WELCOME ADDRESS BY CHAIRMAN BOARD OF DIRECTORS INSURANCE BROKERS OF NIGERIA LTD

Dr. Ojora and wife

WELCOME ADDRESS BY CHAIRMAN BOARD OF DIRECTORS

INSURANCE BROKERS OF NIGERIA LTD

Otunba (Dr) Adekunle Ojora, OFR, CON, JP

PROTOCOLS
* His Excellency, Chief Emeka Anyaoku GCVO, CFR, CON – Chairman of this Historic Event
* The Honourable Commissioner for Insurance, Alhaji. Mohammed Kari
* Distinguished Guests and Clients of IBN
* Captains of Commerce, Industry and Public Establishments
* Distinguished Ladies & Gentlemen of the Press
* The Board, Management & Staff of IBN

I welcome and thank you all for finding time to share this evening with my friends, colleagues and partners of IBN.

I believe that today’s Brand Identity Launch is a unique history-making event in our sixty two (62) year old company’s history.Yes, we are Nigeria’s first insurance brokers incorporated in 1955.

From inception in 1955, IBN was established in furtherance of partnerships with its Clients. It offered innovative services to meet the precise needs of each client and cultivated long term relationships that have been beneficial to all concerns.

Let me provide some historical perspective to today’s event. In 1954, the colonial government approved the Oliver Lyttleton Constitution which recommended significant changes to the political structure of Nigeria. The most significant change made by this Constitution was the creation of Autonomous Regions (Northern Nigeria, South Eastern Nigeria and South Western Nigeria) and the Federal Territories of Lagos and Southern Cameroons.

The immediate impact of this was increased economic activities by the various constituted authorities which began pursuing commercialisation of our agricultural and industrialization efforts. It was at this formative period of our march to economic growth that C. T. Bowring (a wholly owned subsidiary of Bowring Group which was a United Kingdom based company) was invited to provide insurance advisory services for the construction of the Apapa ports in 1954 among other commercial infrastructure projects. As a demonstration of its foresight, the leadership of C.T. Bowring recognized the potential of the Nigerian economy and fully established its operations in Nigeria. It adopted a collaborative strategy with its clients and entrenched professionalism at the heart of its work ethic. The success was unparalleled.

However, the first test of this strategy came in 1972, when the government passed the Nigerian Enterprises Promotion Decree which was also called the Indigenization and Nationalization Decree. The thrust of this Decree amongst others was the transfer of majority ownership of enterprises listed in Schedule I of the Decree to Nigerians. CT Bowring was affected by this Decree and consequently sold 60% of its stake to Nigerians and the firm was renamed Insurance Brokers of Nigeria.

As a young investor then, I made a strategic decision to acquire shares in C. T. Bowring and today I am glad to say that decision as one of the best investment decisions I made because the company has since validated all my assumptions.

Although the company got a new name (Insurance Brokers of Nigeria Ltd), it retained its strong fundamentals as a very reputable professional entity delivering top of the range services as well as good returns on investment to its stakeholders.

From all I have said so far, one will easily deduce that the major preoccupation of the IBN brand, team and leadership is to stay ahead of the market by pursing good business practices, innovation, client loyalty and competitiveness. Back in 2005 when IBN celebrated its golden jubilee, we promised to continue to reinvent ourselves and position appropriately to enable us continue to deliver real value to Nigerian business interests and our international clients. We have since taken several steps and today’s event marks a significant of all those steps in our quest to achieve our set objectives.

Consistency is Essential.

Just as Charles Darwin said, “It is not the strongest or the most intelligent who will survive but those who can best manage change”.

We have been consistently serving the Nigerian people and corporate enterprises over the last 62 years and recognise how much has changed since we started in 1955. IBN from inception has remained in the forefront of providing collaborative risk solutions to various strategic sectors of Nigerian economy. Our clients are more diverse than ever; their operational risks and business dynamics are varied, and always changing.

Throughout our evolution, one thing that has never changed is our commitment to create and deliver innovative risk and insurance management solutions that make each of our clients’ enterprise become more successful.

We know each IBN client’s need is different. Our solutions are unique to each business, and every decision we take is done with the best interest of our clients.

Whilst we remain the same company, with the same team of talented leaders and client-facing professionals, our new brand identity is a resurgence of our commitment to our clients that we are here for another 62 years as a truly independent company, focused on helping our clients venture boldly with confidence and maximise opportunities created from their enterprises.

Our success is derived from the strength of support of IBN Board, leadership, loyal, happy and committed professional colleagues that are always satisfied at giving the best to our clients.

We look at our clients as partners and above all as friends.

Ladies and Gentlemen, today is the celebration of the success story of a Nigerian company which has developed extraordinary ability to transact across the globe to deliver value for its clients. It is also a day to reiterate our abiding faith in the Nigerian economy which we became welded to from its infancy.

So whilst many people may see gloom in the Nigerian economy of today, our 62 years of experience teaches us to see new vistas of opportunities to be explored.

We believe in William Arthur Ward’s saying, “Nothing limits achievement like small thinking; nothing expands possibilities like unleashed imagination.”
Ladies and Gentlemen, relying on these words together with our experience and knowledge, IBN brings you exciting possibilities for the future.

I thank you for your audience!!!!

Otunba (Dr) Adekunle Ojora OFR, CON, JP

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