Eddie Efekoha, Group Chief Executive Officer (GCEO) of Consolidated Hallmark Holdings Plc (CHH), is redefining the financial services landscape in Nigeria. In an exclusive interview with BusinessDay, Efekoha shared insights into CHH’s transformative journey, its strategic growth plans, and its contributions to Nigeria’s economic development.
Efekoha took the helm of CHH on January 1, 2024, after overseeing its evolution into a holding company. This restructuring saw the flagship insurance subsidiary, Consolidated Hallmark Insurance Plc, transition to a limited liability company. His illustrious career spans over three decades, with leadership roles including Chairmanship of the Nigerian Insurers Association and Presidency of the Chartered Insurance Institute of Nigeria (CIIN) and the West African Insurance Companies Association (WAICA).
Efekoha explained that CHH’s diversification journey began over 15 years ago with the acquisition of a finance company, later renamed Hallmark Finance Company Limited. This was followed by the establishment of Hallmark Health Services Limited (Hallmark HMO), signaling CHH’s intent to expand its footprint across financial services.
CHH’s decision to adopt a holding company structure reflects its commitment to risk diversification, revenue growth, and operational efficiency. The structure enables CHH to invest strategically in sectors such as insurance, healthcare, and finance while exploring opportunities in oil and gas through the Nigerian capital market.
Efekoha emphasized, “We are in the business of owning other businesses, investing in opportunities, and helping Nigeria reclaim its position as Africa’s largest economy.” CHH’s subsidiaries contribute to GDP growth, create employment opportunities, and offer critical services that improve the quality of life for Nigerians.
Operating as a non-operating holding company, CHH focuses on managing subsidiaries and strategic investments. Efekoha highlighted the importance of diversification, stating, “By spreading risks across sectors, we ensure sustainable returns for stakeholders even during challenging times.”
CHH’s insurance subsidiary has distinguished itself by meeting the International Financial Reporting Standards (IFRS 17), a testament to its commitment to regulatory compliance and excellence. “This achievement reflects the confidence our stakeholders place in us,” Efekoha said.
CHH has a robust corporate social responsibility (CSR) agenda. Its annual essay competition, now in its 13th year, promotes research in insurance and actuarial science. The company’s Graduate Trainee Scheme prepares young professionals for leadership roles, while its blood donation drive with Lagos University Teaching Hospital (LUTH) supports critical healthcare needs.
Looking ahead, CHH plans to launch initiatives targeting skill development among younger generations in secondary schools. Efekoha reaffirmed the company’s commitment to societal development, saying, “Our CSR efforts are carefully selected to make a lasting impact.”
Efekoha acknowledged the economic challenges facing Nigerians, emphasizing the role of CHH’s services in providing financial security. From affordable insurance plans to accessible health maintenance and asset financing, CHH offers solutions that empower customers to navigate tough economic times.
“As the economy recovers, we are well-positioned to support growth and deliver value to stakeholders,” Efekoha noted.
CHH’s focus on quality investments ensures sustainable growth. Efekoha revealed plans for strategic expansion, driven by rigorous due diligence and a commitment to ethical operations. Technological innovation remains central to CHH’s strategy, with significant investments in APIs and transaction portals to enhance customer experience.
Efekoha concluded by advising young professionals to prioritize discipline, teamwork, and adaptability while developing critical skills. His leadership philosophy, rooted in participation and transformation, continues to shape CHH’s trajectory.
Despite Nigeria’s low insurance adoption rates, Efekoha is optimistic about growth. He highlighted collaborations between Insurtech firms and traditional insurers as key drivers of market penetration. “Simplifying distribution channels and ensuring prompt claim settlements are crucial,” he explained.
As Consolidated Hallmark Holdings Plc enters its second year as a holding company, its focus on diversification, innovation, and societal impact positions it as a leader in Nigeria’s economic transformation.