The Managing Director and Chief Executive Officer of CHI, Mrs. Mary AdeyanjuConsolidated Hallmark Insurance (CHI) Limited will unveil the winners of its 2023 Annual Essay Competition on Friday, October 4, 2024, in Lagos. The Managing Director and Chief Executive Officer of CHI, Mrs. Mary Adeyanju, revealed this during a pre-award press briefing held today. The event is scheduled to take place at the Lagos Chamber of Commerce and Industry (LCCI) Conference and Exhibition Center, Alausa, Ikeja.
At the briefing, Mrs. Adeyanju announced that the competition prizes have significantly increased, with the first prize now set at ₦500,000, the second prize at ₦300,000, and the third prize at ₦200,000. This is a substantial rise from the initial prize amounts of ₦150,000, ₦100,000, and ₦50,000 when the competition first began in 2011. Mrs. Adeyanju highlighted that the increase in prize money reflects CHI’s commitment to fostering academic growth despite the prevailing economic challenges. She added that the company aims to eventually provide a prize that covers a fully funded academic year for the winners.
The theme for the 2023 external category is “Continuous Devaluation of Naira and the Resultant Rate of Inflation: Effect on Insurance Business in Nigeria,” while the internal category addresses “Challenges and Solutions to the Brain Drain in the Insurance Sector in Nigeria.” The competition encourages participants to tackle pertinent issues affecting the Nigerian insurance industry and aims to deepen the knowledge of students and industry professionals alike.
According to Mrs. Adeyanju, entries are assessed independently by a panel of external experts, ensuring a fair and transparent selection process. The panel includes renowned journalist Mr. Modestus Anaesoronye, alongside other distinguished professionals from various facets of the insurance sector. The competition has also become a key Corporate Social Responsibility (CSR) initiative for CHI, promoting research and nurturing young talent within the industry.
Since its inception in 2011, the competition has grown significantly, with winners emerging from various higher institutions across Nigeria. Institutions such as the University of Lagos, Imo State University, and Lagos State University of Science and Technology (formerly LASPOTECH) have produced previous winners. Notably, past winners have received job offers from CHI, with some going on to make significant contributions within the organization and beyond.
From left: Executive Director Operations, Consolidated Hallmark Insurance (CHI) Ltd, Jimalex Orjiako; Managing Director/CEO, Consolidated Hallmark Insurance Ltd, Mary Adeyanju; Group CFO, Consolidated Hallmark Holdings Plc, Babatunde Daramola, and Executive Director Finance & Investments, Katherine Itua, during the CHI Ltd Annual Essay Competition 2023 edition pre award ceremony press briefing held in Lagos on Monday.
The 2023 edition marks the 13th year of the competition, which continues to garner attention nationwide. Consolidated Hallmark Insurance aims to expand the initiative to secondary schools in the future, fostering interest in insurance from a young age. Mrs. Adeyanju also praised the foresight of CHI’s Group CEO, Eddie Efekoha, for initiating the competition, which has now become an essential part of the company’s mission to build a world-class workforce for the insurance industry.
One of the past winners, Damilola Olumodeji, who won in 2018, shared how the competition transformed his career. Now working in CHI’s Energy and Special Perils Department, Olumodeji expressed his gratitude to the company for the opportunity and encouraged more students to participate in future editions.
With the competition continuing to draw national attention and deepen academic engagement in insurance, CHI remains committed to investing in the future of the Nigerian insurance industry.
