Insurance

NCRIB implores federal government to overhaul security apparatus

Dr. (Mrs) Onigbogi

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Chuks Udo Okonta

Worried about the spate of insecurity in the nation, the Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the federal government to overhaul its security apparatus.

Its President, Dr. (Mrs.) Bola Onigbogi, stated this at NCRIB February Members’ Evening yesterday in Lagos, adding 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 ease of doing business and reflate the national economy.

According to her, there is hardly a day that passes by without reported cases of kidnapping, terrorism and other criminal cases that is fast making the country dreadful to live in and 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 more 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.

“For instance, the National Orientation Agency (NOA) should be rejiged and repositioned to conscientise 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,” she said.

She also implored government to join the league of developed countries of the world who have resorted to using Information Communications Technology (ICT) to combat crime, stressing that 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 and that this device would assist the law enforcement agencies to keep better tap on criminal activities throughout the country.

On IFRS 9 & 15, she poised that sequel to the resolution of members at the various IFRS 9 & 15 training organised for members by NAICOM that the Council should engage a consultant that would produce template for the adoption of the financial standard, the Council has commenced negotiation with KPMG suggested by NAICOM.

“It is a thing of joy that against the fears of many members about the huge cost that was envisaged for the compliance, the Council would ensure that members do not pay more than a paltry sum of N10,000:00 per company for the shared services as approved by the Governing Board,” she said.

She assured all brokers that in line with the need to give human face to the challenges of members, the Council would not mind to heavily subsidize the shared services fees to allow everyone comply without financial stress.

According to her, when the templates are ready, the independent Auditors/CFOs of each companies would be at liberty to use the template for their respective companies.

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