“I left the National Insurance Corporation of Nigeria (NICON) and joined a dynamic, unique insurance broking firm in Ibadan(Femi Johnson & co). During the job interview, I met the Founder/CEO who offered me a salary of 300 Naira a month, even though I was earning 400 Naira a month at NICON. He told me, “The difference between the 400 and 300 Naira is that I will teach you insurance,” and that was enough for me”.
Mr. Wole Oshin is the founder and Group Managing Director of Custodian Investment Plc. He is an industry leader with over thirty-five (35) years’ experience and has at various times been a member of the Presidential Committee on Pension Reforms, Chairman of the Nigerian Insurers Association, Council Member of the West African Insurance Companies Association (Ghana), Council Member of the African Insurance Organization, and External Lecturer – West African Insurance Institute, Banjul, The Gambia. He sits on several boards, including the International Insurance Society (New York), Council Member of the Nigerian Insurers Association, Advisory Board of the Commonwealth Enterprise and Investment Council, and the National Council on Privatisation. He has received numerous awards including nomination as “African CEO of the Year” by African Reinsurance Corporation, a three (3) time awardee of the Top 25 CEO’s Award by the influential BusinessDay Newspaper and the 2019 Harvard Business School Association of Nigeria (HBSAN) Leadership Award for General Management. A graduate of Actuarial Science and a Chartered Insurer by Profession, he holds the Doctor of Finance (Honoris Causa) and is a Fellow of numerous associations, including the Chartered Insurance Institute of Nigeria, The Risk Managers Society of Nigeria, Association of Investment Advisers and Portfolio Managers as well as the West African Insurance Institute, Banjul, The Gambia. He is a past President of the Lagos Business School Alumni Association (LBSAA), as well as an alumnus of the Harvard Business School (OPM 42).
What inspired you to pursue a career in the insurance industry?
My journey into insurance was somewhat accidental. I began studying Computer Science at the University of Lagos. During my first term, the Dean of the Faculty of Business Administration noticed my mathematical background and suggested I transfer to the Faculty of Business Administration, specifically to the Department of Insurance and Actuarial Science. After considering his advice, I made the switch to Actuarial Science. So, my first contact with Insurance was through Actuarial Science, which is a related field. That’s how my journey began.
Reflecting on your career, what have been the key milestones that shaped your path to your current role at Custodian Investments Plc?
Studying Insurance at university sparked a desire in me to make a difference. By my second year, I was clear that I would one day set up an insurance company. Fast forward a few years, I founded Custodian and Allied Insurance Limited in 1995. When we received our license, our primary goal was to disrupt the industry. We started as a small, nimble, and fully computerized company with a young team. Initially, we were a single-line business, but we soon expanded by obtaining a life insurance license, making us a composite insurer. Going public was another milestone, giving us visibility and access to more capital.
We also decided early on to grow Custodian both organically and through mergers and acquisitions. We acquired two companies, significantly increasing our balance sheet size and business scope. Recognizing the need for diversification for stability in the Nigerian market, we transformed into a financial services institution. This led us to expand into other sectors such as pensions, property, trusteeship, and finance. Today, we are a diversified financial institution focused on complementary areas, which have been key milestones on our journey of growth and expansion.
If you had the opportunity to advise your younger self at the start of your career, what would you say?
I would say, have a plan, have a vision, be informed, and stay focused. In my case, I had already envisioned founding an insurance company at the age of 18. As an undergraduate, I had a clear vision of entering the insurance industry and establishing my own company. From that point on, my life has been a journey of execution—taking consistent steps to realize that vision.
What was the biggest lesson you learned during your university years, and how did it influence your career?
University taught me several important lessons: time management, owning my plan and vision, and the value of networking. Unlike secondary school, no one in university would chase you if you didn’t attend classes or complete assignments. We only had one exam at the end of the year, so planning was essential. At the same time, I learned to network, socialize, and balance all of this without neglecting my studies. For me, it was a training ground for becoming a good time manager ,planner and entrepreneur.
Can you talk about your first job and the most important thing you learned as a young employee?
The story of my first job is a long one but I will try and make it brief. I was among the first set of graduates to experience the effect of the Structural Adjustment Programme policy of the military government in the mid 1980s. As a youth corper, I was not retained at the National Insurance Corporation of Nigeria (NICON), where I completed my youth service. However, I knew I wanted to work in insurance, so I kept knocking on doors. Eventually, I was given an audience by the Managing Director of NICON, who told me there was no job due to a recruitment embargo. I told him I didn’t need to be paid, and after some persistence, I got the job—without pay—because gaining experience was more important to me than earning a salary. I knew that every day spent at home was a day of lost experience for my future and my vision.
For how long were you not paid at that job?
I worked without pay for over a year. My head of department eventually found out when she recommended me for a promotion and discovered I wasn’t on the payroll. She was shocked and immediately contacted the MD, who admitted he had completely forgotten about me. My salary was backdated for the entire year, and I was officially added to the workforce. That’s how my career truly began.
That must have taken some tenacity to keep working for a whole year without pay. How did you manage?
I was quite entrepreneurial. I did various things on the side, like breeding dogs, providing laundry services etc. But despite these ventures, I was always single-minded about my vision in insurance. It was an experience that I draw upon even today.
How would you describe the current landscape of the insurance industry in Nigeria?
The current landscape of the insurance industry is vastly different from when I started. I am glad to see the changes, as many of them are things we envisioned when we entered the industry. Insurance has become more acceptable today. The average insurance professional is now on par with a banker, whereas before, we were considered the poor cousins of bankers, often not even wearing suits. Today, the industry has matured, attracting talent from all sectors, which wasn’t the case in the past.
What do you think caused the switch? Was it just the perseverance of a few key players?
Yes, a few key players were intentional about changing the face of the industry. It was like a catalyst. These players recruited talent from firms like KPMG, PwC, and banks, and also absorbed professionals laid off by banks. These new recruits brought a professional culture that transformed the work environment in the insurance sector. Over the years, the industry has evolved into a profession that anyone would be proud to be part of.
What do you think is the future of insurance in Nigeria?
In my view, the future of the insurance industry in Nigeria will mirror what we see in other countries, where insurance companies own banks, are key investors in infrastructure, and lead in various sectors of the economy. We are gradually getting there, and I see a future where the government can no longer ignore the insurance sector.
What are the biggest challenges facing the insurance industry in Nigeria today, and how are you addressing them?
One of the biggest challenges is the poor image of the industry, which is largely a perception problem. Many people believe that insurance companies don’t meet their obligations—that they collect premiums but don’t pay claims. Another critical issue is the low insurance penetration. We’ve barely scratched the surface of the potential that exists, which also highlights the industry’s enormous growth potential.
How does Custodian Investments Plc differentiate itself from other insurance providers in Nigeria?
Custodian Investment Plc is the holding company, but I will focus on what differentiates our insurance company. The core differentiator is service delivery, particularly in terms of turnaround time. How quickly do we pay claims? How efficient is our service? We rate ourselves on these benchmarks. This is enabled by a robust IT platform and a team of intelligent, young, and committed staff. The empowerment of staff is key as it allows them to make decisions quickly, avoiding the hierarchical, long-winded processes found in many other companies. This has led to a lot of business referrals and return clients.
What role will technology play in the future of insurance in Nigeria, and how is Custodian Investments Plc leveraging technological innovations?
Technology is rapidly transforming every industry, and insurance is no exception, especially with the advent of AI. We’re moving towards more direct interactions with insurers through various apps, where customers can complete transactions and even get claims paid without human intervention. While we have some regulatory limitations, over time, as the regulator becomes more comfortable with these systems, we’ll see even more significant changes in the industry.
Can you speak to some of the things you see coming?
I believe we will see more functions completed without direct human contact. We are already doing this on the underwriting side, where customers can take out motor policies or insure their homes digitally. However, when it comes to claims, there’s still some human intervention. This area is a bit tricky but will be a game-changer once we overcome it. I am confident that within a short period, we will achieve this.
What about things like embedded insurance, micro insurance? These are things people are speaking about.
Embedded insurance and micro-insurance are already part of the landscape for certain products and services. Some people are averse to the word “insurance,” so these products are embedded into financial services or loans that they are more comfortable with. It’s a way to offer protection without the triggering the resistance that some people have towards traditional insurance.
What advice would you give to individuals and businesses considering insurance coverage in Nigeria?
I would advise them to take insurance seriously. The insurance industry will perform. If you’re investing your money in assets, it’s only wise to protect those investments with insurance. You never know what might happen, so it’s essential to have insurance coverage for every asset you purchase.
Nigeria is navigating a difficult economic environment. What is your perspective about the prospects for professionals and businesses in the current landscape?
Doing business in this environment requires strategic thinking and patience. There’s a lot of money to be made, but also a lot to be lost. You need to be strategic and patient. If you can navigate these challenges wisely, you’ll come out stronger. It’s just a wave that will pass, so it’s crucial to hold on, make the right decisions, and avoid getting consumed by the uncertainty.
Where do you see Nigeria’s insurance industry in the next decade?
The insurance industry will be on par with banks. During my tenure as Chairman of the Nigeria Insurance Association, I strongly advocated for better branding within the industry. Currently, the insurance sector often finds itself at a disadvantage. However, in reality, the insurance industry is just as significant as the banking sector.
When we compare Nigeria to South Africa, for example, where they have about 15% insurance penetration while Nigeria’s is around 1%, it may seem like there’s a vast gap. But we’re not comparing like for like. In other countries, the pension and health insurance businesses are considered part of the insurance industry. Here in Nigeria, these sectors have been separated from traditional insurance. The insurance industry used to manage deposit administration and other pension-related services before the Pension Fund Administrators (PFAs) and custodians were established, and insurance companies had to transfer their assets into that sector.
From my perspective, if the insurance industry is to move forward, we need to unify our branding efforts and recognize that we are all part of the same ecosystem. If you consider the assets under management in the pension industry, the insurance sector, and the health sector, you get a clearer picture of the true scale of the insurance industry. I hope that one day we’ll have a single regulator overseeing all these sectors, bringing everything together.
Who has had the most significant influence on your professional life, and why?
In my quest to learn about insurance quickly, I left the National Insurance Corporation of Nigeria (NICON) and joined a dynamic, unique insurance broking firm in Ibadan(Femi Johnson & co). I was young, and though I had no reason to go to Ibadan, I knew that the firm would provide me with the training I sought. During the job interview, I met the Founder/CEO who offered me a salary of 300 Naira a month, even though I was earning 400 Naira a month at NICON.
He told me, “The difference between the 400 and 300 Naira is that I will teach you insurance,” and that was enough for me. That gentleman was Femi Johnson, who has since passed away. He was a tremendous inspiration to me. To this day, everything I strive to do is influenced by my experience with him.
Femi Johnson was an icon, the kind of person who only comes around once in a lifetime. I enjoyed working under his guidance , and he threw us into the deep end, where I learned a great deal in a short time. His impact on me was profound, shaping how I dress, how I conduct myself, my approach to marketing, and my determination to succeed. Most of what I am today in my profession is because of Mr. Johnson.
What has been the biggest lesson you have learned as a leader?
The most important lesson I have learned is the need to have a clear path and set goals but also to have a Plan B and Plan C. This is the essence of leadership, and it has helped me a great deal, especially in the kind of environment we operate in, where nothing is certain.
What do you value most when hiring candidates at Custodian Investments Plc?
Integrity and energy. When I am talking to someone, I want to see their energy and feel their commitment. Loyalty is also crucial.
What type of music do you enjoy, and who are your favorite authors?
I enjoy jazz, particularly Sadao Watanabe. I also like gospel music, with favorites like Dunsin Oyekan and Cece Winans. As for authors, I am a fan of Michael Gladwell. I read a lot of his books because I appreciate the way his mind works and how he draws insights from real life. Tim Collins’ “Good to Great” is another must-read for me. Anytime Michael Gladwell releases a new book, I make sure to grab a copy.
What do you enjoy doing in your leisure time, and how do you maintain a work-life balance?
In my leisure time, I love to play golf and travel. However, I haven’t done much traveling since COVID. Before COVID, I traveled extensively. Some of the interesting places I have visited include Singapore, which I really like, and Vienna, which is a beautiful city. Vancouver is also lovely, and Cape Town is stunning with its mountains and natural scenery. I am drawn to cities that offer nature, whether it’s water, forests, or trees.
What is your approach to achieving work-life balance?
I have certain rules I have adhered to since the beginning of my career. One of them is that I don’t take work home. I haven’t done that in decades. I can’t recall ever working on a file at home. When I get home in the evening, I don’t lock myself away in my study to work. Home is for family and relaxation. I compartmentalize my life and try very hard to handle what needs to be done within the space I am in at the time.
Where would you choose to spend a holiday within Nigeria and abroad, and why?
In Nigeria, there are two places I would mention, both of which I visited when I was very young, though I don’t remember much detail. The first is the International Institute of Tropical Agriculture (IITA) in Ibadan, which is a beautiful place, especially for nature lovers. I also like to visit Ikogosi Warm Springs in Ekiti State, and possibly go further to Idanre Hills, depending on the security situation. These are the kinds of places I am drawn to.
Abroad, I’ve covered most of the world, except for Australia and New Zealand. I think I’ll be visiting New Zealand shortly, and I am looking forward to that.
What has been your most challenging day at work?
Every day has the potential to be challenging. The key to overcoming challenges is mindset. For instance, during the COVID-19 pandemic, we had to shut down, but we continued working because we had already envisioned a scenario where we might have to work from home.
Switching to remote work was straightforward for us at Custodian because we were prepared. Remote work wasn’t common then, but we had no issues adapting. However, that was indeed a challenging time. Since then, we have established a committee that meets every day for five to ten minutes. It’s called the Emergency Response Team, and we discuss risk factors to ensure we’re always prepared.
