Insurance Industry Without Irukwu

Professor Joe Irukwu who died last weekend at the age of 89 was one of the pioneers who developed the insurance industry in Nigeria. In this report, Ebere Nwoji captures the feelings of the industry operators on his contributions to the development of not only Nigeria but African insurance market

The foundation of insurance sector in Africa, no doubt was shaken  like an earthquake last  weekend by the news of the demise of Prof. Joe Irukwu, aptly described as Father of Insurance and the first and only Professor of insurance.

A moving insurance encyclopedia and a pioneer risk management guru and actuarial science Professor and pacesetter, Irukwu indeed  until his death stood tall and outstanding like an “iroko” tree among other experts, while his wealth of wisdom, knowledge and expertise in insurance was nonparallel. He  was well respected  as an institution and authority in insurance, which of course, he demonstrated in every opportunity and at international fora.

The solid foundation he laid for Nigerian Insurance sector and indeed African Insurance industry and his contributions will forever be remembered. It is on record that he was the brain behind the formation of the legal framework of insurance practice, writing professional books  to the actuarial  practice, forming and leading the various professional bodies and unions in the region and even championing the course of drafting the various laws guiding the practice of insurance profession in Nigeria and beyond.

Irukwu like the renowned  choral musician, George Fredrick  Handel,  who was said to be thinking about music even at his moment of death,  was said to be thinking and soliloquising on Nigerian insurance industry even while struggling with the cold hand of death until he breathed his last.

During his active years, the name Professor Joe Irukwu was synonymous with insurance profession to the extent that most Nigerian presidents know nothing about insurance other than Joe Irukwu.

But in the words of the famous playwright, William Shakesphere in his widely read book, “Merchant of Venice,” while speaking about the frailty of man and limited nature of his tenure in every sphere of life, irrespective of his popularity during that tenure, said,  “Hold the world but as the world, Gratiano, a stage where every man must play a part, and mine a sad one. God made him, and therefore let him pass for a man.” Professor Irukwu’s tenure as father of insurance waned like a shinning moon last weekend with the news of his death at the age of 89.

His death indeed, threw the entire insurance industry in Nigeria and across African region into deep mourning.

Indeed, Irukwu’s death though at a fair old age of 89 to an average insurance chief executive in Nigeria was as painful as the death of a youth because of his position and important role he plays in insurance industry even at old age.

It was as if insurance industry has been stripped of its crown of glory as though the industry has in the recent past lost its important  elders, operators’ hope and fate in the industry was still alive with the presence of indefatigable figure like Irukwu still supporting the industry from the background.

His Life

Professor Joseph Ogbonnaya Irukwu was born on July 20th 1934  and died on July 7th,  2023 .

He was a Nigerian insurance executive, lawyer, lecturer and author who wrote, published works about the insurance industry in Africa. He was also a President of Ohaneze Ndigbo, an ethno-political and social group that represents the interest of Igbos in the Nigerian polity.

Irukwu was the founding Managing Director of Nigerian Reinsurance Corporation, in 1989, he founded African Development Insurance Company (ADIC) which was later sold to Diamond Bank.

But Diamond Bank, following the Central Bank of Nigeria (CBN) directive on banks’ compulsory divestment from non banking business sold its 96.15 percent stake in ADIC Insurance  to NSIA Insurance which is currently one of the strong operators in the insurance market today.

In the words of the Controller/Head Human Resources and Admin /Corporate Services Nigeria Insurers Association who was recently appointed the Executive Secretary West Africa Insurance Companies Association(WAICA), Mr Davis Iyasere, “Whatever milestones Professor Irukwu has achieved in the politics and as a scholar pale into insignificance when compared with his contributions to the insurance industry in Nigeria and indeed in the African continent.

He was Nigeria’s first Professor of Insurance and Insurance Law and a leading African authority on Corporate Governance, Insurance and Risk Management.

His Academic Career

He obtained his degree in Law and Insurance from a British university in 1962. Upon returning to Nigeria, he found employment with West African Provincial Insurance Company, a British firm operating out of Lagos. Originally, a legal adviser, he rose within the firm and joined the managerial cadre of the firm’s insurance department in 1965. 

In the early 1970s, Irukwu began to conduct lectures in actuarial science at University of Lagos. In addition, he was involved in developing training programs at the West African Insurance Companies Association (WAICA) and at the West African Insurance Institute.

He was appointed chief executive officer of Unity Life and Fire Insurance Company and it was while working at Unity that his profile began to rise. In 1972, the government appointed him head of the student loans board, a committee with the responsibility to disburse loans to thousands of students. In 1977, Irukwu became the pioneer Chief Executive of Nigerian Reinsurance Corporation, a government owned business established to increase the local share of reinsurance premium income. Prior to the establishment of the firm, insurance firms in Nigeria, conducted reinsurance transactions with foreign companies. To boost the local insurance market and reduce foreign exchange out-flow, the government founded Nigerian Re. The new firm was given the right of first refusal for any reinsurance transaction to be conducted in Nigeria. One of Irukwu’s main challenges was to recruit and train talents in a line of business that was new to Nigeria. The firm engaged foreign institutions in the training of workers and sponsored a training school in Lagos.

Contributions to Insurance sector

He is a past president of WAICA, founding president of the Professional Reinsurers’ Association, past president of the Chartered Insurance Institute of Nigeria (CIITN), past Chairman of the Nigerian Insurers Association, 1981 to 1983, pioneer Chairman of the Nigerian Students’ Loans Board, now (Education Bank), 1972 to 1978 and Pioneer Managing Director of the Nigeria Reinsurance Corporation 1977 – 1989, former Chairman, African Continental Bank Plc and former Chairman Co-operative & Commerce Bank Plc., President of the Nigerian Insurance Law Association,  Chairman, Inter-Ministerial Committee on Review of Insurance Laws in Nigeria, 2009. He is a Senior Advocate of Nigeria and holds the National Productivity Order of Merit (NPOM) and Officer of the Order of the Niger (OON).

In 1990 at the International Insurance Conference in Paris, France, he became the first African to receive the John S. Bickley Gold Medal for Excellence, which is the highest award for an individual in the World of Insurance and Risk Management.  He is the founding Chairman of the African Development Insurance Company Limited and the Cargo Defence Fund of the Nigerian Shippers Council.

According to the former Chairman of the Nigerian Insurers Association, Mr. Godwin  Wiggle,  Irukwu has set a pace and blazed a trail which generations yet unborn will struggle to equal.

Wiggle described Irukwu   as  the leading light of the Insurance profession whom  the whole industry attest to the position of pride .

In his tribute to Irukwu titled,  “Professor Joe Irukwu: Eclipse  of Insurance Intellectualism,” Executive Secretary Nigeria Council of Registered Insurance Brokers (NCRIB) the umbrella body of all insurance brokers in Nigeria, Mr Tope Adaramola said: ”It’s no doubt a gloomy period in the Nigerian Insurance as another glittering star has dropped from its firmament, with the passage of the iconic  Professor Joseph Ogbonnaya Irukwu, SAN. The deceased bestrode the industry and financial sectors of the nation for so many years as a colossus, leaving behind a void that would be quite difficult to fill for a long time.

“There was hardly any constituent of the industry that was not positively impacted by Irukwus professional sagacity and intellectual sapience. In his hey days, Prof Irukwu was insurance while insurance was incomplete without him. Those who had not met him, knew or must have encountered his works.  He was able to occupy such a huge space in the industry partly due to a combination of  his solid legal background, fine mind, and unignorable physique as a six footer. With his a rich faculty and often lovely finery of suites, Irukwu often stood out distinctly amongst other personalities.”

From Insurance regulatory seat of power, National Insurance Commission (NAICOM) the Director /Head Corporate communications Rasaaq Salami said Irukwu’s death was a big loss not only to the insurance industry but to Nigeria as a country.

He said though death was one thing that awaits every one and Irukwu died at a fair old age everybody in insurance sector would have wished he never died.

He said this is because his contributions to the industry cannot be quantified.

Describing Irukwu as a legal luminary, an investor, an ideal statesman and an insurer par excellence, Salami prayed that God would forgive any shortcoming in his life and give his soul rest.