Nigeria’s Insurance Industry Decry Rising Insecurity 

Yemisi Izuora

The Nigerian Council of Registered Insurance Brokers, NCRIB, has warned that the spate of kidnappings and other forms of violent crimes in Nigeria reached a disturbing level that is threatening the country’s economic prosperity.

President of the Council, Bola Onigbogi speaking at the February edition of Members Evening sponsored by African Alliance Plc, said that as a critical player in the national economy, the onus is on the NCRIB to express grave discomfort about the increasing spate of insecurity in the country, in spite of government’s efforts to improve the national economy generally.

There is hardly a day that passes by without reported cases of kidnapping, killing, terrorism and other criminal cases that is fast making our country dreadful to live in, said Onigbogi.

“This has reached a preposterous dimension and is adversely affecting the pace of economic growth as genuine foreign investors are scared putting their monies into the economy.

Since there is a correlation between insurance and economic growth, it is most auspicious for the NCRIB to join its voices to the need to call on government to put in more efforts to combat security challenges in the country.

We are using this medium to call on federal government to overhaul its security apparatus while at the same time enhancing collaboration with governments and institutions both within and outside the country to put an end to this menace.

It is expedient to eulogize the federal government on its decision to change all the service chiefs, we enjoin the newly appointed service chiefs to brace up to the challenge and ensure the challenge of insecurity is tackled head-on. We also like to reiterate that the role of education and prompt information in tackling insecurity cannot be undermined.” the NCRIB president urged.

She advocated for the repositioning of the National Orientation Agency (NOA) to conscientize Nigerians continually on the need for them to be their brothers’ keepers by breaking down belief systems, be they religious or cultural, militating against peaceful coexistence and sanctity of human lives.

Also, the Council implored government to join the league of developed Countries of the world who have resorted to using Information Communications Technology (ICTs) to combat crime, adding, “It is not out of place for the federal, states and local governments to deploy the use of CCTV in all towns and cities in the country. This device would assist the law enforcement agencies to keep better tap on criminal activities throughout the country.”

The Council also congratulated Mrs. Ngozi Okonji-Iweala for her appointment as World Trade Organization, WTO, Director General.

“Success does not come easy, but through hard work and determination. In the world that is often regarded as Men’s World, it takes courage for a woman to vie for an exalted position such as Director General of World Trade Organisation (WTO).

The competition for the position of Director General, WTO was indeed fierce, but our own Dr. Ngozi Okonjo-Iweala succeeded in landing the new job. It is on that note that on behalf of the entire membership of the Council, I like to congratulate her on the accomplishment.

We have no doubt in her ability to perform sternly in the new job. Her accomplishment as two terms Nigeria Finance Minister speaks volume of her ability to daze the world’s powers and perform beyond expectation.

It is hope that with her emergence as the Director General of the Organisation, she would deploy her brain and brawn to evolve with laudable strategies that will boost and develop international trade in the world which will aid smooth flow of mobile trade between Nigeria and other Countries of the world thereby deepening insurance business in Nigeria and showcasing the structured practice of insurance that exist in our nation.” Onigbogi added.

Oriental News Nigeria reports that earlier in the day, the Governing Board of the Council met to ratify and approve the admission of new Fellows to the prestigious society of Fellows of the Council.
Onigbogi said, “Definitely, admission of new members into the society of fellows will further increase the number of members who had been admitted since the inception. The screening process has begun and hopefully, the Board of Fellows, the Committee responsible to access the eligibility of members who had submitted their application forms, would come out with their report.

Barring all unforeseen circumstances, about 56 Insurance Brokers be inducted as new associates of the Council tomorrow, Wednesday, February 24, 2021. In compliance with the Federal Government directives on Covid-19, the induction ceremony will hold at the Council’s event hall with adequate provision to observe social distancing and other measures.”

The president appreciated African Alliance Insurance for electing to host the evening and affirmed that by so doing the company has again etched its name as one of the Most Brokers-Friendly underwriters in the market today.

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