Ogunyooye Advocates for Stronger Industry-Academia Partnerships at Covenant University
Olusesan Ogunyooye, Head of Marketing at AXA Mansard Insurance Plc, emphasized the importance of enhancing collaborations between Nigerian universities and industries to ensure academic research effectively addresses societal challenges and business needs.
Delivering a lecture titled “Beyond the Arts: Applying the Knowledge of Language to Business” to students of Covenant University’s Department of Languages and General Studies, Ogunyooye praised the university’s efforts in bridging the gap between academia and industry through its Town and Gown Initiative. However, he urged further efforts in aligning research with real-world application, promoting industry involvement, and fostering practitioner-academic partnerships.
“Engagement for the sake of engagement isn’t enough,” Ogunyooye stated. “Academic research should directly solve real challenges faced by businesses and society, influence policy, and drive innovation.”
Sharing insights from his experience in the insurance sector, Ogunyooye highlighted the disconnect he often observes—research topics that do not translate into practical solutions. “As an insurer, I worry about how Nigerians can be encouraged to see insurance as a pragmatic tool rather than a spiritual fallback. Yet, many graduates’ research doesn’t connect with these societal issues,” he noted.
He pointed to Nigeria’s significant losses due to flooding, which amounted to over $4.6 billion between 2022 and 2024, and healthcare statistics showing high maternal mortality rates, emphasizing how increased insurance penetration could mitigate such issues.
Ogunyooye also recounted crises like #EndSARS and xenophobic attacks, during which insurance companies paid out over ₦11 billion in claims, helping businesses recover and preserve jobs. “Insurance is more than a financial instrument; it’s a pillar of resilience, economic stability, and social well-being,” he asserted.
He called on Nigerian universities to develop frameworks that encourage lecturers to work directly with practitioners, utilizing real-world data and case studies to inform research. “Research should no longer be just for academic degrees; it must be a tool for national development and business growth,” he emphasized.
Drawing from his career journey across industries such as insurance, real estate, healthcare, fintech, and public-private partnerships, Ogunyooye underscored the significance of applying language, communication, and cultural insights in achieving success.
He urged academic institutions to rethink thesis and dissertation topics, advocating for projects rooted in current challenges faced by the public and private sectors. “When students research real business issues and faculty collaborate with industry, research becomes a catalyst for transformation,” he concluded.
The lecture was part of Covenant University’s ongoing initiative to foster practical industry-academic collaborations, reinforcing the idea that academic knowledge must be relevant and applicable beyond the classroom.