Wednesday, July 2, 2025
27.5 C
Lagos

Brokers Initiate 10-Year Strategic Plan

L-R Council member, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe , Executive Secretary, NCRIB; Fatai Adegbenro, Deputy President, NCRIB; Dr. Mrs Bola Onigbogi, new President, NCRIB; Shola Tinubu, President, National Association of Insurance and Pension Correspondents; Omobola Tolu-Kushimo and council member, NCRIB; Tunde Oguntade at the maiden press briefing addressed by the new NCRIB president in Lagos.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has initiated a 10-year strategic plan to further develop the broking arm of the Nigerian insurance industry and consolidate on the gains of the past and present.

Mr. Shola Tinubu, the 19thPresident of NCRIB, said the Plan will roll-over with two successive presidencies of the Council and lead to autonomy as part of the 8-point agenda of his administration. He also emphasized the importance of self-regulation by brokers to avoid running foul of the law guiding the conduct of their business.

“I want to champion self-regulation by brokers. This implies our members meeting their obligations in-house before assessment by regulators. That would strengthen our level of professionalism and practice in the sight of regulators and customers. We also need more brokers beyond the current number of 500 to achieve greater insurance penetration in the country.”

On the issue of rate-cutting, the NCRIB chief said: “There is no need for rate regulation. It is like taking the industry back to the era of marketing boards for cocoa etc of 50 years ago.” He added that each corporate entity should be able to fix its own rate taking cognizance of its competencies since there is currently no official or mandatory rate in the market.

Tinubu said the federal government has so far released 62 percent of the premium on its group life assurance policy, meaning that the policy might not take full effect until December 2017 in accordance with the ‘No Premium, No Cover’ policy of the industry.

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

The Nigerian private sector remained in growth territory as...

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

Mr. Kunle Ahmed Chairman Nigerian Insurers Association (NIA) The Nigerian Insurers Association...

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Topics

Facebook: ‘We Are Preparing for Nigerian Elections’

By Akua Gyekye Public Policy Manager, Africa Elections Facebook With a...

Lagos State Partners Ecobank to Uplft Artisanal Fisheries Value Chain

Left: Permanent Secretary, Ministry of Agriculture, Lagos State, Hakeem...

Emirates Officially Reinstates Flights to Nigeria, Engages CBN

“Emirates welcomes the Central Bank of Nigeria’s move to...

Independents to Account for 25% Oil Production by 2020

Independents are projected to account for about 500kbpd by the year 2020, representing 25% of crude oil production in Nigeria, from the current level of 10%. The development is seen as a reflection of the changing landscape of the oil and gas industry in Nigeria. Key Recommendations: • Integration of the upstream to other parts of the value chain may eventually be driven by the independents. • Challenges such as security, especially for independents operating in shallow waters. Local companies reiterated that security and community challenges have greatly altered their cost of production which cannot be fully ascertained. When coupled with Government take and interest from loans the cost per barrel increases. • Government is to ensure that an enabling environment is created - independents need to be able to deliver on capacity growth and funding.

NIGERIA: Between Mismanagement & Leaking Treasury

The Treasury of the Federal Republic of Nigeria is sick. According to economic doctors, the Nigerian treasury is suffering from acute mismanagement and basket-type leakages. Other diagnosed ailments include falling oil prices and dwindling foreign reserves. The sicknesses were made public recently by Ngozi Okonjo-Iweala, Federal Minister of Finance and Co-ordinating Minister of the Economy in Abuja.

P + Measurement Partners PR Experts to Discuss Industry Issues

In a bid to fully evaluate and sustain communication...

NCRIB Lagos Area Committee, Insurfeel Partner on Donation of Insurance Policies to Students

Demola Olutusin Chairman Lagos Area Committee of the NCRIB The...
spot_img

Related Articles

Popular Categories

spot_imgspot_img