Yemisi Izuora
The Nigerian Council of Registered Insurance Brokers (NCRIB), has stepped up business development opportunities for its members through strategic engagements with critical stakeholders.
The Council has keenly engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote members’ interests, and advocate for the growth of the insurance sector. These visits have enabled it to build bridges, address challenges, and explore opportunities for collaboration.
Speaking during a media engagement in Lagos on Thursday, President of the NCRIB, Prince Babatunde Adeleke Oguntade, highlighted key strategic steps already taken to advance business development for members.
Oguntade, said that furtherance to the Council’s efforts on working together with other organizations to achieve common goals, in the context of the insurance and housing sectors, its collaborations with housing developers and government Agencies to create affordable insurance products received considerable boost.
The Council in a deliberate effort to make impact in the housing sector 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’s leadership also 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 we create the necessary opportunity for our members in the creative industry leveraging the number of practitioners in that broader sector that encompasses music, art, design, and other creative fields.” Oguntade said.
He said since his emergence as the 22nd President and Chairman Governing Board of the Council, he and his team have made conscious efforts to enhance the image of the Industry leveraging our Thrust of Office “Breaking New Grounds, Sustaining Legacies”.
“At my investiture more than a year ago, we set out with eight point agenda. I indeed vowed to deploy my experience and God’s given grace and strength to serve our noble Industry, sustaining the legacies of our forerunners and opening more vista of business opportunities for members through strategic engagements.
“As at today, we have represented the Council at places of importance and made strategic visitation to people of influence. 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.” he explained.
Dwelling on the Insurance Law, he reported that the Bill has received a considerable recognition by the two arms of the National Assembly.
“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.” he added.
Speaking on other achievements, Oguntade said, “On August 1st, 2024, our 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 the Council and will feature additional parking facilities and modern office spaces that will be available for commercial purpose.
He expressed confidence that the building will enhance its operations as it will serve as additional income generation for the Council, and eventually, reduce dependence of Council’s activities on Members’ subscription.
The President also pointed to critical role insurance would play to support various Governments investments and plans.
“It is of a known fact that our nation is faced with numerous challenges, including economic uncertainty, insecurity, and infrastructural deficits. It is also worthy of note the efforts of the Federal Government in developing Nigeria’s infrastructure. The government’s commitment to investing in critical sectors such as transportation, energy and housing is laudable. Initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) demonstrate the government’s dedication to bridging the infrastructure gap in Nigeria. The huge expenditure of government on building several highways, railways in this year’s budget are well noted. “However, I firmly believe that insurance can play a vital role in mitigating the attached risks and promoting economic growth. In executing these laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured. Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses.” he stressed.
The Council is also working tirelessly to promote the development of the insurance industry in Nigeria.
“We 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.” he said.
He commended the outcome 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.
However, he said that despite these efforts, there is still much work to be done. The insurance penetration rate in Nigeria remains abysmally low compared to its teeming population of over 200 million people.
“This is a challenge that we must collectively address. As journalists, you have a critical role to play in promoting insurance awareness and education. We urge you 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.” he added.