1. To create capacity within the Nigerian oil, gas, petrochemical and energy-related insurance industry.
2. To provide adequate insurance cover to match the Nigeria’s technological advancement and to further ensure that oil companies operating in Nigeria are charged competitive premium rates in order to enhance profitability and stabilize the Nigerian Oil insurance market.
3. To create the manpower capacity and acquire technical expertise in the insurance of oil and gas related risks, through a systematic manpower development.
4. To disseminate technical information to members of the Pool on issues affecting energy insurance risk.
5. To give technical support and advice to insurance companies operating in Nigeria on matters relating to risk management and insurance of oil and energy related risks.
EAIPN was set up by the Governing Council of the Nigerian Insurers Association (NIA), at its meeting of 30th January, 2014 at NIA House, 42 Saka Tinubu Street, Victoria Island, Lagos. The purpose for setting up this vehicle was to implement the recommendation of the NAICOM Committee’s report on the Nigerian Oil and Gas Industry Content Development Act (NOGICD) Act 2010.
The Pool started operations on 1st January 2015 with a financial year end of 31st December annually. Since inception, the African Reinsurance Corporation has acted as the Manager of the Pool, providing proven quality leadership through the years.
Wole is the founder and Group Managing Director of Custodian and Allied Plc. Having graduated from the University of Lagos with a B.Sc. in Actuarial Science, Wole at various times worked at the National Insurance Corporation of Nigeria (NICON), Femi Johnson & Company Limited (Insurance Brokers) and Crusader Insurance Plc, from where he left to found Custodian in 1994.
Wole has over 26 years’ experience in Insurance Underwriting/Claims, Marketing and Investment. He serves on the Board of several companies and was on the Presidential Committee that set up the reforms in the Pensions Industry.
Wole is a past Chairman of the Nigerian Insurers Association, former Council member of the West Africa Insurance Institute (WAII), a member of the Council of the West African Insurance Companies Association (WAICA). He is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate of the Chartered Insurance Institute, U.K. He is the first and only African and also a Director of the International Insurance Society (IIS) New York, the elite society of insurance companies worldwide. He is an alumnus of the Harvard Business School.
He is the current President of the Lagos Business School Alumni Association (LBSAA).
Olaotan Soyinka is an erudite and well-grounded Underwriter with over 20 years cognate experience. He is an Associate of the Chartered Insurance Institute of Nigeria. He is a Graduate of Insurance from University of Lagos and also holds an M.Sc degree in Marketing from the same university. He joined Sovereign Trust Insurance Plc in March 1998. A seasoned Professional who has plied his trade in both Marketing and Technical Divisions of the organization is expected to bring his overwhelming wealth of experience to bear in providing instructive leadership to the company while taking it to the next phase of its growth stage. Soyinka is an alumnus of the Lagos Business School having successfully completed the Senior Management Programme of the Institution. He is also a member of the prestigious Ikoyi Club 1938.
He is a Member of the Federal Republic of Nigeria. He is currently serving on the Executive Committee of the African Insurance Organization and is the immediate past Chairman of the Nigerian Insurers Association. He is a graduate of the University of Houston, Texas, USA from where he obtained Bachelor and Master Degrees in Business Administration, specializing in Finance. He started his career in insurance with SCIB & Company Insurance Brokers (then an affiliate of Sedgwicks Insurance Brokers) in 1980 and joined Leadway Assurance Company Limited in 1981.
He became the Managing Director and Chief Executive Officer of the company in 1994. He is a Munich Re scholar, being the First West African recipient of the Munich Re Insurance Fellowship at Georgia State University. He has done extensive research on Computerization of Insurance Business. Mr. Oye Hassan-Odukale is on the board of a number of reputable companies. He also served on the Federal Government of Nigeria’s Committee for the review of Insurance Laws.
Mr. Efekoha is the Managing Director/Chief Executive Officer of Consolidated Hallmark Insurance Plc. He studied Insurance and graduated with Second Class Upper Degree from the prestigious University of Lagos and also obtained a Master’s Degree in Business Administration from the same school in 1985 and 1994 respectively.
Mr Efekoha is an Associate of the Chartered Insurance Institute London, Fellow of the Chartered Insurance Institute of Nigeria and a Member of the Institute of Directors. His work experience spans over 30 years. Having acquired the knowledge needed for him to practice his profession, and being an Insurance graduate started his professional career as a Corper in Everyman Insurance Brokers Ltd, Ilorin. He worked briefly with Hogg Robinson Nigeria, and left for Glanvil Enthoven & Co (Nig) in 1988 as an Assistant Manager. Due to his versatility, Mr Efekoha consistently demonstrated extra-ordinary capacity and capabilities in successfully taking on higher responsibilities; he rose to the position of Executive Director (Technical) over the years, he left Glanvill Enthoven & Co in 1997 and was appointed the Managing Director/Chief Executive Officer of Fountain Insurance Brokers Ltd, an outstanding turnaround and transformation was recorded during the period he headed the organisation. In 2003 he became the Vice Chairman/CEO of Consolidated Risk Insurers Plc before the current appointment in 2007. Efekoha is result driven, self-motivated and resourceful managing director with a proven ability to develop and strengthen management team, in order to maximise company profitability and efficiency, and this translated into growing the company’s gross premium of N1.506bn in 2007 to N6.039bn in 2015.
Mr Efekoha has attended several local and foreign organised Professional Courses, seminars and conferences at the Lagos Business School and Harvard Business school, Boston USA.
He is the current Chairman of Nigerians Insurers Association (NIA), Vice President of Chartered Insurance Institute of Nigeria (CIIN) and Chairman, Board of College of Insurance & Financial Management, Nigeria.
Mr. Edwin Igbiti is currently the Managing Director/CEO at AIIO Insurance Plc. Prior to Joining AIICO Insurance, he had served and gained vast experience in Insurance from Phoenix Insurance Company, where he worked for several years. He is a seasoned professional with an inestimable depth and wealth of technical experience that is acknowledged across the industry.
Mr. Igbiti holds an MBA from the University of Ado-Ekiti (2005) and an Advanced Diploma in Management from the University of Lagos. He is a Certified Insurance practitioner with the Chartered Insurance Institute of London and a Fellow of the Chartered Insurance Institute of Nigeria. Aside from being professionally affiliated to the Nigerian Institute of Management, Chartered (NIMC), he is also a certified Business Continuity Systems Lead Auditor from the British Institute, UK and an alumnus of the Howard University Business School, U.S.A. He currently seats on the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN).
Mr. Agili holds a Higher National Diploma (HND) in Building Technology from Institute of Management and Technology, Enugu and a Master’s in Business Administration (MBA Financial Management) from Lagos State University, Ojo, Lagos State. He is a Fellow, Chartered Insurance Institute of London (FCII), and the Insurance Institute of Nigeria (FIIN).
He has garnered over twenty years of cognate Insurance experience cutting across vital areas of Insurance practice such as underwriting, claims, risk management, marketing and branch operations. He spent over 14 years with UNIC Insurance Plc before joining Royal Exchange in 2003. He later joined Insurance PHB as General Manager (Branch Operations) in 2008.
Agili, who later rejoined Royal Exchange in 2010 as DGM (Business Development) is well exposed and trained, having attended several courses, seminars and workshops within and outside the country.
Mr Segun Balogun holds a degree in Insurance from the University of Lagos (1984) and he is a Fellow of the Chartered Insurance Institute of Nigeria (CIIN).
Prior to his appointment at LASACO Assurance PLC, he was the Chief Executive Ofﬁcer of FBN General Insurance Limited (formerly Oasis Insurance Plc) (2013 – 2015). He was also the Managing Director/Chief Executive Ofﬁcer of WAPIC Insurance PLC, a company he managed for about 13 years.
He also had the privilege of managing Metropolitan Trust Insurance Company Limited as the Managing Director/Chief Executive Ofﬁcer between 1996 and 2001.
A versatile insurance practitioner, he had also worked at Glanvill Enthoven Insurance Brokers Ltd (1986), New Line Insurance Company Limited (1990 to 1992), LASACO (1986 to 1990), UNIC Insurance (1986) and Conﬁdence Insurance Company Limited (1984 to 1985).
|Nigeria||AIICO INSURANCE PLC||1,000,000||6.45|
|Nigeria||LASACO ASSURANCE PLC||1,000,000||6.45|
|Nigeria||CONSOLIDATED HALLMARK INSURANCE PLC||750,000||4.84|
|Nigeria||STERLING ASSURANCE PLC||500,000||3.23|
|Nigeria||NSIA INSURANCE LIMITED||250,000||1.61|
|Nigeria||LINKAGE ASSURANCE PLC||500,000||3.23|
|Nigeria||CUSTODIAN & ALLIED INSURANCE PLC||1,000,000||6.45|
|Nigeria||NIGERIA AGRICULTURAL INSURANCE CORPORATION||500,000||3.23|
|Nigeria||PRESTIGE ASSURANCE PLC||500,000||3.23|
|Nigeria||SOVEREIGN TRUST INSURANCE PLC||750,000||4.84|
|Nigeria||NEM INSURANCE PLC||250,000||1.61|
|Nigeria||ROYAL EXCHANGE GENERAL INSURANCE PLC||1,000,000||6.45|
|Nigeria||INDUSTRIAL & GENERAL INSURANCE PLC||500,000||3.23|
|Nigeria||NIGER INSURANCE PLC||750,000||4.84|
|Nigeria||GOLDLINK INSURANCE PLC||250,000||1.61|
|Nigeria||GREAT NIGERIA INSURANCE PLC||250,000||1.61|
|Nigeria||SAHAM UNITRUST INSURANCE LIMITED||250,000||1.61|
|Nigeria||AXA-MANSARD INSURANCE PLC||250,000||1.61|
|Nigeria||INTERNATIONAL ENERGY INSURANCE PLC||500,000||3.23|
|Nigeria||STACO INSURANCE PLC||250,000||1.61|
|Nigeria||CORNERSTONE INSURANCE PLC||500,000||3.23|
|Nigeria||ZENITH GENERAL INSURANCE LIMITED||1,000,000||6.45|
|Nigeria||LAW UNION & ROCK INSURANCE PLC||250,000||1.61|
|Nigeria||WAPIC INSURANCE PLC||500,000||3.23|
|Nigeria||LEADWAY ASSURANACE COMPANY LIMITED||1,500,000||9.67|
|Liberia||WAICA REINSURANCE CORPORATION PLC||750,000||4.84|
Members of the Nigerian Insurers Association (NIA) and any insurance company approved by the Technical Management Board are eligible to subscribe to the Pool. Members shall be admitted subject to approval of the Technical Management Board, which shall have the right to decline membership of any company after considering the merits and demerits of each proposal.
The prospective EAIPN new member company subscribes by paying the required 40% deposit for the number of lines preferred. Each line is worth US$250,000 and 40% to be paid per line is US$100,000. After receipt of payments Energy and Allied Insurance Pool of Nigeria will then proceed to issue your company the usual membership letter and forward its constitution.
As at 31st December 2017, 26 Nigerian insurance companies had subscribed for a total of 59 lines and capacity of $15,500,000.
At the moment EAIPN has a treaty capacity of US$100,000,000 (but can arrange facultative cover for higher orders) and reinsurance arrangement arranged with Lloyds and other A rated securities. The reinsurance program for the Pool is currently on excess of loss basis.
The Technical Board and Pool Managers (Africa Re) are made up of technically sound professionals with vast experience in insurances of refineries, petrochemical plants, depots, tank farms, liquefied natural gas, engineering & construction services, drilling rig and production activities among others.
The African Reinsurance Corporation is the Manager of the Pool. For information on membership, cession to the pool, technical assistance etc., you may wish to contact us directly.