Ogala Osoka
Ogala Osoka: Efficient Insurance Expert
Ogala Osoka, managing director and chief executive officer of Nigeria Reinsurance Corporation Plc, was appointed to the position in 1994. Nigeria Re by law has a mandate to compulsorily handle 20 percent cessions of each policy issued by Nigerian insurance companies. But it is expected to play a major role in stemming the outflow of reinsurance business from Nigeria formerly dominated by foreign firms.
On assuming office, Osoka has instituted a restructuring process of the firm to take it well equipped to deliver on its mandate. He has particularly pursued a policy of saturating the local retention capacity of insurance business here before placing them abroad. This has resulted in annual savings of about N4 billion that would have flowed out through premium obligations. The company has also contributed to the promotion of high standards of professionalism in the industry.
Under Osoka's tenure, Nigeria Re, has been recognised as an international reinsurer of repute participating in managing pooled risks of insurance companies and reciprocal arrangements outside the country.
It has also been playing key roles in such international bodies as the African Insurance Organisation, Federation of Afro-Asia Insurers and West Africa Insurance Companies Association. Osoka has brought his 26 years of experience in the industry to Nigeria Re. He started his insurance career in 1972 as an assistant manager, Unity Life and Fire Insurance Company. He later had a stint in Crieg Fester Re-insurance Corporation, London, in 1974.
He was senior manager, Nigeria Re in 1977 and an assistant general manager in 1983. Thus, his position there as CEO today is a sort of homecoming to him. Osoka was appointed executive director Continental Reinsurance Company Limited, Owerri, in 1987 and became MD/CEO, NICON Insurance Plc in 1989. It was from here that he swapped positions with Mallam Mohammed Kari then CEO, Nigeria Re.
Osoka attended City of London College, and Nothingham University, England. He has fellowship of the Chartered Insurance Institute, London; British Institute of Management. He is an associate member Chartered Institute of Arbitrators and a member of African Insurance Organisation. He has written books including "Insurance and Development in Nigeria" and "Insurance and the Nigerian Economy." He was recently elected president of the Chartered Insurance Institute of Nigeria.
Newswatch June 29, 1998
" Newswatch 1998