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Members of Nigeria Liability Insurance Pool (NLIP) consisting of a group of reputable underwriters were on hand to celebrate the retirement of Richard Olutayo Borokini, the longest serving chairman of the organization which took place recently in Lagos.
NLIP is an organization under the umbrella of Nigeria Insurers Association (NIA). The organization was established in 1988 with the mandate to reinsure members’ third party liabilities and domesticate accident reinsurance thereby conserving foreign exchange.
Richard Olutayo Borokini became chairman of NLIP in 2010 after a strategic merger of liability and equity pools. He applied for retirement at the end of 2015.
According to Edwin Igbiti, the new chairman of the organization, Borokini brought stability into the pool. “He actually managed the pool to the extent that it became the envy of the industry because people usually said that pools do not work.”
Peter Aluko, chief executive officer NLIP recalled the passion and dedication of Borokini during his tenure as chairman. He noted that under the former chairman, the pool survived and remains the only surviving pool in Nigeria today. “It is the best and keeps getting better. He (Borokini) is a prolific and technical person.”
He further said that under Borokini the pool members recorded profits and dividends were declared without fail in due time.
Speaking on the occasion, Richard Olutayo Borokin said he was delighted at the honour done to him.
“I am grateful for the opportunity for the opportunity to steer the affairs of the pool for five years and being the longest serving chairman. It would not have been possible without the support of our members and the staff of NLIP who gave us their support.”
He said the choice of Igbiti as the new chairman of the pool gives him confidence. He enjoined the members and staff to continue to give their support to the new administration.
“The pool has always been very profitable. While in Royal Exchange the investment from the pool always stands out. I feel greatly honoured. The institute needs your support to take it to the height that it is supposed to be.”
FRANK ELEANYA
