NCRIB outgoing President Oguntade unveils 2-year impressive scorecard

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Chuks Udo Okonta

Having successfully led the insurance broking fraternity for two years, the outgoing President of Nigerian Council of Registered Insurance Brokers (NCRIB) Prince Babatunde Oguntade, today unveils his scorecard, which highlighted notable feats and legacies presently impacting insurance practice in Nigeria.

Oguntade, whilst speaking at a press conference in Lagos, took time to highlight what his team did since he took over the leadership of the NCRIB two years ago.

He noted that as the President, he has had the privilege of leading the esteemed Council, and he is proud to report that his administration has made significant strides.

He stated that his administration has strengthened relationships with the industry regulator – National Insurance Commission (NAICOM), noting that for the past two years, his administration has worked closely with regulatory bodies, especially, NAICOM, to enhance industry standards, ensuring compliance and professionalism.

This collaboration, he said has led to improved oversight, better risk management, and increased confidence in our industry.

He gave kudos to the current leadership of the Commission for the new inclusive and collaborative style of leadership.

On the Nigerian insurance Industry Reform Act (NIIRA) 2025, he expressed belief that the most important thing in the Nigerian Insurance Industry as of today is the Nigerian Insurance Industry Reforms Acts signed by the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR.

“I have had the opportunity of engaging people at different fora on this particular subject matter. I must confess that this is the best thing that has happened to the industry in recent times.

“We worked assiduously with other sisters bodies to ensure that we got this. I am super excited about the roles played by my predecessors and more excited that the law came on stream during our tenure.

“I must give special thanks to my Deputy President, Mrs Ekeoma Ezeibe particularly for her role and input into the new law. It is my hope that the industry would unite again to see to it that the salient potentials that the law is throwing up are annexed fully,” he submitted.

Speaking of capacity building, he noted that his tenure invested heavily in training programs and workshops to enhance the skills and knowledge of members, adding that this has enabled them to stay up-to-date with industry trends, best practices, and regulatory requirements.

He gave special appreciation to the Training Committee of the Council, for making this happen, noting that NCRIB members cannot afford to be ill trained as the professional arm of the industry who must be on top of their professional game all the time.

On membership engagement, he maintained that they have strengthened membership engagement, providing support, resources, and services that meet Members needs.

“Happily, today, the NCRIB has become the nest for so many astute insurance professionals who had once been on the divide of Underwriting arm. They are here adding significant value to the importance of Brokers in the insurance value chain. This is made possible because of the enabling environment we’ve created for them to come and join us as members,” he said.

Speaking on the visibility project, he submitted that the NCRIB has seen significant growth in the crave for public space. “It is not a gainsay to describe NCRIB as a leading light in the Nigerian Insurance Industry as far as publicity is concerned. We have seen the need to be proactive on some occasions when the situation warranted for the good and acceptable brand of our Council.

“Our target is to see increased insurance penetration, and expanded product offerings,” he posited.

On partnerships, he said
his tenure forged strategic partnerships with key stakeholders, including regulators, industry associations, and international organisations, stating these partnerships opened up new opportunities for collaboration, knowledge-sharing, and business development. I want to stress that this regime broke several new grounds with constituent bodies where insurance had never been mentioned, particularly in the entertainment and housing environment. “It is my hope that the tempo would be sustained by the incoming leadership who are also part of this team,” he said

Internationally, Oguntade noted that it is quite noteworthy that for the first time, the Chief Executive of the World renowned Insurance Brokers Body, BIBA, Graeme Trudgill visited Nigeria in the month of July.

He said the reception given to him has positioned the NCRIB and the entire industry in a positive light before the whole world.

“Olola Olabode Ogunlana NCRIB Annex Building I’m excited to announce that the new building project, christened Olola Olabode Ogunlana NCRIB Annex Building is over 70 per cent completed. This state-of-the-art facility will provide a modern and efficient workspace, majorly for commercial purpose.

“This investment in our infrastructure demonstrates our commitment to building a stronger, more resilient industry,” he said.

The outgoing President gave great kudos to his predecessor in office, Rotimi Edu, who bought the land.

He expressed optimism that his successor. – Mrs. Ekeoma Ezeibe, would give the building the desired elegant finishing.

On lifetime achievement award, he said his team is proud to have the Doyen of Nigerian Insurance Industry, Olola Olabode Ogunlana, FCIB been awarded Lifetime Achievement Awards at the 2025 Conference of British Insurance Brokers Association, to recognize the contributions of one of the eldest and most experienced insurance practitioners in Nigeria. I am delighted that this was done under this administration, he added.

Oguntade also spoke on the sustenance of membership seal usage, noting that the NCRIB has continued the usage of the membership seal introduced by his immediate predecessor in office, which has added a touch of professionalism and dignity to all correspondences from our members, noting that the seal has become a symbol of the industry’s commitment to excellence and professionalism, and brokers are proud to sustain its usage.

Prince Oguntade said journalists dedication to disseminating industry news, trends, and developments have been instrumental in promoting the Council’s activities and initiatives, stating that the coverage has helped to amplify the message, increase visibility, and foster a better understanding of the insurance industry among stakeholders.”I am grateful for your professionalism, integrity, and commitment to fair and balanced reporting. Your contributions have significantly enhanced the growth and development of the industry, and we are truly appreciative of your support,” he submitted.

He thanked the journalists for the partnership, whilst craving continued and better collaboration with his successors in office, for a greater Council and insurance industry that everybody would all be proud of.

The incoming President Mrs. Ekeoma Ezeibe, applauded the outgoing President for having a successful tenure and for giving great respect to the office of the deputy President.