Foremost and leading insurance brokerage firm, Standard Insurance Consultants Limited celebrates 43 years of excellence in creating value, breaking barriers and setting new standards through innovative services in the Nigerian insurance industry.

A top-5 insurance broker regulated by the National Insurance Commission (NAICOM), SICL was founded in 1980 by Professor Ahmed Salawudeen; a visionary who has carved a niche for himself as an authority to be reckoned with in the insurance business, globally.

Like the oak tree, the company has grown from a very humble beginning to become a powerhouse in the insurance industry, not just in Nigeria, but outside its borders. In its germination stage, young Salawudeen had very little capital, and few connections, but with tenacity and doggedness, he forged ahead.

Being a devout Muslim, the British-trained insurance practitioner placed his full trust and reliance on Allah for guidance. Over the years, his religious conviction has stood him in good stead through the fickle fortunes of business from which no CEO is exempt.

Despite possessing meagre means, what he did possess, aside his faith, was a big vision. This allowed him to see the huge market opportunity in acting as an intermediary between insurance companies, known as the risk carriers, and clients.

Today, the company enjoys a solid reputation for the quality of its service, technical expertise, and enviable roster of clients. 

BUCKING THE TREND

Starting in a small office at Ibadan, the Oyo state capital, with a handful of staff, SICL has maintained a steady growth in a sector characterised by high mortality rate of companies. 

According to PwC (Nigeria), about 80 percent of new businesses fail within the first five years of operation. 

Sobering as this figure is, it does not take into account the percentage of mature companies that bite the dust or enter zombie phase each year due to various reasons.

Autopsies show that the main causes of death for business are slow adaptation to emerging market trends, inability to meet up to client expectations, failure to adopt the innovative technologies, death of a founder followed by contested succession process, management churn, lack of professionalism in dealings, unethical practices, consistent inability to deliver an operating surplus, and failure to meet the regulatory capital benchmark. 

To this extensive list, it is pertinent to add the signing of partnerships with reputable international partners an increasingly critical aspect of insurance broker success in Nigeria.

These are all the more reason why SICL deserves applause for scaling past the annual brutal culling of companies that is a reality of Nigeria’s business environment.

IN BUSINESS, NO POSITION IS PERMANENT

Salawudeen and his team have successfully juggled multiple balls in the air to take SICL to the top shelf of the industry. 

To do so, the company has had to reinvent itself on numerous occasions in line with shifts in its operating environment. 

For example, notions cherished by the management just a decade ago have been jettisoned when they no longer aligned with prevailing market sentiment. 

In the same vein, SICL has not hesitated to dismiss other elements in its strategy that were exposed as outdated. 

The lesson learned is that outside of business ethics, rigidity has no place in the successful enterprise. 

SEVEN (7) KEYS OF SICL SUCCESS

Standard Insurance Consultants Limited (https://www.standardinsgroup.com/) is a subsidiary of Standard Group of Companies, a multinational cross-sectoral business group with interests in agriculture, pharmaceuticals, and property investment through Signature Global Real Estate (SGRE) (https://signaturegre.com/), a real estate brokerage and property Management Company based in Dubai, United Arab Emirates.

On this forty-third year of operations, SICL takes great pride in where it has reached, and how it got there.

There are seven key factors that can be identified as responsible for SICL’s success. 

These are client retention, regulatory compliance, corporate governance, technically sound and motivated management, compelling client proposition founded on prompt claims disbursement, technology innovation, and focus on long-term value creation. 

These form an organic whole that the Board of Directors uses to appraise management performance. 

Since it was founded, SICL has pursued a strategy of maintaining a client retention rate of no less than 90 percent. 

In the last five years, the retention rate has not dropped below 95 percent. Furthermore, due to its reputation for settling claims “as and when due” SICL has benefitted immensely from referrals by satisfied clients. 

On the regulatory front, SICL is in good standing with NAICOM, and the Nigerian Council of Registered Insurance Brokers (NCRIB). It is also licensed by the Nigerian Upstream Petroleum Regulatory Commission (NPRC), Nigerian Petroleum Exchange (NIPEX) and National Petroleum Investment Management Services (NAPIMS).

With cumulative experience of over 200 years, the management team at SICL is one of the most experienced in the insurance broking industry. Their technical prowess covers Oil & Gas, Aviation and Space, Construction/Operational, Agriculture, Life and Pension, Marine, including but not limited to Protection & Indemnity (P&I), Special Risks, as well as Reinsurance Programme generally. 

Key members of the executive management team include Mr. Oladipo Bolaji Zaheed, managing director of SICL Reinsurance Limited, Mr. Augustine Ayi, Chief Operating Officer of SICL, Femi Owolabi, Deputy Managing Director, Mrs. Zainab Bakare, Legal/ Business Development Director, Mr. Abdulazeez Jubril, Group CFO, Mr. Fred O. Ishe, General Manager (Technical), Mr. Rabiu S. Kadamu, Chief Coordinator, Northern Operations, Mr. Oladele Kadiri, General Manager, Northern Operations (Technical), Mr. Mukaila Oyegunmade, Director, Finance, and Mr. Eyo Eyo Idiong, Director, Human Resources. 

In human resources management, it is trite that a company’s people are its most important asset. SICL supports employees’ professional development through professional certifications, and training to stay abreast of latest global best practices. 

Finally, to ensure that its clients’ risks are properly spread, SICL has strong relationships with five reputable Technical Partners at Lloyd’s of London namely Gallagher, Willis, NDI Insurance & Reinsurance Brokers, Howden Broking, and London Marine Insurance Services. 

SICL MANAGEMENT TEAM

OLADIPO BOLAJI ZAHEED – CEO/General Manager (SICL Reinsurance Brokers Limited) 

Bolaji is an excellent insurance practitioner with over 27 years working experience in the Nigeria insurance industry. His insurance technical skill and professionalism cut across reinsurance, general business underwriting and life insurance underwriting, marketing, general management, human resources and process audit. He rose through the rank in the Nigerian insurance industry from his engagement as executive assistance in 1993 to becoming the Ag. Managing Director in 2018.

Bolaji graduated with a Bachelor of Science degree in Economics from the Lagos State University in 1990 and received his Master of Business Administration specializing in marketing management from the same university in 2006. He became a fellow of the Chartered Insurance institute of Nigeria (FIIN) in 2013.

AUGUSTINE AYI – Chief Operating Officer (COO)

He is an Insurance Graduate with vast experience in Reinsurance Administration spanning a period of over 15 years with a strong skill in Reinsurance Technical Accounting preparation, Portfolio analysis, Reinsurance design, and contract negotiation and pricing both in Nigeria and the International Market. He equally has experience in Underwriting and Claims. He is a Chartered member of the Chartered Insurance Institute of Nigeria and holds a Certificate in Insurance.

FRED ISHIE – General Manager, Technical 

Fred is an associate member of the Institute of Commercial Management Berkshire England and also an executive member of American Institute of Management, Boston. He is a member in Council of the Nigerian Corporation of Registered Insurance Brokers and he served as the Branch Chairman (West) of the Organization. Since he joined SICL, he has worked as a Technician on both Upstream/Downstream Energy including Aviation and Space. Given his vast experience, he has assisted the SICL Energy Team to be in the forefront of Energy Business in Nigeria.

ZAINAB OLUBUNMI BAKARE – Legal/Business Development Director

Zainab Bakare is the Head of Legal and Underwriting Team for Standard Insurance Consultants Ltd. A graduate of Law from Hertfordshire University in the United Kingdom, She has five years of work experience in the Insurance industry comprising of General, Life, Marine, Aviation and Oil and Gas Business. She is a Member of the Chartered Insurance Institute, London with a Certificate in Insurance as a prelude to Associate Chartered Membership with same Institute. Zainab works closely with Clients’ Project Teams including their Legal and Insurance Advisors. She has extensive experience in Energy Insurance and Reinsurance working with our Foreign Partners to put together robust Reinsurance Packages for Local Underwriters.

RABIU S.K ADAMU – Chief Coordinator, Northern Operations 

Rabiu Adamu is a Graduate of Business Administration and Management from Kaduna State Polytechnic, Zaria. He enrolled at Aflon Computers Institute, Abuja where he obtained a Diploma in Micro-Computer Operations and Management and also qualified as an Oracle 10 and 11 iCertified Professional. 

Rabiu is presently pursuing an Associate Course with the Chartered Insurance Institute of Nigeria (CIIN) and has attended series of seminars, meetings as well as workshops in insurance generally. In addition, he is an Associate of the Nigerian Institute of Management (Chartered), the Chartered Institute of Administration (ACIA), and a Full Member of the Portfolio Management Institute (MPMI). He also holds a Post Graduate Diploma in Management (PGDM) Certificate from the Nasarawa State University, Keffi. Furthermore, Rabiu recently concluded a Master’s in Business Administration program from the National Open University of Nigeria.

OLUFEMI OWOLABI – Deputy Managing Director (SICL Reinsurance Brokers Ltd)

Femi is a graduate of insurance from the Lagos State Polytechnic and an associate member of the Chartered Insurance Institute of Nigeria. He also holds a Master Degree in Business Administration from the Olabisi Onabanjo University. An administrator and seasoned insurance practitioner having acquired varied experience in underwriting, claims administration, reinsurance and clients’ management from different insurance organizations over two and half decades. He has attended various hands-on training program both locally and internationally including the prestigious Swiss Re. Academy.

ATOYEBI ABIMBOLA – Reinsurance Manager

He started his insurance career at the Nigeria General Insurance Company Limited in 1986 before moving to First Chartered Insurance Plc as Head of Reinsurance in 2004. He thereafter worked in other insurance companies including Nicon Insurance Company Plc., Sovereign Trust Insurance Plc., LIB Insurance Brokers and Integrated Healthcare (an HMO) based in Abuja. His love for reinsurance broking influenced him to join Jomola Insurance Brokers in 2016 where he was also exposed to the rudiments of general underwriting as Manager, (Technical).

He joined Standard Reinsurance Brokers Limited as part of the formidable team with the responsibility of taking charge of the technical operations. Bola has attended various Trainings and Seminars on Underwriting, Marketing, Life & Pensions and Reinsurance. He is a graduate of Insurance and Associate member of both Chartered Insurance Institute of Nigeria (ACIIN) and Nigerian Council of Registered (Chartered) Insurance Brokers (ACIB).

ABDULAZEEZ JUBRIL-SALAWUDEEN – GROUP CHIEF FINANCIAL OFFICER (GCFO)

Abdulazeez is an accomplished and visionary financial leader with a proven track record of driving revenue diversification and growth strategies. With a solid background in finance and accounting, he currently holds the prestigious position of Group Chief Financial Officer (GCFO) at Standard Group Holdings. In this role, he oversees the global finance, accounting, and compliance functions of the group of companies, working closely with the Group President and the management team to develop and execute annual operating plans and financial budgets that align with the organization’s long-term strategy. 

Abdulazeez also serves as the General Manager of Signature Global Real Estate, where he successfully manages operations across multiple countries where the company operates including but not limited to the United Arab Emirates, Nigeria, Indonesia, and Angola. He holds a B.Sc. in Accounting from the prestigious American University of Nigeria (AUN) and has consistently demonstrated his commitment to professional development through various international courses and training programs. He completed a training program for Senior Executives at the Dubai Real Estate Institute in Dubai, United Arab Emirates. He is also in the process of acquiring a professional certificate from the Association of Chartered Certified Accountants (ACCA).

MUKAILA OYEGUNMADE – Head, Finance

He is an Associate Chartered Accountant (ACA). His kicked off his career in the insurance industry at Standard Alliance Insurance Plc, where he was part of Treasury team as an executive trainee in the year 2009. Due to his fast learning skills, he was moved to various units of the department (payables, receivables, reconciliation & branch coordination). He was able to handle the financial reporting unit when he rose to the level of Senior Executive Officer in 2018. He joined Standard Insurance Consultants Limited in the year 2022. He is a product of The Polytechnic, Ibadan where he bagged his Higher National Diploma in the year 2005 and has also attended various seminars and trainings on financial and risk management, organised by professional bodies in Nigeria.

EYO O. ODIONG – Head, Human Resources and Admin

Odiong, an accomplished human resources and training practitioner with more than 10 years proven expertise in policy and procedure, recruiting and hiring, Learning, personnel development training and labour relations practices. With fantastic design courses in General Insurance, Life, Oil & Gas, Marine, and Aviation, he has been able to impact Insurance skills to various Staff in Standard Insurance Consultants Ltd. His style of training is very informative, delivering brilliantly to meet the Organization needs.

He is a member of the Nigerian Institute of Management, Nigerian Institute of Training and Development, Chartered Institute of Personnel Management and Institute of Chartered Accountants of Nigeria. He is a certified data protection trainer, and member of the Data Science of Nigeria. In 2017, he was recognized with the Excellence in Business Leadership Award in Dubai and Excellence in Quality Management Award in Hong Kong 2018.

ACCOLADES AND DISTINCTIONS

Observant of SICL’s innovation and market leadership, independent bodies have bestowed a number of highly regarded awards and recognitions on the company. Notable among these is the coveted Insurance Broker of the Year (2021, 2022) at BusinessDay’s Banks and Other Financial Institutions Awards. 

For these achievements, Professor Salawudeen, the Group President and Chief Executive of Standard Group of Companies Limited (SGCL) is justifiably regarded as the Colossus of Insurance Broking in Africa.

Having paid his dues, he has received several international awards for leadership in business. For four consecutive years (2017, 2018, 2019, and 2020), he has received the prestigious “World Leader Businessperson’ award from the World Confederation of Businesses (WORLDCOB). 

In 2021, the UAE Africa Networking Group, a Dubai-based networking business platform that promotes collaboration between top business leaders in the United Arab Emirates and their peers in the African continent, bestowed on Salawudeen the “Titan of Africa” Award. This recognition was for his immense contributions to the development of closer commercial and cultural ties among countries in the Middle East and Africa. 

In the same year, Foreign Investment Network (FIN) in partnership with Forbes honoured him with a Lifetime Achievement Award of Excellence at the FIN-FORBES Africa-UAE Trade and Investment Forum held at the Burj Al Arab, Dubai.

During a webinar with employees and partners to mark the event from his Dubai base, Salawudeen said that “Except Allah blesses a venture, the worker toils in vain. SICL that we see today owes everything to His favour. It has been an exciting journey. No one builds a business for 43 years all by himself. I thank the federal and state governments, regulators, our partners, management and employees for the support given to come this far. I am optimistic that the next forty-three years will be more awesome. This is the time to do more.”