SCIB operations boost sector’s premium profile with N30 billion

The financial report of SCIB Nigeria & Co Limited has contributed not less than N30 billion premium income through its business and premium generation to the insurance industry since its inception four decades ago.

Though the company’s report was on the positive, it however shows the struggle that sector operators face in terms of business and profit generation, as exemplified in the N30 billion premium income in 40 years of operations.

The company has also commenced a process to celebrate its 40years of performance saying that the preparation is in top gear and programmes lined up in ensuring a huge success for the anniversary.

The Guardian reliably gathered that the kick-off of the celebration would be capped with the launch of two books by the Founder/Chairman of the company, Olola Olabode Ogunlana and a gala nite.

The Managing Director and Chief Executive of the Company, Shola Tinubu, said SCIB has a proud conservative heritage like any other professional institution in the sector, operating best practice standards.

“When you are advising on the management of other peoples’ risks and protection of their wealth, best practice is to be conservative.

“The purpose of our invitation to you today is to share the news of our journey so far. Taking a retrospective look, the management cannot, but give great thanks to the Almighty for sustaining the company through peaks and troughs of its operations since the journey began 40 years ago.

“It is no news to you how challenging it is for businesses to survive in our environment over decades with all the attendant challenges and inhibiting factors, significant macroeconomic upturns and recessions, political somersaults from military government to civil rule, then military and back to democratic rule. We are definitely assured that making 40 and to still be on top of our game is an achievement,” he said.

Tinubu said that the company came into existence when Ogunlana conceived and visioned the can-do-spirit and set up a brokering company based on the principles of knowledge, integrity and good corporate governance.

“There was no mistaking the fact that one vision that SCIB was set out to accomplish from infancy was to build a world-class organisation founded on integrity, knowledge, professionalism and excellent service delivery.