A distinguished gathering of industry leaders, policymakers, and media figures convened Tuesday in Lagos to honour the life and legacy of late Olawale Omotunde Banmore, a respected insurance executive who passed on in December 2025 at the age of 62.
The event, marked as a Day of Tribute and Posthumous Book Presentation, celebrated his contributions to the Nigerian insurance industry and unveiled his final work, “The Claims Advantage: How Smart Insurance Firms Win and Keep Customers.”
Banmore, who served as managing director/CEO of Staco Insurance Plc with over two decades of professional experience in Insurance earned his PhD in the final phase of his life. The ceremony reflected both solemn remembrance and intellectual engagement, underscoring his enduring influence on the sector and the society at large.
Mohammed Kari, Wazirin Bauchi and former Commissioner for Insurance, who was chairman of the occasion, held at the Nigerian Institute of International Affairs (NIIA) Lagos described Banmore as “a steady voice of progress and professional discipline” throughout his leadership at Staco Insurance.
Kari also paid tribute to the event’s organiser, noting: “I must express my sincere appreciation to Shegun Adeniyi for the invitation to chair this occasion. He represents the very best of Nigerian journalism, grounded, loyal, and deeply committed.”
Reflecting on Banmore’s final work, Kari said the late executive produced the book under extraordinary circumstances. “He was driven by a conviction that ideas have a life of their own and that our industry must evolve to survive,” he said.
He commended the family for ensuring the publication of the book despite their grief. “Their determination ensures that his ideas will continue to inspire and guide the industry for years to come,” Kari noted.
In a forward-looking proposal, he called for the institutionalisation of the gathering. “I propose that we establish an annual ‘Dr. Olawale Banmore Memorial Lecture or Symposium’ to sustain conversations around insurance ethics, claims management, and consumer trust.”
Delivering the keynote address, Babatunde Raji Fashola, former Governor of Lagos State and minister of power, reflected on Banmore’s broader societal impact, particularly his commitment to education and alumni engagement.
“I did not have the privilege of knowing him personally,” Fashola said, “but I connect deeply with the philosophy that guided his life, the belief that those who pass through institutions owe them more than nostalgia.”
Highlighting Banmore’s involvement with his alma mater, Fashola described his contributions as “citizenship in action,” noting that he continued to support indigent students and invest in the institution even after serving as president of its Old Boys’ Association.
Fashola challenged alumni groups to go beyond social engagement. “Old Boys’ Associations must be custodians of memory, networks of capacity, and communities of obligation,” he said. “The true measure of an alumni association is not the elegance of its reunions, but whether the school itself can feel its impact.”
He emphasised four pillars of impactful alumni networks, memory, network, example, and continuity, adding that institutions thrive when their graduates actively give back.
“Banmore understood that loyalty is not ornamental, it is practical. He translated emotional ties into meaningful action,” Fashola stated.
Reviewing the book, Reuben Abati, broadcaster and former presidential spokesman, described the work as both timely and transformative for Nigeria’s insurance industry.
“Insurance exists to manage risk and uncertainty, but at its core is trust, the relationship between the insurer and the insured,” Abati said.
He highlighted the book’s central thesis: “ Banmore argues that claims are the defining moment in that relationship. How insurers respond at that point determines trust, reputation, and ultimately their success or failure.”
Abati pointed to a persistent trust deficit in Nigeria’s insurance sector, where policyholders often perceive insurers as reluctant to pay claims. According to him, the book positions claims management as “the industry’s ultimate battleground.”
Abati noted that the work blends theory with practical strategies, covering areas such as fraud control, claims monitoring, timely payment, and the integration of technology. “It highlights the role of AI-driven systems and automation in transforming claims processing,” he added.
The book also examines regulatory oversight by the National Insurance Commission and addresses claims management during crises, including pandemics and economic shocks.
“With Nigeria’s insurance penetration still below global averages, this book serves as both a wake-up call and a practical guide for reform,” Abati said.
Beyond its technical relevance, he described the book as a legacy project. “Written in the face of serious illness, it reflects a belief that ideas outlive individuals. It is a contribution that deserves to be widely read and applied.”
The event closed with a shared sense that Olawale Banmore’s legacy extends far beyond his years. Through his leadership, intellectual contributions, and final publication, he has left a roadmap for strengthening trust, innovation, and professionalism in Nigeria’s insurance industry.
As speakers repeatedly emphasised, the true tribute lies not only in remembrance, but in applying the ideas he championed.
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