The immediate past Managing Director of LASACO Assurance Plc, Ven. Olusola Ladipo-Ajayi, said he experienced different challenges immediately he took over at the helms of affairs of the insurance company.
Speaking at the occasion of his retirement lecture/ 60th birthday celebration held in Alausa, Lagos, Ladipo-Ajayi said despite the enormous challenges, he never at any time discouraged or allowed the job to weigh him down.
“When you are called to the position of responsibility, it is not intended to be easy and that is why they called it position of responsibility. I never knew that the challenges of LASACO were as much as they were when I got there.
“I knew there were issues, problems and challenges but the reality on ground surpasses my wildest imagination. If anybody knew how bad LASACO was at that time and still voluntarily went into it, it would be like committing suicide. I have always believed in God and also believed he led me there. So when the challenges came like flood, I refer back to Him and he led me through.
“My first three months witnessed floodgate of complaints of outstanding liabilities. 1996 was my 23rd year in the industry and it never crossed my mind to chicken out and the reason was that I prayed about my taking the job and I told God like Moses, if you are not going with me, don’t send me there,” he said.
Speaking on recession, he said that this was the best period for Nigerians to re-insure, adding that insurance would help preserve their assets.
”Toyota Prado was N18 million in May but now, it is N32 million. If there is a lose, insurance will only pay you N18 million and will that buy you another Prado now? So the best thing is for you to devalue your assets and re-insure for the replacement.
Therefore, it is better to transfer your risk to insurance in this economic recession,” he said