Remarks by Dr. Umaru Kwairanga, Chairman, Nigerian Exchange Group (NGX) at the 53rd presidential investiture of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.
I am very happy to witness the investiture ceremony of Mr. Akinjide Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria.
Let me begin by congratulating the immediate past President of the Institute, the Amazon, Mrs. Yetunde Ilori, FIIN, on the successful conclusion of an eventful tenure.
I also welcome Mr. Akinjide Orimolade to the hot seat at the zenith of the insurance profession. Going through your CV, I am confident that you are worthy of this lofty position and that you will move the Institute to new heights.
With almost three decades in the insurance industry and stints as Managing Director in firms such as Zenith Insurance, Law Union and now Stanbic IBTC Insurance Ltd, I believe you have an in-depth understanding of the industry and what it needs to attain its proper position in the Nigerian economy.
The insurance industry is a major anchor of many country’s economies, but in Nigeria, awareness and usage of insurance is still low and its contribution to GDP is underwhelming.
I believe that to improve the insurance penetration rate, the Institute and practitioners must work on improved enlightenment and marketing, digital insurance channels, prompt claims payment, simplified processes and a clampdown on quacks and unprofessional practices to mention a few.
This coupled with higher capitalisation, better customer service and handshakes with related sectors will deepen and broaden the Insurance industry.
At the Nigerian Exchange NGX, we actively pursue synergies and partnerships with professional institutions because such institutions improve the skills and professionalism of those who run the companies that are listed on our boards and help to ensure that we remain an excellent and world class platform.
I therefore look forward to further discussions with the new President and his team on how we can build on this partnership for the benefit of the Institute and the Exchange.
Once more, congratulations to the 53rd President and the Chartered Insurance Institute of Nigeria.
Thank you.
Dr. Umaru Kwairanga
Chairman
NGX Group
