Joseph Ogbonnaya Irukwu (20 July 1934 – 7 July 2023) was a Nigerian insurance executive, lawyer, lecturer and author who wrote published works about the insurance industry in Africa. He was also a president of
Ohaneze Ndigbo, an ethno-political and social group that represents the interest of
Igbos
The Igbo people ( , ; also spelled Ibo" and historically also ''Iboe'', ''Ebo'', ''Eboe'',
/
/
''Eboans'', ''Heebo'';
natively ) are an ethnic group found in Nigeria, Cameroon, Gabon, and Equatorial Guinea. Their primary origin is fo ...
in the Nigerian polity.
Irukwu was the founding managing director of Nigerian Reinsurance Corporation, in 1989, he founded African Development Insurance Company which was later sold to
Diamond Bank
Diamond Bank Plc., was a Nigerian multinational financial service provider. Diamond Bank was acquired by Access Bank in December 2018, and announced to complete the transactions of the merger fully in the first half of 2019. On 1 April 2019, ...
.
Life
Irukwu was born on 20 July 1934. He obtained his degree in Law and Insurance from a British university in 1962. Upon returning to
Nigeria
Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...
, he found employment with West African Provincial Insurance Company, a British firm operating out of
Lagos
Lagos ( ; ), or Lagos City, is a large metropolitan city in southwestern Nigeria. With an upper population estimated above 21 million dwellers, it is the largest city in Nigeria, the most populous urban area on the African continent, and on ...
. Originally, a legal adviser, he rose within the firm and joined the managerial cadre of the firm's insurance department in 1965.
In 1970, he was appointed chief executive officer of Unity Life and Fire Insurance Company and it was while working at Unity that his profile began to rise. In 1972, the government appointed him head of the student loans board, a committee with the responsibility to disburse loans to thousands of students.
In 1977, Irukwu became the pioneer chief executive of Nigerian Reinsurance Corporation, a government owned business established to increase the local share of
reinsurance
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...
premium income. Prior to the establishment of the firm, insurance firms in Nigeria, conducted reinsurance transactions with foreign companies. To boost the local insurance market and reduce foreign exchange out-flow, the government founded Nigerian Re. The new firm was given the right of first refusal for any reinsurance transaction to be conducted in Nigeria. One of Irukwu's main challenges was to recruit and train talent in a line of business that was new to Nigeria. The firm engaged foreign institutions in the training of workers and sponsored a training school in Lagos.
Academic career
In the early 1970s, Irukwu began to conduct lectures in actuarial science at University of Lagos. In addition, he was involved in developing training programs at the West African Insurance Companies Association (WAICA) and at the
West African Insurance Institute.
Irukwu published his first book, ''Insurance Law and Practice in Nigeria'' in 1967 and his second book, ''Accident and Motor Insurance in West Africa'' was published in 1974. His third book, ''Insurance Management in Africa'' was published in 1976.
Death
Irukwu died on 7 July 2023, at the age of 88.
Works
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References
{{DEFAULTSORT:Irukwu, Joe
1934 births
2023 deaths
Nigerian businesspeople