OLUSEYI JOKOTOLA IFATUROTI

CORE COMPETENCIES /ATTRIBUTES

A prudent underwriter, claims administrator and funds manager. Strongly motivated natural leader with excellent working relationships with peers, employees and customers. Keen eye for reducing costs and improving efficiencies

 PROFESSIONAL EXPERIENCE /SELECT ACHIEVEMENTS

She worked with a number of Insurance companies in various capacities as an Underwriter, Claims executive, Technical and as well as a Marketing Executive. On completion of NYSC assignment with Bendel Insurance, she secured a job with African Alliance (Life & Pensions Specialist) in October 1982. From the position of Senior Superintendent in 1982, she rose to become the Head of Technical Operations Individual Business in1990 and later Head of Marketing in 1995.

In August 1998, she joined Equity Life Ins. Co. Ltd as the pioneer General Manager/Chief Executive after successful buy over and restructuring of First Nigeria Insurance Company then by Equity Indemnity Insurance Company Limited. Shortly afterwards she was elevated to the status of Managing Director.

She successfully took Equity Life through three levels of Statutory recapitalization with the last one concluded in February 2007 which took the Shareholders fund up to over N3billion. All these were achieved without the employment of external financial advisers or Consultants.

However, in 2008, Equity Life transformed to CrystaLife Assurance Company Limited with a Shareholders fund of about N5billion then and in 2010, the Company attained the status of a Public Limited Liability Company.

• In course of her Insurance working career at CrystaLife (now ARM Life), her job as CEO entailed policy formations as well as funds management apart from the core Insurance and Marketing functions.
• She was involved in various projects as follow:

* Change of name and corporate rebranding of First Nigeria Insurance co. to EquityLife Insurance co. 1998 in record time.

* Recapitalization of Equity Life Insurance co up to the Statutory Level of N20m before stipulated deadline of April 1999.

*Relocation of Head office to a more functional and conducive environment: 2000

*Recapitalization of Equity Life up to Statutory Minimum capital of N200m stipulated before deadline of February 2004, more than minimum was achieved before deadline.

*Mandatory increase in Min Capital to N2 b to be achieved by deadline of April 2007 achieved in excess if Minimum before deadline.

*Rebranding Agenda and Name change from Equity Life Ins. Co. to CrystaLife accomplished and went live on 08:08:08

* Five year growth (2007-2012) plan put in place for CrystaLife and successfully implemented. A five-storey building was concluded in Victoria Island for the Organization to be utilized as Head office. Various other landed properties  in choice areas were procured for the Organization , as she managed Life funds with Shareholders fund in excess of N7bn ( seven billion Naira).

• The financials of the Organization throughout the period were strong, the Actuarial Valuation by HRN Consulting Actuaries revealed persistent Actuarial surplus. The conversion to IFRS by IFRS Partners and establishment of ERM platform by Dun and Bradstreet were implemented before statutory deadlines.

• She took CrystaLife from a position of obscurity to prominence, from deficit in Actuarial valuation on acquisition to persistent Actuarial surplus year on year culminating in regular shareholder dividends. From a position of meager clientele and insignificant player to Major Player in Life Assurance sector of the Industry leading consortiums of underwriters in Oil and Gas, Public sector, Private sector Group life business policies.
• She championed the design of a bouquet of individual and group life products resulting from Research carried out into needs of the insuring public.

CrystaLife Assurance subsequently transformed to ARM Life (2013) following the implementation of CBN regulation that required Skye Bank being a major shareholder to divest from Non-Banking financial ventures and ARM emerged a winner of the transparent bid process of the then intending investors

PROFESSIONAL/INDUSTRY RESONSIBILITIES

• She is a past President of the Professional Insurance Ladies Association (PILA) 1999-2002 during which period the association was actively resuscitated from a state of comatose thus bringing in more female professionals to the fold and empowering them. The development witnessed a remarkable increase in professionally qualified females and the elevation of great number female professionals to executive positions.
• A past President of Chartered Insurance Institute of Nigeria (CIIN) 2005-2007 during which period she created a lot if awareness for the Insurance profession culminating in the industry’s best popularity at the capital market . She resuscitated Institute’s abandoned projects as well as automation of examination results among other achievements.

• Other responsibilities handled at the Chartered Insurance Institute of Nigeria include
• Elected member of Governing council from1993
•             Asst Education Secretary 1994- 1996
•             Member Adhoc Committee on the restructuring of CIIN secretariat (1994)
•             Chairman Activities Committee 2002-2004
•             Chairman Building Committee (Current)
•             Member Insurance Industry Consultative Council (Current)
•             Member Board of Fellows (Current)
• She is a past Chairman of the Advisory Committee on Life Assurance/Allied products of the Nigerian Insurers Association (NIA) being a member of the Governing council till 2013.
• In recognition of her efforts in the insurance industry, she was appointed to the Insurance Market Implementation Committee of the Financial System Strategy 2020 (VISION 2020).

RETIREMENT AND POST RETIREMENT

 She retired gloriously from CrystaLife Asst Education Secretary 1994-1996in June 2013to jointly establish Crystal Project Management and Claims Ltd (CPMC) with other experts in the Oil and Gas sector as well as to promote Steps to Greatness Foundation.

CPMC is a Project Management office servicing the Oil and Gas sector and she was involved in prequalifying the organization to take part in businesses of International Oil Companies via the NIPEX portal. The organization has been invited to various competitive bids in the sector.

Steps to Greatness Foundation is a youth foundation.

It is established towards promoting a society focused on greatness driven by excellence, diligence, moral integrity, transparency and ethics.

The Foundation is passionately seeking the gradual transformation of our youth into intellectual leaders of repute and integrity with the strong belief that this will nurture a more disciplined and corrupt free society and set our nation on the path of Greatness.

 AWARDS

Her numerous awards in recognition of her contributions to nation building in the area of insurance include: Women of Merit Gold award, Role Model Award for “We are the future of our nation” (WATFON) . In addition to the above, she received the “Women in Banking, Finance and Investments in Nigeria “award in recognition of her attribute in getting things done with high ethical standards.

PERSONAL

She is married to Ayodele Ifaturoti a Project Manager in Oil and Gas and blessed with 3 sons and 2 grandsons.

A devout Christian and Minister in the Lord’s Vineyard.