Challenging times for Guinea Insurance

The announcement last week of the resignation of the top two management executives of Guinea Insurance plc, an Emeke Offor Company, once again signaled another crisis in the life of the 65-year-old underwriting firm.

It’s been hard time for the company even as its shareholders have largely become disenchanted with developments in the company, having really not shown any pointer to compete effectively in the market for over a decade now.

Polycap Osee Didam, according to the Company has been appointed executive director, Operations to take over from Soji Emiola, former managing director and Emeka Onuselogu, former deputy managing director, whose resignations commenced September 1, 2013.

The history of Guinea Insurance plc dates back to the year 1948 when British West African Corporation Limited (BEWAC) opened an Insurance Department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. In 1950, the Agency was extended to Norwich Union Fire Insurance Society Limited, United Kingdom.

In response to Business Growth and to maximise available opportunities, Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited and British West African Corporation Limited jointly incorporated an insurance Company.

Thus, Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51 percent majority shares before the indigenisation decree of 1976, reversed the holding to 60 percent Nigerian interest, 40 percent overseas. The Overseas Shareholders divested their 40 percent holding to existing Nigerian Shareholders in 1988 thereby making the Company 100 percent Nigerian.

This was followed by acquisition of majority shares by Chrome, a company owned by Emeka Offor, who today leads the board of the company.

Emiola

Soji Emiola, who became the managing director of Guinea Insurance on November 1, 2010 was the executive director and head of Cornerstone General Business, an arm of Cornerstone Group. A chartered insurance practitioner with over two decades cognate post-qualification experience spanning lecturing, underwriting, corporate planning, branch networking, business development and marketing.

He joined Cornerstone Insurance in 1992 as a senior executive in the Motor, Marine and Claims unit and rose through the ranks to be the executive director/head of General Business through dint of hard work. Soji, who is an alumnus of the prestigious Lagos Business School and Wharton Business School, USA holds a Bachelor of Science degree in Insurance from the University of Lagos and a Master’s degree in Business Administration.