How Akin-George Built Business Across the Ocean [analysis]

Lagos, May 24, 2010 (Daily Independent/All Africa Global Media via COMTEX) -- When the news of the death of a business icon, John Akinwumi George, broke on April 27, it shook the entire business community. Not so many of his associates had expected the business mogul to passed on at this time. The concern was not that he was not old enough at 78, but his immense contributions to the development of industrial activities in the country.

For instance, based on his astuteness in the industrial sector, Akin-George, as he was fondly called, was before his death the president, Federation of West African Chambers of Commerce; Chairman, Nigerian-Korean Business Cooperation, and a member of the Executive Council of the Nigerian-USA Business Council, while he was also the Chairman/Director of the Board of Directors of several companies including, J. Akin George and Co. Limited; executive chairman, Marine and General Assurance Company Limited; executive chairman, JKN Limited; Associated Company of BICC Limited, London; and Balfour Beauty Construction Company Limited, UK.; chairman, Multimalt Nigeria Limited, Lagos; chairman, Waldstan Nigeria Limited; chairman, Ecobank Transnational Incorporated; Vice President, Fountain Trust Bank Plc; and a director of Ikeja Hotels Limited (owners of Sheraton Hotels & Towers and Federal Place Hotel).

In addition to his involvement in the above businesses, Akin-George was an active member of a number of organisations dedicated to the promotion of activities especially in the private sector of the Nigerian economy and played a leadership role in such organisation for many years.

He was, for example, the past president of the Nigeria-British Chamber of Commerce and its trustee; president, Insurance Institute of Nigeria (1972-1982), and member and later chairman of Ports Operation Committee.

He was also a past president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Fellow of the West African Chambers of Commerce, and chairman of African Insurance Brokers Association (AIBA) until his death.

He was also the chairman of Akin George Life & Pensions Consultants, J. Akin-George & Company, Incorporated Insurance Brokers, Trans Nigeria Agencies as well as the Vice President of Ecobank Transnational Incorporated (ETI).

He was a Fellow of the Corporation of Insurance Brokers and the Insurance Institute of Nigeria.

He was also a past president of both the Chartered Insurance Institute of Nigeria (CIIN) and Nigerian Council of Registered Insurance Brokers (NCRIB).

Akin-George, however, did not achieve all this on a platter of gold. He worked assiduously to attain the lofty height.

After his secondary education at Baptist Academy, Lagos, he attended the College of Insurance, London, where he graduated in 1960.

After graduation, he started work with the British Bank for West Africa now First Bank of Nigeria and later moved on to work for the Royal Exchange Assurance Plc, Dominion Insurance Company Limited; Wills Fabers Insurance Brokers and BD Cock and Partners Limited, all in London.

He set up J Akin George & Co (Incorporated Brokers Limited) in 1960; Sierra Leone Insurance Brokers Freetown Sierra Leone in 1964; Marine and General Assurance Company Limited in 1969 and the United Insurance Brokers Limited London in 1973 and was the Chairman of the defunct Marine and General Assurance Company Limited.

Based on the many achievements of Akin-George, many Nigerians have been lamenting the loss of the astute businessman.

For instance, Ogun State Governor, Gbenga Daniel, described the death of the businessman as a great loss to the country.

The Governor had in a statement by his Chief Press Secretary, Adegbenro Adebanjo, described the business icon as one of the country's leading entrepreneurs, adding that Akin-George championed the cause of the organised private sector and won respect for Nigerian businessmen.

The governor said the late businessman contributed immensely to the economic development of Nigeria while mentoring many successful businessmen and women, who took a cue from him. He also described him as a good family man, philanthropist and a pioneer entrepreneur as well as a leading light in the insurance sector who showed transparency, patriotism and commitment to the growth of the Nigerian economy.

Daniel noted that Akin-George had through his successful businesses, reflected the ability of Nigerians to hold their own in all sectors of the economy.

Apart from this, many other eminent Nigerians, mostly business leaders and organised bodies in the country's financial sector have poured encomium on the late financial expert.

They expressed shock at his demise, saying it was the least news they expected to hear.

Former Chairman and Managing Director, Unilever Nigeria Plc, Dr. Michael Omolayole, said he was confronted with the news he least expected at this time, describing Akin-George as a man of high repute in the finance industry.

He said Akin-George was a real economist and guru in the insurance industry, describing him as a very principled man. He said part of the legacies he lived for was the encouragement of the younger generations to follow the part of honour, honesty and hard work in everything, adding that his contributions to the growth of the nation's economy could not be over-emphasised.

Omolayole said his death would create a great vacuum in the insurance sector and every other business terrain that he traversed.

Also, Prof. Toyin Akinla said Akin-George was a true and total Nigerian, who did not discriminate against anyone on religious, ethnic or professional ground, noting that some of his attributes were honesty, love and dedication and that he was well known for his honesty and openness.

President of NCRIB, Dr. Teslim Sanusi, described the loss of the businessman as a significant chapter in the history of the insurance industry in Nigeria, which he said has been closed with the demise of one of the patriarchs of the insurance broking profession in Nigeria.

He said the industry would miss the unquantifiable role of the veteran who alongside a few others sowed the proverbial seed of the insurance industry in the early 60s. He added that the vacuum he left behind in the industry would be mostly felt by NCRIB and CIIN where he served as president at different times.

He said his record of service would be difficult to match, adding that in his lifetime, he was always enthusiastic about whatever task he handled for the council.

"No one who had the privilege to know or work with him is likely to forget in a hurry the candour of his speech, the courage of his faith as well as his tenacity of purpose, even in the face of the stiffest opposition," Sanusi said.

Similarly, Deputy President of Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Laide Osijo, who led a delegation of NCRIB members to condole with the family, said Akin-George was a father to all and a very intelligent person, whose demise would be greatly felt in the insurance sector.

"I cut my professional teeth with his company, Marine and General Insurance Company Limited in 1972 during which time he persisted I must study for my professional certificates in insurance," she said.

According to the Commissioner for Insurance, Fola Daniel, the insurance industry has lost a giant, a man he called a repository of insurance history and knowledge.

Also, Dan Okehi, a consultant for the insurance industry on oil and gas, described his death as a big blow to the industry in general.

Former President of NACCIMA, John Odeyemi, also described Akin-George as one of the greatest professionals and entrepreneurs who devoted a significant portion of his life to the promotion of the organised private sector in Nigeria in particular and West Africa in general.

Odeyemi noted that Akin-George contributed along with the late Adeyemi Lawson in the formation of ECO Transnational Incorporation (ETI), the parent company of Ecobank, describing him as a very straightforward, amiable businessman who was very collaborative with people and institutions for wealth creation.

He said examples of such collaborations were the establishment of several companies in banking, insurance, manufacturing and service sector. He was also a mentor to several people in the establishment of small and medium scale enterprises (SMEs) and several other social organisations, adding that he would be remembered as one of the foremost insurance brokers in West Africa as he was a great advocate of business-friendly policies in Nigeria and West Africa.

Also, chairman and publisher of The Guardian, Dr. Alex Uruemu Ibru, described Akin-George as a "big brother," who had been a towering example of how to do business in a country like Nigeria.

Akin-George was born to late Deacon James Adeboye George and Mrs. Elizabeth George on June 24, 1932.

He had his basic secondary class VI education at the Baptist Academy. He graduated from the school in 1953 after successfully completing his General Certificate of Education examination.

Immediately after his secondary education in 1953, he got a job as a clerical staff at the Bank of British West Africa Limited. In 1954, he moved to Royal Exchange Assurance Company Limited in same position and was there between 1954 and 1956.

To sharpen his knowledge and enhance his professional status in the insurance industry he travelled to the United Kingdom in 1957 to study insurance at the College of Insurance in London and completed the training in 1960. While in London, he worked with Dominion Insurance Company Limited and Willis Faber Insurance Brokers both as clerical staff and B.D Cooke and Partners Limited as Underwriting Manager.

Shortly after he got to the B.D Cooke and Partners, he conceded to the twitching entrepreneurial proclivity in him by forming J. Akinwunmi George & Co (Incorporated Insurance brokers) in 1960 and had ever since established himself as an icon in the business community both at national and international levels.

In addition to his involvement in the above businesses, Akin George was an active member of a number of organisations dedicated to the promotion of activities especially in the private sector of the Nigerian economy and has been playing a leadership role in such organisation for many years.

Akin-George had an assortment of chieftaincy titles, national and international awards and honours, one of which is Order of the Federal Republic of Nigeria (OFR, 1983).