Former Lagos State Governor Babatunde Fashola, SAN, was among the prominent Nigerians who on Tuesday gathered at the Nigerian Institute of International Affairs Auditorium, Lagos, to honour the memory of late insurance executive and education advocate Olawale Banmore during a day of tributes and the presentation of his posthumous book titled The Claims Advantage: How Smart Insurance Firms Win and Keep Customers.
The event, themed ‘Treasured Memories’, brought together family members, industry leaders, former colleagues, associates and friends who celebrated Banmore’s contributions to the insurance sector, education development and community service.
Fashola, who delivered the keynote address, described Banmore as a man who understood that influence should be used in service of others and in strengthening institutions.
Fashola said the late Banmore’s commitment to his alma mater and his support for education reflected the importance of giving back to institutions that shape lives.
According to him, schools survive when those they produce refuse to abandon them, noting that alumni associations must move beyond social gatherings to practical support for their former schools.
He urged old students across the country to adopt a culture of rebuilding classrooms, funding scholarships, supporting laboratories and preserving educational standards. “The real measure of an old boys’ association is whether the school itself can feel its love,” Fashola said, adding that Banmore’s life demonstrated loyalty, gratitude and purposeful leadership, stressing that memorials should inspire the living to continue the good works of the departed.
Chairman of the occasion, Mohammed Kari, former Commissioner for Insurance and former Managing Director of the National Insurance Commission, described Banmore as a respected professional who broke new ground in claims and insurance management.
Kari said Banmore lived an exemplary life and made significant contributions to the industry through research, leadership and professional integrity. He called for the institution of an annual programme in Banmore’s honour to keep his memory alive within the insurance industry.
“The industry was his family, and it should continue to honour him,” Kari said.
The book was reviewed by veteran journalist and former presidential spokesman Dr Reuben Abati, who described The Claims Advantage as a practical guide to transforming claims management in Nigeria’s insurance industry. Abati said the book addressed one of the most critical issues affecting the sector, trust deficit, noting that claims settlement remains the strongest marketing tool for any insurance company. He said Banmore combined scholarship and practical experience in presenting strategies for improving customer confidence, efficiency, transparency and innovation in insurance operations.
According to him, the book offers solutions on fraud prevention, use of artificial intelligence, regulatory balance, crisis management and customer-focused service delivery, noting that with insurance penetration in Nigeria still below global averages, the publication could serve as a wake-up call for reform and growth in the sector.
Abati also praised Banmore’s resilience, revealing that the late author pursued a PhD programme and completed the manuscript after being diagnosed with prostate cancer in 2019. “This book speaks to a man’s defiance in the face of death and the truth that ideas outlive mortality,” Abati said.
Family members, including Banmore’s daughter, Doyinsola, paid tributes and delivered a vote of thanks, expressing appreciation to guests for celebrating the life and legacy of their father.
Banmore, a former Group Managing Director of Royal Exchange Plc and former Managing Director of Staco Insurance Plc, died in December 2025.
Guests at the event said the posthumous release of his book would preserve his ideas and continue to influence the future of Nigeria’s insurance industry.