Dr. Bola Onigbogi
SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, DR (MRS.) BOLA ONIGBOGI, FCIB AT THE FEBRUARY 2020 EDITION OF NCRIB MEMBERS’ EVENING HELD ON TUESDAY, FEBRUARY 25, 2020 IN LAGOS.
• Top Management team of Linkage Assurance Plc,
• Distinguished members of the NCRIB Governing Board,
• Our guests here present,
• Gentlemen of the Press,
• Ladies and Gentlemen,
I am most delighted to welcome you all to the first edition of NCRIB Member’s Evening in 2020. Incidentally, this is the first major event of the Council this year. It is not out of place to say happy New Year to those that I’m seeing for the first time in the year and to wish you well in all your endeavors in year 2020. It shall surely be a better year in all ramifications. Permit me to seize this opportunity to appreciate your overwhelming support in the last few months that we have been thrusted with the leadership of the Council.
True to my thrust of office, which was presented at the investiture in Abuja, our team has continued to make progress, consolidating on achievements of my predecessors and further taking the Council to higher heights by the special grace of God. We will not rest on our oars, with your support and cooperation, suggestions and timely response to our calls until we make Insurance Broking profession the envy of other professions.
I had conceived a dream, that one day, in Nigeria, no asset will be owned, without Insurance, and no Insurance will be placed without a Broker! If this is also your dream, we covet your continuous and maximum support and understanding. We have discovered that not too many Nigerians could differentiate between a Stock Broker and an Insurance Broker.
We have identified this as a challenge that must be addressed frontally. It is however an auspicious platform for me to appeal to Insurance Brokers, who are still maintaining apathy towards Council’s activities to have a change of heart as we could only survive in this challenging times only through constant bonding and exchange of ideas.
Let me use this medium to profoundly appreciate Linkage Assurance Plc team for its unrelenting determination to further deepen relationship with Registered Insurance Brokers as evidenced by the resolve to host this landmark edition of NCRIB Members’ Evening.
It is important for me to inform you that this Members’ Evening has remained a veritable platform to meet with Brokers who would further enhance the company’s business fortune.
I must personally recognize the presence of Mr. Daniel Braie, the Managing Director/CEO, Linkage Assurance and his management team. Our desire to opt for Linkage Assurance as a host of this epochal event at a time like this was apt and strategic.
It is noteworthy that Linkage Assurance Plc. has a rich heritage of professional practice in Nigeria and we believe that this heritage is being sustained; not minding the challenges that on-going issues of recapitalization to all insurance companies operating in our market.
It is the belief of Management that the desire of Linkage Assurance to forge collaborative relationship with Brokers through the NCRIB platform will be achieved. It is interesting to note that it’s almost becoming the practice of Linkage Assurance to host February Edition of the Council’s Members’ Evening yearly, if you check your record, it hosted February 2019 Members’ Evening. It will not be out of place to reserve February 2021 Edition for this same company!
Customarily, at the appropriate time in the course of this event, we shall have the opportunity to ask questions from Mr. Braie and interact with the management team of the company on issues that are germane to the company’s growth and survival.
STATE OF SECURITY IN NIGERIA
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 our national economy. There is hardly a day that passes by without reported cases of kidnapping, terrorism and other criminal cases that is fast making our country dreadful to live in.
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 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, we implore government to join the league of developed Countries of the world who have resorted to using Information Communications Technology (ICTs) to combat crime. 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.
BROKERS’ TWO YEAR’S LICENSE RENEWAL AND SUBSCRIPTION PAYMENT
MODE TO NCRIB
As you are aware, our Council is still basking in the euphoria of the two years licensing by the NAICOM. This move is quite commendable, but will surely affect the payment mode of members’ yearly subscription to the Council. I am happy to inform you that approval has been given for members to pay two years subscription in advance to the Council so as to allow members run with the validity period of their licenses.
Happily, the Governing Board has approved 5 per cent discount for second year payment by members who make payment for the current year on or before March 31. It is our hope that members would also take advantage of this discount just as default to pay and renew membership with the Council would be treated with extant sanctions spelt out in our rules.
RESOLVE ON IFRS 9 & 15
Sequel to the resolution of members at the various IFRS 9 & 15 training organized 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. I am hereby assuring all 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. Also, when the templates are ready, the independent Auditors/CFOs of each companies would be at liberty to use the template for their respective companies.
Again, please accept the assurance of this management to continually assist all members to stay afloat at all times.
2020 BIBA CONFERENCE AND OTHER INTERNATIONAL TRIPS
It has become part of the Council’s program to attend the British Insurance Brokers Association Conference in Manchester, United Kingdom, because the Council has continued to strengthening its ties with relevant international bodies. I like to inform you that a good number of Council members have shown interest to attend 2020 Conference of the Association, holding in Manchester, the United Kingdom between May 13 and 14, 2020. The theme of the Conference is The Year to Pioneer. As usual, the NCRIB delegation would also have the benefit of interacting with a team of professionals from different climes and Lloyds Brokers who would meet with the Nigerian delegation at a special session in London. We like to encourage more participants to register as delegates. You can kindly contact the Secretariat for details both for registration Visa assistance.
In a similar vein, the 47th Conference and Annual General Assembly of the African Insurance Organisation will hold here in Lagos Nigeria from Sunday May 31 to Wednesday June 3, 2020. Preparation for a successful General Assembly and Annual General Meeting is ongoing at the industry level. It is my pleasure to inform you that some of our members are part of the organizing committee. I like to encourage all Brokers to seize the opportunity to attend this program by paying the fee of N150, 000 for attendance. It promises to be rewarding and beneficial.
In conclusion, please permit me to appreciate Linkage Assurance once again for electing to host this evening and affirm that by so doing the company has again etched its name as one of the Most Brokers-Friendly underwriters in the market today.
I thank you all for coming and God bless.
President/Chairman Governing Board