Standard Insurance Consultants Limited (SICL), one of Nigeria’s foremost insurance and reinsurance brokerage firms, recently celebrated a remarkable milestone—its 45th anniversary. Founded in 1980 in Ibadan, Oyo State, SICL has grown over four and a half decades into a powerhouse within Nigeria’s insurance sector.
The anniversary event, held on May 24, 2025, at the Lagos Continental Hotel, brought together key industry stakeholders, including representatives from the National Insurance Commission (NAICOM), insurance companies, international partners, and valued clients. This grand celebration marked not only SICL’s longevity but also its enduring commitment to professionalism, integrity, and service excellence.
SICL’s journey is a story of steady growth, adaptability, and resilience in a challenging business environment. Beginning as a modest brokerage firm, SICL now ranks among the top three insurance brokers in Nigeria. The company’s success is grounded in its dedication to ethical business practices and consistent promptness in premium remittance—a commitment that has earned it a sterling reputation within the industry. Speaking at the anniversary, Professor Ahmed Salaudeen, the company’s Chairman and Managing Director, emphasized the firm’s proactive approach to client service. He noted that SICL does not wait for the maximum 30-day period allowed by NAICOM for premium remittance but instead promptly remits premiums upon receipt from clients. This practice has reinforced SICL’s image as a trustworthy and reliable partner to both clients and insurers.
The company serves a broad and diverse portfolio, providing insurance brokerage services to sectors such as oil and gas, aviation, marine, construction, hospitality, manufacturing, agriculture, and banking. SICL’s ability to cater to complex and specialized industries has positioned it as a go-to broker for corporate Nigeria. Over the years, the firm has tailored its service delivery to meet the evolving needs of its clientele, fostering strong relationships built on mutual trust and professionalism.
In recent years, SICL has embraced digital transformation as a core element of its growth strategy. Recognizing the fast-changing technological landscape, the company is investing significantly in digital tools and platforms designed to enhance efficiency and improve client experiences. Initiatives include the development of a digital claims administration process, which aims to expedite claims settlement and minimize bureaucratic delays. Additionally, SICL is working on launching online platforms that will simplify access to insurance products, making it easier for clients to purchase, manage, and renew policies from the convenience of their devices.
Professor Salaudeen remarked, “Digitalisation is now a core focus as technology is fast changing our industry. We are committed to bringing insurance services closer to the people.” This forward-thinking approach signals SICL’s readiness to compete in an increasingly digital economy and to meet the expectations of a younger, tech-savvy clientele.
Corporate social responsibility (CSR) remains a vital pillar of SICL’s operations. As part of the 45th anniversary celebrations, SICL made a generous donation of N50 million to the Nigerian Council of Registered Insurance Brokers (NCRIB) to support the construction of its headquarters in Lagos. This act reflects SICL’s commitment not just to its own growth, but also to the development of the wider insurance industry and professional bodies that promote best practices and industry standards.
Furthering its CSR efforts, SICL announced plans to launch an endowment scheme focused on empowering women in insurance. The scheme, developed in partnership with the Chartered Insurance Institute of Nigeria (CIIN) and NCRIB, aims to create opportunities for female professionals through scholarships, training programs, and mentorship initiatives. This move underscores SICL’s recognition of the importance of diversity and inclusion in fostering a progressive and sustainable insurance sector.
The 45th anniversary also served as an occasion to reflect on the challenges and opportunities within Nigeria’s insurance landscape. Despite steady growth, the sector faces hurdles such as limited insurance penetration, regulatory complexities, and market volatility. SICL has positioned itself to be a leading force in addressing these challenges by advocating for regulatory reforms, investing in staff capacity building, and leveraging technology to expand insurance coverage.
Looking ahead, SICL’s leadership remains optimistic about the future. The company plans to deepen its market presence and expand its service offerings, including exploring new insurance products tailored to emerging sectors such as renewable energy and technology. By continuously adapting to market dynamics and client needs, SICL aims to maintain its leadership role and contribute meaningfully to Nigeria’s economic development.
Professor Salaudeen concluded, “As we celebrate this significant milestone, we renew our commitment to upholding the highest standards of professionalism and integrity. We are excited about the future and look forward to continuing to serve our clients and the industry with excellence.”
In summary, Standard Insurance Consultants Limited’s 45th anniversary is not just a celebration of years in business but a testament to its unwavering dedication to ethical practice, innovation, and social responsibility. With a strong foundation and a clear vision for the future, SICL is poised to remain a key player in Nigeria’s insurance sector, driving growth and helping to protect the assets and interests of Nigerians across all walks of life.
For more information on SICL’s services and initiatives, interested parties can visit the company’s official website.
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