DANIEL OLUWATOYIN
AMUSAN: Pushing Upwards
The success story of
WAPIC Insurance Plc is such that major players in the business of
Insurance in Nigeria are seriously wondering what is the magic
wand of the helms man who happens
to be Daniel Oluwatoyin Amusan.
Barely six years into
the management of a turn around maintenance at WAPIC Insurance Plc,
the company has acquired a new status.
You can as well say that the days of prosperity have
returned to WAPIC Insurance Plc, thanks to the visionary and
result-oriented leadership of the MD/CEO.
Since Amusan joined
WAPIC Insurance Plc in April of 1998 as Managing Director/Chief
Executive Officer, the company has maintained a steady rise to the
top echelon of the business.
Being one of the oldest
surviving insurance companies in
Nigeria
, it is therefore not surprising that the
Company is holding on tenaciously to its experience in the
business of insurance.
Amusan’s ideal
WAPIC is that of an insurance company that people will like to
patronise. A company
where everybody that uses its services has actually had effective
cover, he said he wants a WAPIC that will change the face of
insurance, where the policy will be seen as a replacement of the
insured property.
WAPIC Insurance Plc
formerly West African Provincial Insurance Company Plc was
incorporated in 1958 as a private limited liability company to
transact Life, Non-Life insurance businesses in
Nigeria
. It
has earlier been established in 1955 as an Agency of Provincial
Insurance Company Limited of
UK
by late Igwe Dr. M. N. Ugochukwu
as Chief Agent.
As a result of the
impressive performance recorded by the Agency, Provincial
Insurance Limited of U.K decided to incorporate a local company
with some local participation.
WAPIC became a publicly
quoted company following divestment of Federal Government holding
in 1990 with its shares quoted on the floor of the Nigerian Stock
Exchange.
The Company is now a
composite insurance company licenced to underwrite all classes of
life and non-life insurance business.
The Company is one of the leading names in the insurance
industry having been in business in Nigerian actively since 1958.
The Company in order to
reposition itself for a better performance for the purpose of
offering better services to its numerous customers, decided to
shore up its capital by going to the Nigerian Stock Exchange floor
to raise N61.5 million.
The authorised share
capital and fully paid capital following the recapitalisation now
stand at N100 million and N90 million respectively.
Consequently, a new
share holding structure has been put in place in the repositioning
of the Company as follows. Intercontinental Securities Limited now
owns 60.5% of equity in WAPIC, Shipville
Limited U.K has 3 percent, Soweto State Government bought 1.1
percent, while other Nigerian citizens and association account for
the remaining 35.4 percent. It is worthy of note that the
Intercontinental Securities Limited is a subsidiary of
Intercontinental Bank Limited.
With a new identity and
a renewed commitment, we are poised to take on the challenges of
the new millennium. The
Company is committed to creating an insurance company of first
choice by providing reliable and efficient services through highly
skilled and experienced professionals while remaining socially a
responsible corporate citizens that create shareholders value.
A pointer to what is
today’s WAPIC Insurance Plc is the Company’s imposing Plaza at
119 Awolowo Road
in South-West Ikoyi,
Lagos
.
Daniel Oluwatoyin
Amusan - MD/CEO of WAPIC Insurance
Plc was born on
January 31, 1961
. He
has served the Financial Industry for over 14 years.
At WAPIC, he said they want to be a niche player.
Newswatch Special Feature, Friday, 15 November 2002
|
