Insurance

NIA courts House of Representatives on insurance growth, visits Gbajabiamila

Speaker of House of Representatives, Rt. Hon. FEMI GBAJABIAMILA (middle) flanked by NIA Chairman Mr. Ganiyu Musa and Director General of the Association, Mrs. Yetunde Ilori and other Principal Officers of the National Assembly and a delegation of the Association.

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Chuks Udo Okonta

Chairman of Nigerian Insurers Association (NIA), Ganiyu Musa, yesterday asked the Federal House of Representatives to assist the Insurance industry overcome its present challenges through legislations that will expand the frontiers of Insurance to enhance its contribution to the national economy.

Speaking when he led a delegation of the Governing Council of the Association on a courtesy visit to the Speaker of House of Representatives, Hon. Femi Gbajabiamila, Musa said the visit was to improve engagements between the Association and the lawmakers as the industry needs a number of legislative interventions to improve and create opportunities for Insurance growth.

He requested the lawmakers to remove obstacles militating against the growth of the insurance Industry in Nigeria.

On the Insurance Bill which is currently in the National Assembly, the NIA chairman said industry is looking forward to the House to give the Industry a Bill that will propel the insurance industry to take its rightful place in the financial services sector.

Additionally, he drew the attention of the Hon. Speaker on the need to protect the industry from incursions into the insurance space, adding that the support of the House remained critical to the resolution of this issue.

He congratulated the Speaker on his emergence and noted that his actions have shown that both the Insurance Industry and the House under his leadership shared the same aspirations for a better Nigeria.

“I want to congratulate you on your emergence as the Speaker of the Federal House of Representatives during this ninth National Assembly and assure you that both the House and the Association share the same aspirations for a better Nigeria. I believe that our collaboration will improve the contribution of Insurance to the Gross Domestic Product (GDP).

“We need to upscale our engagements so that we can jointly resolve some of the issuesfacing the industry. We need your support on the Consolidated Insurance Bill so that we can have a law that will propel the industry to take its rightful place in the financial services sector. We will also appreciate the protection of the House to avoid incursion into the insurance space. We are confident that we will have significant positive outcomes if we continue to engage,” he added.

Responding, Hon Femi Gbajabiamila appreciated the leadership of the NIA for the visit and promised to collaborate with the association to make laws that will promoteInsurance business in the country.

On the Consolidated Insurance Bill, he stated that since Insurance is a technical area requiring special skills and competencies, the House will engage with the operators to produce a law that will promote the business and encourage investment in Nigeria.
The NIA delegation which was led by its new Chairman, Ganiyu Musa include two past Chairmen namely: Oye Hassan-Odukale and Eddie Efekoha.

Others are: Mrs. Folashade Joseph, a member of the Association’s Governing Council, Mrs. Yetunde Ilori, Director General/Chief Executive Officer of the Association and Mr. Bashir Binji – Managing Director, Fin Insurance Company Limited.

In the Speaker’s entourage were House Leader – Hon. Ado Doguwa, Chairman House Committee on Finance, Hon. James Faleke, Hon Abubakar Fulata, Hon. AbubakarNolarab among others.

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