Prince (Dr) Feyisayo Soyewo is the Chief Executive Officer, Prestige Insurance Brokers and past President, Nigeria Council of Registered Insurance Brokers (NCRIB). In an interview with Great Achiever Magazine, he spoke about his early life, educational attainment, profession and community service.
As a Professional Insurer with several years 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 a modest and simple family. I started my primary education at Awori Village, Ago-Iwoye and later moved to Mojoda-Epe, but subsequently finished at St. Paul’s Anglican School, Ago-Iwoye.
My father wanted me to be either a Priest, Reverend or a Teacher. Therefore, he enlisted me at Itamerin Secondary Modern School, Ago-Iwoye. At that time, one could teach with Secondary Modern School Certificate. But by the time I finished in 1966/67, the minimum teaching qualification had been raised to Teacher’s Grade II & III Certificate. So, my father wanted me to go to St. Andrew’s College, Oyo, so that I could have my teaching certificate.
But my uncle, Late Captain Taiwo Phillips said no, and he took me to Lagos where I wasted about two years. And that was why, when I entered secondary school in 1969, my mates in primary school had left two years earlier. My mates left in 1967, while I entered in 1969. I even didn’t want to go, but my elder brother said “whoever says that time is far spent does not have anything to do; this five years you think is very far will soon be here”. So, I had my secondary school education.
My father was an old man by the time he had me and the possibility of going further was very remote. But a club came to Ago-Iwoye, wanting to sponsor someone to higher school. The club conducted examination for us, I came first and won the scholarship for my Higher School Certificate (HSC) at Molusi College, Ijebu-Igbo.
After my secondary education, I sponsored myself to University of Lagos. I was 35 years old when I entered the university, but I had finished sponsoring the last child of my mother to University of Ife before I sponsored myself.
I had a normal simple life as a growing up child and my parents were very proud of me for being a good child that didn’t give them any problem.
Q: What were the peculiar challenges you faced while growing up?
A: I had the problem of Finance. Like I told you, my father had me at old age. Some people who didn’t know how God works were saying ignorantly then that my father may not benefit anything from me, thinking that by the time I would start work, my father would have gone. So, the challenge I had majorly was finance. For instance, when I was writing my final school certificate examination at Ago-Iwoye Secondary School, my school fees has not been fully paid. When the bursar came, wanting to drive the debtors out of the hall, I had to hide under the table, while my fellow students who were from rich homes guided and protected me by not allowing the bursar to see me. It was after he left that I emerged. But to God be the glory. Out of 73 students, I came second best in the final exams. I just missed division one narrowly. Those were some of the challenges I faced then.
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 that could just take me out of the situation. So, like I said, finance was the major problem. For example, when I was in secondary school, boarding house was compulsory for students in Class four and I went. But in the hostel, when students of the rich opened their cupboards, you would see something near Kingsway there, filled with assorted beverage and the likes. But when I opened my cupboard, you would only find garri, and sometimes when my mother was happy she would buy two packets of St. Louis Sugar for me. That’s all. But I was resolute and determined that I would make it.
Q: What lessons did those challenges teach you at that time?
A: If you are committed to a cause and know what you are doing, don’t blame your fortune or misfortune on anybody. One of my friends once said, where was his father when his mates were making money. That friend, where is he today? Take that idea away from your mind and be focused. An adage says if you can’t fly, run, if you can’t run, walk, if you can’t walk, crawl because God says keep moving and be dedicated to the cause you are pursuing with the hope that you will achieve your goals.
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 University of Ife, I was Claims Manager at Amicable Assurance. So, I took loan to sponsor her to the university.
Q: Take us through your working experience
A: It was the grace of God. When I finished from Higher School, I applied for work in many places. The first place I applied to, I was given three letters of appointment. The testimonial I had from Molusi College, Ijebu-Igbo, was wonderful. When the non academic staff of Molusi College went on strike, I was Deputy Senior Prefect. I approached the school principal and told him not to send the students away because he already had plans to send the students away as there was nobody to cook for them. I told him that I would lead a team that would cook for the students. He was surprised and asked how I would do it. I told him and we did it for over one week before the non academic staff resumed work.
So, my final school testimonial reflected my leadership traits and good deeds. Therefore, at the interview, when a member of the panel of interviewers read my testimonial, he would look at my face, then passed it to the other person with pleasant surprise on their faces. So, nobody helped me, I got the job based on merit and I was doing very well there.
That was how I started. Along the line, I first taught at Holy Saviours College for about one month. I left there and went to UBA. Wherever I applied for job, I would be invited for interview and offered the job thereafter until I got to Royal Exchange Assurance Company where I had my tutelage in insurance. I started moving from there and by the time I was going to the university, I was 35 years old, and a Claims Manager.
At the university, among some of my mates was a retired General who was 43 years old. He became the president of the union while I became the vice president at the university.
Q: What course did you study at the University of Lagos?
A: Business Administration.
Q: How did you find yourself in insurance industry?
A: I’ve been in the insurance industry before I went to the university. But the training they gave me at Royal Exchange Assurance stood me in good stead.
At Royal Exchange which is the mother of all insurance business, I attended six different trainings within one year. Therefore, I was 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 is emerging. After close to 50 years in that business, the future is good. We are just emerging. There were so many challenges that faced us in the past, especially legislation that didn’t favour insurance business in Nigeria, but we are emerging.
For example, we have a Commissioner that listens and he is working with us by moving insurance further from where the previous Commissioners left.
There is a better collaboration now amongst the stakeholders; the insurers, the brokers, the adjusters, the re-insurers, there is a better collaboration with the National Insurance Commission. Therefore, we are moving ahead.
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: So many reasons could be adduced for that. Firstly, apathy of so many years could be responsible for running away from insurance. Those days when we started insurance in the early seventies, our claims payment procedure was faulty and not the best. There were many ‘mushroom’ insurance companies then.
But after many recapitalisation, sanitation of the industry and the rest, we now have strong underwriters. Those who had the wrong notion about insurance found it difficult to jettison it.
Secondly, poverty. The poverty level is so high that people think insurance is the last thing they could have. They must feed, have their homes, forgetting that even if they have their cars and they lose it to armed robbers, it will cost a lot to replace and even some people may not get out of the misfortune.
Thirdly, those of us in the industry are increasing our awareness campaign. We are taking the awareness campaign to secondary schools now, not just university because many universities are now offering as a degree course, Insurance and Actuarial Science. But we are now taking it to secondary schools to educate them.
Insurance in other advanced countries is the backbone of the economy. It is the backbone of the banks because the banks are supported, unlike here where the banks can swallow insurance companies. So, those could be the reasons, but with the campaign strategy of the entire industry now, and good legislation that now favours us, by the time economy improves things will be okay. Now, the economy is bad and it is only people who are well to do that will talk about insurance, whereas insurance should be more important to those who are in the low level because if they die, payment will be made, if limbs are damaged, repayment will be made, if properties are lost to robbers, money will be paid in form of compensation. So, insurance is for everybody, but disposable income of an average Nigerian is very little that he seldom thinks of insurance.
Q: The general complaints among Nigerians is that it is always difficult to get claims from insurance companies in case of any damage or problem. What is your association doing to address this?
A: That’s an old notion which no longer applies today. That’s a thing of the past. But today, claims are paid promptly and there are channels, options and alternatives to seek redress.
If someone has genuine claim and it is not paid promptly, National Insurance Commission (NAICOM) has all the powers to pay and ask the insurance company to pay back to the commission. The commission can also issue query to the defaulting insurance company to show why its licence should not be cancelled. It is as good as that now.
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: The compulsory third party motor insurance is in the interest of motorists and drivers. What it implies is that when you drive your car, if you like, you can damage it. But if you are driving and you are careless enough to hit another person and cause bodily injury or even death to that person, or you hit another vehicle and damage it, that’s your liability. You owe a duty to operate in a way that you will not cause damage to other road users. So, one can take a third party motor insurance for five thousand naira, while insurance company can pay claims of up to two or three million naira if there is accident.
Even the one that is made compulsory, people are still circumventing and running away from it. Maybe it’s in their blood because if someone buys a car that costs millions of naira and can not do a genuine insurance of five thousand naira, it beats one’s imagination.
The compulsory building insurance was put in place almost 10 years ago and it covers liability to third party. 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.
Q: Is insurance business profitable?
A: I think so. Even with all the challenges, it is a profitable business with all the actuaries of life prediction which are near accuracy. For example, if you insure a set of people in a club or society, death is inevitable. But they have predicted that within a certain age, use this rate, all of them will not die one day. Then, fire, motor accident, general insurance and the rest of them is a pulling system. If one million industries take insurance and pay rateable amount, all of them will not catch fire one day. In one year, out of one million, maybe only 50 will catch fire and the amount payable on that 50 may be up to 75% of the total premium all of them paid. That is how it works.
Q: Presently you are the Chief Executive Officer of Prestige Insurance Brokers. Tell us how its journey began.
A: I commenced my insurance career close to 50 years now. I worked with Royal Exchange Assurance as Underwriter and later as Claims Manager before I started moving ahead.
By 1988, I felt I should go into the broking arm of the industry, so I established Prestige Insurance Brokers. That was 13 years after I started insurance business. To God be the glory, the company has remained one of the most reputable in the industry, even though we are not very big but we are at the forefront of insurance broking in Nigeria.
For example, we are Award winners. In 2004, we were the Insurance Brokers of the Year. Also, today we are a member of the largest International Insurance Networks, the Brokers link. We were an affiliate, later we became member and today we are shareholders.
We are making steady progress. One thing about Prestige Insurance Brokers is that, this far, we have never received a query from the regulatory body of insurance in Nigeria, NAICOM or from government or anywhere. Obeying the ethics of the profession is our hallmark, and maybe that’s one of the reasons why we are not too big.
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 Nigeria 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 again, business was not coming in for Prestige Insurance Brokers, but I forged ahead.
At a time, NAICOM took NCRIB to court but with the backing of the founding fathers of NCRIB, like Chief Akin George, Chief T.A Braithwaite, 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, because business was not coming to Prestige. But at the end of the day God saw us through. Indeed, this was the most difficult time for me in the industry.
Q: If you had not been in insurance business, what other profession would you have chosen?
A: When I was in the higher school, I vowed to be either Medical Doctor or Pharmacist, otherwise, nothing else. In school back then, my classmates and friends were calling me Prof. Infact I won John F Kennedy quiz competition at the regional level, but I dropped at the national level. They called me Prof. because my late uncle, Baba Paul of Paul & Paul Chemist was one of the earliest and foremost Pharmacists in Nigeria. Secondly, when the Doctors came around, I got fascinated by the appellation, ‘Doctor’, and as a science student, I was aiming to become a Medical Doctor or Pharmacist. Those were my original plans, but today God has his plans for me just like anyone else.
Maybe God knew that I wouldn’t have been a good Medical Doctor, that’s why He chose insurance for me.
Q: What kind of relationship do you have with members of your community, particularly your hometown?
The relationship is very cordial. People refer to me as a man of peace and I love it very much. I don’t get angry easily and I don’t get offended easily because of the position God has made me to occupy in my community. For example, I am the Olori Omooba of Ago-Iwoye. I host the Omoobas regularly in Ago-Iwoye. I am the Asiwaju Onigbagbo, a title given to me by the Christians. The Muslim community also gave me the name, Habibulah, meaning friend of God.
So, I am at peace with all of them at home having conferred several chieftaincy titles on me. 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 my primary school days. 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 started the Feyisayo Soyewo Foundation in 1991, I had one experience. I came home and saw one of my classmates in secondary school who looked very old and I passed by him without recognizing him again. He looked so old that I was about prostrating for him before I realized that he was my classmate and age mate.
Again, I was at the balcony of my old house one day when one woman was passing by on the main road with her daughter. I heard her shouting at the daughter that she should carry the basket and follow her. She was complaining about her daughter’s teachers, raining abuses and insults on them.
Curiously, I invited her to my house and asked her what happened. She said it was the stupid teachers that demanded for five hundred naira from her daughter 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 five hundred naira to go to her farm.
From there, I realized that there were several talents wasted and not allowed to come back in life because of poverty. That was what informed my decision to establish Feyisayo Soyewo Foundation originally for the purpose of assisting brilliant but indigent students. I started with primary schools and later moved to secondary schools before moving to tertiary institutions.
One day, I was nearly embarrassed at Alapere, Lagos, where I was to attend the church service of a wedding ceremony. At the entrance of the church, one of the ushers almost prostrated and I said this was unusual. I held him and he asked whether I still remembered him, to which I said no. He said he was one of the beneficiaries of my programme and that he had graduated and working as a Medical Doctor. Tears of joy started rolling from my eyes and I held him.
I was at a restaurant in Abuja, another guy who was working with Punch newspaper came and told me the same thing that he was a beneficiary of my programme. As I’m talking now, we are working on another batch, and at most it will cost me about six million naira which is not too much. So, I enjoy developing human capital. And if I don’t do it I will be sick.
Q: Aside from Insurance, which other business are you doing?
A: I have a Civil and Engineering Company under the registered name of Immaculate Nigeria Limited. I also have Feyisayo Investment Limited which is solely for investment. It does cash and other forms of investment.
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 Adesanya (Girisayo) was to become the Oba, some of our elders approached me that we should go and complain and carry placards to reject him. I asked why, but they said the Oba that was there since 1944 was educated and had Grade II certificate, and how come 44 years after we would have an Oba that was not certificated? I told them that it was late to complain after the governor had approved his nomination. So, I said I will not follow them.
Later on, they shelved the idea, but I led a delegation to him at Odo (seclusion). He surprised me that day when he was told that Prince Soyewo was there. He greeted me with warm embrace. He asked who was my mother out my father’s wives. I was shocked when he described my mother which showed that he knew my mother very closely.
When he was installed, he wrote a letter to me that he wanted to appoint me as Aremo Oba of Ago-Iwoye. I joyfully took it to the family, but the family wrote back to him to say that I could not be Aremo Oba because I was one of the people being looked at in the Aban-bi-Ide family to ascend the throne when it is the turn of our family to produce the Oba. The family suggested to him that the only title he could give me was Otunba Adan-bi-Ide which would not stop me from becoming the Oba when it’s my turn. He immediately 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’ve 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 and they accepted me as someone qualified for the throne. After that, they started sending names to the Ifa Oracle and performing all other necessary rites to select the new Oba. There were some manouvers and the rest of them.
But unknown to some people, I’ve been called, I won’t mention names, but one Baba, who is now late, offered to give N1m, saying that he didn’t know me but he knew my father very well as a good man. They took me to the Deputy Governor then, infact they did everything, telling me that I should not worry.
But from my own side, all my friends and people around me including a former president were involved. They started planning in earnest, but at the end of the day my mother was not in agreement. She said she would not allow me to be. I was operating and my mother was operating. She went to her two uncles and fought seriously with them.
At the end of the day, it just occurred to me that I should call my mother. So, I called my mother inside the room and said Mama, they wanted to make me an Oba and you were against it, why? My mother said you were just coming back to your senses now. I asked why, and she gave me five solid reasons. But, because I’ve taken a vow before God that I would not fundamentally disagree with my mother, it was that night I wrote my withdrawal letter and personally took it to the Deputy Governor in Abeokuta the following day. The one for the local government chairman in Ijebu-Igbo was taken to him. Thereafter, I travelled to America just to avoid the pressure that was too much on me particularly from the Afobajes who were strongly by my side. The whole thing just came up that way and I agreed that was the way God wanted it.
However, when my great brother, the Kabiyesi, Oba Lateef Adewale, who later became the Oba saw my withdrawal letter, he was shocked. He and his wife came to my house to talk about my withdrawal letter, asking what happened. I said yes, the letter was from me and it was an irrevocable final decision from me. So, they prayed for me.
I later told him that we should show the world that there was nothing to fight for, and I pledged my total support for him, while I advised him to carry me along in everything. But unfortunately, he later reneged.
After coming back from a two-week course in Zimbabwe, I saw a publication in the newspaper that he was already in Odo (seclusion) without informing me.
I later sent my wife to pay him a visit at Odo with cash gift and other befitting items. When my wife got to Odo, he received her warmly and my wife told him that I said I had no foreknowledge of his going to Odo. But he told my wife that the elders said he should not tell me anything again. I felt a bit disappointed.
When the Oba got to the palace after leaving Odo, they wrote a letter to me that they wanted to equip the palace and that I would be the Chief Launcher. I said to myself, enough of this insult.
In the letter, I saw the signature of my highly respected brother, Chief Martins-Kuye, who I could never be rude to. But I was rude to those who brought the letter. After that, the Kabiyesi sent a horsetail through another emissary including my brother, Chief J.K Olaitan and my sister, Prof. Moji Ogungbe who informed me that the Kabiyesi said if I wanted him to become the Oba, I should accept the horsetail. But I rejected vehemently and even threatened to burn the horsetail if they did not take it back.
Thereafter, the coronation ceremony was held in my absence and for three years I didn’t set my eyes on the new Oba. Few years after, I was invited as the Chairman of Ago-Iwoye Day Celebrations, but I rejected. The then Chairman of ACDC, Dr. Bayo Yusuf, a highly respected brother and my staunch supporter during the Obaship race prevailed on me to accept the Chairmanship of Ago-Iwoye Day Celebrations, to which I agreed.
Unfortunately for me at the event, they put my chair beside the chair of the Kabiyesi that we didn’t see or talk to ourselves for three years. When I got there, I greeted him and both of us were looking in different directions as we sat beside each other without any conversation. But after my donation was announced, Kabiyesi stood up, embraced me warmly and congratulated me, to which I reciprocated.
The following morning, the Kabiyesi called to inform me that he was coming to visit me. He came and he said he was in my house to apologise to me for whatever wrong he might have done towards me. So, we settled our differences amicably and he asked when I would visit him in the palace for reunion. I gave him a date and I called some of my respected and influential elders in the town, my friends and close associates and we visited Kabiyesi in the palace. He was highly elated to see us and all of us rejoiced together.
Q: When you look back at you life, would you say you are fulfilled?
A: When I look at everything around me, I feel fulfilled. I’m blessed, God is wonderful because He gave me rest of mind with no bad thoughts on my mind. I don’t pay evil with evil, if I do good and you repay me badly, I’m not bothered. The path of God which I follow everyday makes me happy. I’m not suffering, my children are doing well, I enjoy good health, so I’m happy. I was in United Kingdom recently when my daughter 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 is always there for me, which makes me to be happy always. I can only pray for long life and good health because I’m still young. I will be 72 years old in my next birthday, so, I’m still young because my mother was 100 years old and was still dancing at that age. So, I feel fulfilled and give glory to God. I will keep thanking Him everyday 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: The first message is the fear of God. It is not just going to Church, Mosque or praying five times a day. That is not enough. The fear of God is the beginning of wisdom.
Secondly, hard work. They should work hard to enable them achieve their goals in life.
Thirdly, they should not be evil minded, but believe that what will be, will be.
