Onifade
BY NKECHI NAECHE-ESEZOBOR–Annuity is a special business that requires technology, financial capacity and the expertise of people who knows how to administer or manage the annuity.
These were the words of the Managing Director of Heirs Life Assurance Limited (HLA), Niyi Onifade, at the just concluded 90th mega bond certificate presentation ceremony of Lagos State Pension Commission (LASPEC) to it’s retirees held recently in Lagos.
According to him to ensure success in the business, company must ensure that its investment is very good.
This he said means recognizing that the annuity business is a long time business which within one year might not yield results.
He explained that expecting profit within the next one year after investment is not possible but will only collapse the business.
On what they did differently, he said ” we have studied the market for several years before investing in annuity business, we were ready for annuity ever before we got our license.
He noted that “the success of annuity is a combination of your people, financial strength because you must have enough assets to back up your lability. From day one Heirs life have been fully capitalized to the tune of N8billion.
“Annuity is a retail business and if you don’t have enough technology, financial capacity, if you don’t have the people with the knowledge to manage it then you will run into trouble.
On relationship with Lagos State Government, he said “I believe that the capital evidence is already there and that was what the Lagos state government saw and gave us the confidence to partner with them and the opportunity to be here.
“As from the time we launch out their company in June step by step we have been consistent in all the promises that we made and to ensure we fulfill them.
“Our presence at the 90th mega bond presentation organized by LASPEC is a confirmation of the confidence the retirees and the state government has in the company.
He added that “before we came to Lagos state they did their checks and they saw everything we said is what we do and they have that confidence that we can be entrusted with Lagos state retirees money.
