Prince (Dr) Feyisayo Soyewo MFR, is the Chief Executive Officer, Prestige Insurance Brokers Ltd, Past President, Nigeria Council of Registered Insurance Brokers (NCRIB) and Past Chairman, African Insurance Brokers Association. In an interview with Great Achiever Magazine, he spoke about his early life, educational attainment, profession and community service.
As a Professional Insurance Practitioner of about five decades of unblemished record and experience in the insurance industry, Prince Soyewo x-rayed the challenges and prospects of insurance business in Nigeria, giving a verdict that there has been tremendous improvement in insurance practice.
Excerpts:
Q: Kindly take us through your early life
A: I was born in Ago-Iwoye by modest and simple parents. My father, Jacob Soyewo, a big time and prosperous farmer was a great grandson of Balogun Meleki of Ago-Iwoye (from Ogunjobi dynasty). My mother, Juliana Poroye Soyewo is a truly Royal Princess from Ebumawe Royal Dynasty in Ago-Iwoye, Elerunwon Royal House in Erunwon and Eleruija Alaporu Royal House in Ilaporu.
After my primary school education (1957-1964), I enlisted at Itamerin Secondary Modern School, Oru-Ijebu. At that time, one could teach with Secondary Modern School Certificate, as my father had wanted me to become a teacher or pastor. But before I finished my modern school education, the minimum teaching standard had been raised to Grade 3 teacher’s certificate.
I later moved to Lagos at the invitation of my great Uncle, Late Captain Taiwo Phillips. I wasted another year in Lagos before returning to Ago-Iwoye for my secondary school education, 2 years after my primary school mates had finished secondary school. It took a lot of persuasion for me to accept to go to secondary school at age 19.
I had my Higher School Certificate education (HSC) at Molusi College, Ijebu Igbo, courtesy of Elites Club scholarship. I later sponsored myself to the University of Lagos after I had finished sponsoring the last of my mother’s children to University of Ife. I was 33 years old when I entered the University of Lagos, but finished with second class upper honours degree. I narrowly missed finishing with first class honours.
I had normal simple life as a growing up child and my parents were proud of me for being a good child that didn’t give them problems.
Q: What were the peculiar challenges you faced while growing up?
A: I had the problem of funding. Like I told you, my father had me at old age and some people didn’t even believe that my father would be alive to receive goodies and care from me when I come of age and be able to give back to the parents.
Funding my education was the major challenge. For instance, when I was writing my final school certificate examination at Ago-Iwoye Secondary School, my school fees had not been fully paid. The school bursar came to drive the debtors out of the hall. But to God be the glory, I sat for the examination, and out of 73 students that sat for the examination, I came second best in division 2, missing division one narrowly.
And again, coming from a polygamous home, my mother was the sixth wife. It wasn’t easy at all and I didn’t have anyone ahead of me in the immediate family that could encourage me. I was in the boarding house at Ago-Iwoye Secondary School because it was compulsory for students in class four and five to be in the boarding house. But in the hostel when students from the rich families opened their cupboards, you would find assorted beverage and the likes. But when I opened my cupboard, you would only find gari, and sometimes with packet of St. Louis sugar, that was all. I was not alone in this category but I was resolute and determined that I would make it.
Q: What lessons did those challenges teach you at that time?
A: That there is no mountain of life that is not surmountable with God’s grace, commitment and total dedication to the cause you are pursing. Learn not to blame your misfortune on anybody. Just be guided by the adage, “if you cannot fly, please run, if you can’t run, walk, if you can’t walk, crawl. For God’s sake, please keep moving. But always aim at the best always.
Q: How were you able to sponsor your siblings in their education as a young person?
A: At that time, I was already working. When the youngest of my siblings was to be admitted at the University of Ife, I was Head of Claims at Amicable Assurance. So, I took loan to sponsor her through her university education. Today, she has two masters and one doctorate degree and she is proprietor of progressive schools and colleges.
Q: Take us through your working experience
A: It was the grace of God. The testimonial I had from Molusi College, Ijebu-Igbo, was intimidating and was instrumental to my securing job appointments on platter of gold. At Molusi College, I was Deputy Senior Prefect, and when the non-academic staff of Molusi College went on strike, I approached the school principal and advised him not to send the boarding students away because he already had plans to send the students away as there was nobody to cook for them. I assured him that I would lead a team that would cook for the students. In disbelieve, he asked how I would do it. I explained to him and he surrendered to my wish and we did it for several days before the non-academic staff called off their strike.
So, my final school testimonial reflected my leadership qualities and good deeds. So, at each interview, when I presented my testimonial to the interviewers, they would read, look at my face with excitement and pleasant surprise and then passed it on to the other members of the panel. So, nobody helped me to secure jobs. I got them on merit and seamlessly.
That was how I started. I first taught at Holy Saviours College, Isolo for about two months. l left there and went to UBA. Wherever I applied for job, I would be invited for interview and offered the job immediately. I later got to Royal Exchange Assurance Company in 1975 where I had my tutelage in insurance. I was later appointed Insurance Officer at President Clothing Company Ltd; Head of Claims at Amicable Assurance Plc and Fire & Claims Supt at Lagos State Assurance Co (now LASACO) before establishing Prestige Insurance Brokers Ltd in 1988.
Q: What course did you study at the University of Lagos?
A: Business Administration. I later became the Vice President of UNILAG (COSIT) students union.
Q: How did you find yourself in insurance industry?
A: I’ve been in the insurance industry before I went to the university and the training they gave me at Royal Exchange Assurance stood me in good stead.
At Royal Exchange which was considered then as the training ground for insurance, I attended three different trainings/courses within my first year. Therefore, I was well groomed within a short period of time. When I moved from there, I became Unit Manager and later Claims Manager within a short period of 5, 6 years. Essentially, it was the training I received at Royal Exchange that put me in the stead.
Q: How would you rate insurance business in Nigeria today?
A: Insurance business in Nigeria is emerging. Insurance was introduced to Nigeria in 1920, just about a century ago. Whereas insurance, particularly marine insurance which is probably the oldest form of insurance is generally agreed to have been in existence in Rome and European countries about 14th – 15th century AD. As early as 1601, An Act of British Parliament was passed during the reign of Queen Elizabeth 1, which set up a Court of Arbitration for the settlement of disputes on Marine Insurance policies.
It will therefore be unfair to compare the level and sophistication of insurance operations in Nigeria with countries that have operated for about four decades.
With my almost 50 years of insurance practice, I am optimistic of a good future for insurance in Nigeria. There were a number of challenges that faced the industry in the past, impeding our developmental efforts. It is a lot better today. There is better collaboration now among the stakeholders with the National Insurance Commission (NAICOM). The industry is moving forward with great optimism.
Q: Despite the progress enumerated above, Nigerians still don't embrace the culture of insurance that much. Why do you think Nigerians are running away from taking insurance?
A: I don’t agree that Nigerians are running away from taking insurance, but it is true that insurance is not embraced as much as it should. So many reasons could be adduced; firstly apathy of so many years could be responsible for not fully embracing insurance. In those early days of Insurance in Nigeria, there were some ‘mushroom’ insurance companies whose claims payment procedures were faulty and laws to sanction them were not adequate or ineffective.
But after many recapitalization exercise of the industry, we now have strong underwriters who are able to meet their obligations under the Insurance policies. It is a pity that those with the old notion about insurance still find it difficult to jettison it despite the present realities.
Secondly, poverty and low disposable income of average Nigerians is another reason for the apathy and the thinking that insurance is the last thing they could have.
Thirdly is lack of insurance awareness. The level of Insurance awareness in Nigeria today is low and there is need to increase the campaign. The organized Insurance Industry has taken this challenge very serious in recent time and has taken the campaign even to the doorstep of secondary school students.
Insurance in advanced countries is the backbone of the economy. It is the backbone of the banks because the banks are supported by funds from the insurance industry unlike here where the banks are so big that they can swallow insurance companies. So, those could be the reasons, but with the ongoing campaign strategy of the entire industry, and favourable legislation and by the time economy improves, insurance will take its rightful place.
Q: The general complaint among Nigerians is that it is always difficult to get claims from insurance companies in case of any damage or problem. What is the association doing to address this?
A: That is an old notion which no longer applies today. It is a thing of the past. Today, claims are paid promptly and there are channels to seek redress. For example, The National Insurance Commission (NAICOM) has all the powers to compel a defaulting insurer to pay genuine claims and also has powers to withdraw the operating license of any defaulting Insurance company.
Q: The types of insurance that thrive in Nigeria today are those that are statutorily imposed or forced on people, like vehicle insurance. What is your association doing to motivate people to voluntarily take insurance?
A: Even the one that is made compulsory, people are still circumventing and running away from it. Maybe it's in our blood because if someone buys a car that costs millions of naira and cannot do a genuine insurance of about five thousand naira, it beats one’s imagination.
The compulsory building insurance was put in place almost 10 years ago and it covers owner’s liabilities to third party. For example, if a building collapses while visitors are there and it injures them or causes death, it is the liability of the building owner which if insured the insurance company will pay claims.
The industry would continue more aggressively on its insurance awareness campaign whilst hoping that the economy also improves.
Q: Is insurance business profitable?
A: I think it is profitable. Insurance is a form of business and I expect it should be profitable. Insurance business is a well organized and well managed international business with necessary buffers and absorbers that will see it as an ongoing concerns despite huge losses resulting in huge claims some of the time.
Q: Presently you are the Chief Executive Officer of Prestige Insurance Brokers. Tell us how its journey began.
A: I commenced my insurance career about 50 years ago. I worked with Royal Exchange Assurance, worked in the underwriting department and later in the claims department. The training and work challenges at the Royal Exchange Assurance prepared me for the early higher responsibilities and appointment. After 13 years of active underwriting and claims management, I felt I should go into the broking arm of the industry. So, I established Prestige Insurance Brokers in 1988. To God be the Glory, the company has remained one of the most reputable in the industry.
We are Award winners. We received the Insurance Brokers of the Year 2004 Award. Also, today we are a member of and shareholder in one of the Largest International Insurance Brokers Network - The Brokers Link. Prestige will be 34 years old later this year. We are professionally and ethical compliant, obeying the ethics of the profession as we continue to practice without blemish and make steady progress.
Q: We want you to share with us, an experience of one of the down moments of Prestige Insurance Brokers.
A: When I was the President of the Nigerian Council of Registered Insurance Brokers (NCRIB) between 2003 and 2005, I had no time for my business and that was the time the duty of implementing the provision of the NCRIB Act fell on me. They called me the Charter President of NCRIB and it was a most difficult assignment. So, I had no time for my business and so, business was not coming in for Prestige Insurance Brokers.
It was a time, NAICOM took NCRIB to court over the enactment of the NCRIB Act, but with the backing of the founding fathers of NCRIB, like Chief Akin George and Mr. T.A Braithwaite and of course, the grace of God, we won. The case even went to the Appellate court and we won again. So, it was a most difficult and trying period for me business-wise as I concentrate efforts on implementation of NCRIB Act provisions and business was not coming to Prestige.
Q: If you had not been in insurance business, what other profession would you have chosen?
A: When I was in higher school, I desired so very much to become a Medical Doctor or Pharmacist. Back in school then, my classmates called me Prof. especially after I won John F Kennedy memorial quiz competition at the school and regional level. My late uncle Dr. J.O Paul of Paul & Paul Chemist, one of the earliest and foremost Pharmacists in Nigeria was a great motivation. Again, the title Dr. was also fascinating, and as a science student, I decided I would like to become a Medical Doctor or Pharmacist. Those were my original plans, but God has His own plan for me just like anyone else.
Q: What kind of relationship do you have with members of your community, particularly your hometown?
A: Very cordial relationship. People refer to me as a man of peace and truly, I love peace very much. I don't easily get angry and I don't get offended easily because of the position God has made me to occupy especially in my community. For example, As the Olori Omooba of Ago-Iwoye, I host the Omoobas regularly in Ago-Iwoye. As the Asiwaju Onigbagbo, a title given to me by the Christians; The Muslim community also gave me the name, Habibulah, meaning friend of God and tacitly accept me as a leader, I host them regularly.
So, I am at peace with all of them at home having earned several notable appointments. I always pray to God to give me the wherewithal to discharge my responsibilities to all of them efficiently well because it is not easy.
Q: You have been described as great philanthropist by a lot of people, particularly those around you and those who have benefited from you. What has been the motivation for you to be spending so much money on philanthropy?
A: I don't want to ascribe too much to myself in that respect. But when the Spirit of God overwhelms and directs you, just go in that direction.
It has always been in my blood from the primary school days. For example, If I had two pencils, I would give one to my classmate that didn't have one. So, I started right from that time.
Before I established the Feyisayo Soyewo Foundation in 1991, I had one experience. I travelled to my country home one weekend and from the balcony of my old house, I saw a woman who was passing by on the main road with her daughter, shouting and complaining about the daughter's teachers, raining abuses and insults on them.
Curiously, I invited her to the house and asked her what happened. She explained that the teachers demanded for five hundred naira from her daughter for a specific school projects without notice and there was nowhere she could get it. I told her not to worry and I gave five hundred naira to the daughter to enable her go back to school, while I gave the mother 500 naira to go to the farm.
From there, I realized that there were many talents out there that poverty will not allow to develop to the fullest of their potentials. That was what motivated me and informed my decision to establish Feyisayo Soyewo Foundation, originally for the purpose of assisting brilliant and indigent students. I started with primary school and later moved to secondary school before moving to tertiary institution, and to the glory of God, hundreds have benefited from the scheme.
One day, I was nearly embarassed at Alapere, Lagos State where I was to attend a church service of a wedding ceremony. At the entrance of a church, one of the ushers welcomed me specially which I considered unusual. He asked whether I still remembered him, to which I said no. He told me he was a beneficiary of my scholarship programme and that he had graduated and working as a Medical Doctor. Tears of Joy rolled from my eyes and I held him.
I was again at a restaurant in Abuja on another occasion and another guy who was working with the Punch newspaper came and introduced himself to me as a beneficiary of my scholarship programme. All these give me great satisfaction and encouragement to do more.
Q: Aside from Insurance, which other business are you doing?
A: I am chairman of a Civil Engineering Company; I also have interest in an investment company as its Chairman.
Q: At a time you wanted to become the traditional ruler of your town, Ago-Iwoye. What gave you the motivation at that time?
A: When Oba Claudius Adetayo Adesanya (Girisayo) was nominated and approved by the government to become Ebumawe of Ago-Iwoye, some of our elders approached me that we should go and protest to reject him. I asked why, and they said that the Oba that was crowned in 1944 was educated and had Grade 1 certificate, and how come 44 years after we would install an Oba that was not educated. I told them that it was too late as the governor had approved his nomination. So, I did not join them.
Later on, they shelved the idea, but I led a delegation to the Oba elect at Odo (seclusion). He surprised me that day when he was told that Prince Soyewo was there. He greeted me with a warm embrace. I was pleasantly surprised when he described my mother as her elder sister. It was the beginning of my admiration and support for the Oba and also my close movement to the palace.
After his coronation, Kabiyesi wrote a letter to me appointing me as Aremo Oba of Ago-Iwoye. I joyfully accepted, but the Adanbiide Royal family rejected the title of Aremo Oba because I was one of the people being looked at in the Adan-bi-Ide family as possible candidate to ascend the throne when it is the turn of our family to produce Ebumawe. The family suggested to him that the only title he could bestow on me was Otunba Adan-bi Ide which would not stop me from becoming the Oba when it is our turn. He immediately accepted and offered the title to me. From that point, I started enquiring whether I was on the line to the throne.
When Oba Adesanya passed on, it was the turn of our family, Adan-bi-Ide, to produce the Oba. They started scheming, and I was told that I have been nominated along with others for the vacant stool. After my nomination, my friends started referring to me as Kabiyesi. So, that was the motivation.
I was taken to the family house where they introduced me to the larger house and was accepted as qualified and has right to the throne. After that, they started sending names to the Ifa Oracle and performing all other necessary rites to select the new Oba.
All my friends and supporters including a former Nigeria Head of State were also getting prepared and encouraging me to be, but my mother was not in agreement. She gave me some reasons why she was not in agreement.
But, because I have taken a vow before God that I would not fundamentally disagree with my mother, I immediately wrote my withdrawal letter and personally delivered it to the Deputy Governor in Abeokuta and travelled to USA thereafter just to avoid the pressure that was too much on me particularly from the kingmakers who were strongly by my side. The whole thing just came up that way and I agreed that it was the way God wanted it.
Before my withdrawal, a number of rituals had been performed by my family and some kingmakers in anticipation of my enthronement. It’s one of the reasons why today, I don’t leave my head uncovered today, especially in the public.
My letter of withdrawal from Ebumawe contest, paved the way for my most Senior brother to be installed as Ebumawe of Ago-Iwoye. We did not meet for about three years after his coronation until October 1995 when I was Chairman of Ago-Iwoye Day Celebrations, and Kabiyesi paid me a visit the day after Ago-Iwoye Day Celebrations and we reunited strongly until his demise. The relationship with his Olori, Mama Latifat Adewale after his death was also very cordial until she departed for great beyond recently.
Q: When you look back at your life, will you say you are fulfilled?
A: When I look at everything around me, I feel fulfilled. I am blessed; God has been gracious and wonderful in my life. He give me every good thing, no bad thoughts on my mind. The path of God which I follow everyday makes me happy. I enjoy reasonably good health, so I am happy. I was in the United Kingdom recently when one of my daughters celebrated her 40th birthday; it was as if I was the celebrant because all her friends came around and celebrated me and I was overwhelmed with joy.
God has always been there for me, which makes me to be happy always. I can only pray for a longer life in good health. I will be 72 later this year, and still young because my mother celebrated 100 years in good health. So, I feel fulfilled and give glory to God. I will keep thanking God every day of my life.
Q: There are many young ones who are looking up to you, derive inspiration from you and want to be like you. What is your message to them?
A: Fear of God. It is not just going to church or mosque or praying. The fear of God is the beginning of wisdom. They should allow their thoughts, their ways and the works of their hands to be directed by God.
Secondly, hard work. They should work hard to enable them achieve their goals in life. Heaven helps those who help themselves.
Thirdly, they should not be evil minded.
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