SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. SHOLA TINUBU, FCIB AT THE JUNE 2019 EDITION OF NCRIB MEMBERS’ EVENING HELD ON TUESDAY, JUNE 25, 2019 IN LAGOS.
Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Rotimi Edu; President, Mr Shola Tinubu; Managing Director, NSIA Insurance, Mrs Ebelechukwu Nwachukwu; Client Executive Africa, Maxim Hammed and Deputy President, Dr (Mrs) Bola Onigbogi at the June Edition of NCRIB Members’ Evening held in Lagos
• Distinguished members of the NCRIB Governing Board,
• Top Management team of NSIA Insurance,
• Gentlemen of the Press,
• Ladies and Gentlemen,
It is with utmost pleasure that I welcome you to the mid-year edition of NCRIB Members’ Evening coming barely a week after our Chief Executive Officers’ Retreat held in TCC, Ogere, Ogun State. It is my hope that you will maximize the benefits of this Evening being hosted by a frontline Insurance Company, NSIA Insurance Plc.
Distinguished colleagues, kindly permit me to reiterate that NCRIB bi-monthly Members’ Evening has continued to record positive changes in content and quality which is culminating in improved attendance, even though, some of our colleagues, especially, Managing Directors and CEOs of our member companies are yet to heed to our numerous invitations to be a part of the current waves of improvement. We will not relent on our commitment to sustain this bi-monthly meeting which has continued to be a forum for regular exchange of ideas as well as networking between insurance brokers and host underwriters. Let me use this medium to appreciate our host company, NSIA Insurance Plc and congratulate the Management team, ably led by its indefatigable Managing Director/Chief Executive Officer, Mrs. Ebelechukwu B. Nwachukwu. Their decision to host this event is timely and it is a right step in the right direction. I want to believe that this hosting would bring better perception of NSIA Insurance by Brokers, leading to better bottom line for the company.
It is noteworthy that NSIA Insurance Plc. has a rich heritage of professional practice both in Nigeria and abroad. At the appropriate time, we will yield the floor to the management of the company to apprise our members with the strides of the company and areas it is seeking the support of members.
One of the statutory responsibilities of our Council is to organize training and conferences for members. It is with utmost joy that I would like to note that the 2019 edition of our Council’s CEOs’ Retreat was held from Thursday, June 13 to Saturday June 15, 2019 at TCC Ogere Resort and Conference Centre, Ogun State, themed: Tax: Unveiling Ease Compliance, and the sub theme: Personal and Business Sustenance Strategy: The Will Option”. The theme paper was delivered by the Executive Chairman of Federal Inland Revenue Service, Dr. Babatunde Fowler and Dr. Biodun Adedipe who did justice to the sub theme paper. The Retreat created opportunity for Chief Executive Officers of member Companies to stay away from the usual hustle and bustle that characterized our normal business activities on daily basis to discuss issues that are germane to the development of our industry. The presence of two royal fathers at the event also added some glamour. One of the highpoints of the event was the novelty match to round up activities, where I personally demonstrated some artistic skills in football that “created fear” in the camp of our opponents. Let me seize this opportunity to appreciate AIICO Insurance Plc and SCIB Nig. Company for electing to sponsor the Retreat. Appreciation also goes to the Events Organising Committee under the Chairmanship of Barrister Rotimi Edu, mni, for a job well done. The take away from the Retreat for all is that companies must continually apprise themselves with the dynamics of the country’s taxation and ensure quick or prompt compliance to forestall any form of infraction leading to avoidable punishments. Also, on the survival strategies, companies must take the issue of succession planning more deliberately and strategically in order for entities to survive their initial promoters.
2019 BIBA CONFERENCE:
In our bid to continue to strengthen the ties of the Council with other relevant international bodies, the Council’s delegation attended the 2019 BIBA Conference in Manchester, UK. I am delighted to inform you that the Council recorded an unprecedented number of 42 delegates at the event. I specially wish to appreciate the sponsors, namely: Allianz; Scib (Nig) Ltd; FBN Insurance; and Quicklink Ins. Brokers Ltd for their support.
RECAPITALISATION OF INSURANCE COMPANIES:
It is no more news that the National Insurance Commission (NAICOM) has jerked up the minimum paid-up capital of Insurance Companies in Nigeria. The new capital base required that that Companies that want to remain in Life Business should raise their minimum paid up capital base from N2 billion to a minimum of N8 billion; General Insurance Companies from N3 billion to N10 billion, Composite Insurance Companies from N5 billion to N18 billion, while Re-Insurance Companies will require a Paid Up capital base of N20 billion from N10 billion. As Insurance Brokers, we cannot shy away from the fact that this directive will adversely affect the entire industry. As a proactive Council, we are critically examining the implications and possible solution to the effect the implementation would have on our members. However, on a personal note, I would like to enjoin my professional colleagues to be wary of where you place your business for the protection of image of brokers and that of the Council. News have been making rounds that some Brokers still indulge in placing businesses with companies that are challenged and that may have difficulty in paying claims when losses occur. This should be watched! As critical stakeholders we would be watching as the implementation of the directives unfold before us.
EXIT OF CHIEF BAILEY, PROF. ADEYEMI AND UJU CHUKWU
Barely three weeks ago, was the industry rudely shocked with the news of the exit of an iconic insurance practitioner, Chief Oladipo Bailey, a former Commissioner for Insurance and Chairman, Shepherd Insurance Brokers Limited. He was also a member of the Elders Committee of our Council until his death. As the industry was still smarting from the death, again news filtered in that former Director General of Nigerian Insurers Association (NIA), an Honorary Fellow of our Council and a former legal adviser of the Council, Professor Adeyemi, had died after a brief illness. A delegation of the Council had paid condolence visits of families of the deceased. The death of the Deputy Director-General (DDG) of Chartered Insurance Institute of Nigeria (CIIN), Mrs. Uju Ndubuisi-Chukwu, also came as surprise to our Council. She died while attending the 2019 AIO Conference. The Council would join other industry operators in burial arrangements for the departed professionals and would appreciate our cooperation in this regards. In honour of the deceased, may I crave your indulgence to rise for a minute as we reverence the souls of the departed. I pray God to grant their souls eternal rest. Amen.
I must not end my speech without reiterating my expression of thanks to our host-NSIA Insurance. You have demonstrated good spirit of comradeship and partnership with the Council and I have no reservation in announcing your company a Broker Friendly-Underwriter that is worthy of quality patronage by our members.
I thank you all for listen as I wish you a delightful Evening.
SHOLA TINUBU, FCIB
PRESIDENT & CHAIRMAN, GOVERNING BOARD