New chairman of NIA bracing exciting career in insurance
Insurance trade group, the Nigerian Insurers Association (NIA) is fortunate to have the person of Tope Smart, managing director/CEO, NEM Insurance Plc lead its executive council at this time, just after Eddie Efekoha, managing director/CEO, Consolidated Hallmark Insurance Plc, another erudite scholar and great brain finished his tenure.
Known with ‘First’ since his young age, Smart born 14th April 1964 had his Secondary Education at Community Grammar School, OmuoEkiti where he completed his O’ level examination and emerged as the overall best graduating student in 1981.
In 1987, he graduated with a Second Class Upper degree Insurance at the University of Lagos, and also won the University’s prize for the overall best graduating student in Insurance department; as well as the Unity Life and Fire Insurance Company Limited prize for the best graduating student in Insurance in the same year.
Smart proceeded immediately after graduation for the National Youth Service Corps program at Everyman Insurance Brokers, Abuja where he was involved in the overall operations of the branch office, and was later offered employment as a Branch Manager with the same firm. He however left Abuja to join Nigerian-French Insurance Company Limited as one of the pioneer staff in 1989.
In 1991, Smart completed his professional examination with the award of CII London where he equally won the prize for Distinction in Property and Pecuniary Insurance. He served Nigerian French in various capacities and became an outstanding staff in the company. No wonder, he was rewarded with a double promotion and was made to head the Marine Unit of the company, a position he held till he left the company.
In 1991 he left Nigerian French and joined hands with two other people to pioneer Perpetual Assurance Company Limited as Assistant Controller. He later rose to the position of a Controller, barely a year after the company commenced operations in 1992. In 1994, due to his continuous impressive results he was again promoted to the position of Assistant General Manager (Operations) of the company.
In the year 1995, Tope Smart joined Vigilant Insurance Company Limited as the General Manager/Chief Executive Officer. In view of the outstanding results posted in two years, the Board in 1997 approved his elevation to the position of Managing Director/Chief Executive Officer with shareholding in the company. Smart transformed the company from N6 million annual premium income in 1995 to an industry leader with a recorded premium income of about N1 billion in 2005. The company was acknowledged and adjudged as one of the fastest growing insurance companies in Nigeria then. The company was not only making profit but consistently paid dividends to its shareholders throughout the period.
In 2007, Smart successfully spearheaded the merger arrangement between Vigilant Insurance Company Limited and NEM Insurance Plc, and was appointed the Managing Director of the merged entity. The company has since become the delight of shareholders and brokers alike.
He has properly positioned NEM to be one of the industry leaders today. The company has won several awards.
A visionary leader, Tope Smart, a very passionate Insurance Executive initiated the construction of a befitting edifice for NEM Insurance Plc. The building, now a pride to the Industry has contributed to the promotion of the image of the Nigeria Insurance Industry.
In 2009, he set up a subsidiary in Ghana, named NEM Insurance Ghana Limited which he wanted to use as a Springboard to launch out to other West African Countries.
Smart presently sits on the Board of Regency NEM Insurance and NEM Asset Nigeria Limited among others.
In 2014, he was appointed by the Federal Government as Co- Chairman of Insurance Industry Transformation Committee. An alumnus of Havard Business School, he is a member of Ikoyi Club 1938. Smart an Assistant Pastor with Redeemed Christian Church of God is happily married with children.