievements in revenue growth, Products and New Channels developments and positive underwriting results consecutively for five years. He is an alumnus of Lagos Business School (Advanced Management Program).

IEI has in a short period of its turnaround strategies experienced phenomenal growth in its business production and thus gained the confidence of the market, demonstrating innovation and an aggressive business development approach in a conservative industry.

“Our mission is to be a dependable partner, helping our clients manage and protect their human and material assets while delivering superior value for all our stakeholders”.