We have made conscious efforts to enhance image of insurance industry – NCRIB President

The President and Chairman Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Prince Babatunde Adeleke Oguntade has stated that NCRIB since his assumption of office about a year ago has been making conscious efforts towards enhancing the image of the industry.

Oguntade made the remark while addressing a group of insurance and pension journalists in Lagos, better known as Nigeria Association of Insurance Pension, Editors. (NAIPE)

According to the President, ‘‘As we gather here, I am reminded of the critical role that insurance plays in mitigating risks and promoting economic growth in our nation. Unfortunately, many Nigerians remain unaware of the benefits of insurance, and it is our hope that through your efforts and other measures the industry has put in place, we can shed more light on this important role and continued to bring knowledge and information to the people.

‘‘It is worthy of note that since my emergence as the 22nd President and Chairman Governing Board of the Council, we have made conscious efforts to enhance the image of the Industry leveraging our Thrust of Office “Breaking New Grounds, Sustaining Legacies”.

He explained that at his investiture more than a year ago, he started his administration with an eight-point agenda, vowing to deploy his experience and God’s given grace and strength towards serving the insurance Industry, sustaining the legacies of industry forerunners and opening more business opportunities for members through strategic engagements.

As at today, the president and his team, according to him, have represented the Council at places of importance and made strategic visitation to people of iinfluence.

Said he, ‘‘We have engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote our members’ interests, and advocate for the growth of the insurance sector.

‘‘These visits have enabled us to build bridges, address challenges, and explore opportunities for collaboration. Notable among these visitations include but not limited to Honourable Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun; Honourable Minister of Budget and Economic Planning, Senator Abubarkar Bagudu; Hon Minister of Marine and Blue Economy, Alh. Gboyega Oyetola, FCIB; Executive Governor of Osun State, Senator Ademola Adeleke; Ooni of Ife, Oba Enitan Adewusi, Ojaja II and Corps Marshal and Chief Executive, Federal Road Safety Commission (FRSC), Corps Marshal Mohammed Sheu.

‘‘Others include, Managing Director/Chief Executive Officer, Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye; Director General/Chief Executive Office, National Health Insurance Authority, (NHIA), Dr. Kelechi Ohiri; Group Chief Executive Officer, Nigeria National Petroleum Company Limited, Mr. Mele Kolo Kyari; Director General, National Film and Video Censor Board (NFVCB), Dr. Shaibu Husseini and the Commissioner for Insurance, Mr. Segun Omosehin.

Oguntade explained that he and his team took this route in bid to build relationships and network that would benefit Members, irrespective of their status. He said the Strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the Brokers; enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership. By strategically visiting influential people, the Council can effectively represent the interest of the entire industry.

Furtherance to efforts on working together with other organizations to achieve common goals, in the context of the insurance and housing sectors, the Council also collaborated with housing developers and government agencies to create affordable insurance products.

It is on record that the Council participated in the 18th Africa International Housing Fair 2024, held in Abuja, as well as, the sixth and seventh NISH affordable housing seminar. This was a premier event for the housing and construction industry in Africa.

Similarly, the Council didn’t rest on its oars, it visited the leadership of the Nigeria Film and Video Censor Board, a government agency responsible for regulating the film and video industry in Nigeria. The essence of this feat was to ensure that Council create the necessary opportunity for members in the creative industry leveraging the number of practitioners in that broader sector that encompasses music, art, design, and other creative fields.

On the questions regarding the much expected Insurance Law, he said the Council is expecting a favorable Law at the end of time.  According to Oguntade ‘‘We have actively engaged with policymakers, industry stakeholders, and other relevant parties to advocate for the passage of this critical legislation.

‘‘The Insurance Law will promote a more conducive business environment for our members and the industry at large, and we are committed to seeing it to fruition. Permit me to limit my report on this particular subject to what had been reported. We all hope that at the end, everything will turn out in the favor of the entire insurance industry.

On August 1st, 2024, the Council recorded a landmark achievement towards the construction of a magnificent annex building of the Council by laying of the foundation of a five floor building, christened Olola Olabode Ogunlana House, (NCRIB Annex). The new building project, which is progressing steadily would serve as additional beacon of excellence for our Council.

The new building, according to the Presiden will feature additional parking facilities and modern office spaces that will be available for commercial purpose.  It is expected that the building will enhance operations as it will serve as additional income generation for the Council, and eventually, reduce dependence of Council’s activities on Members’ subscription.

On promoting the development of the insurance industry in Nigeria. Oguntade stated that the Council have engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive.

‘‘In this regard, I would like to commend the National Insurance Commission (NAICOM) for its efforts in promoting the growth of the insurance industry. Recently, the Commissioner for Insurance, Mr. Segun Omosehin made an official visit to the Inspector General of Police, Dr. Kayode Egbetokun, FCIB where the later made a promise to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025.

‘‘This is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of Insurance and thereby created economic security and growth. We urge the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.

As journalists, he urged members of the press to continue to shine the light on the importance of insurance and the benefits it provides to individuals, businesses, and the nation as a whole.

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