INAUGURAL SPEECH DELIVERED BY MR. BABATUNDE OGUNTADE, FCIB, AS THE 22ND PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS HELD AT THE MARRIOT HOTEL, IKEJA ON THURSDAY, OCTOBER 19, 2023 IN LAGOS
• Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu
• The Executive Governor of Ogun State, His Excellency, Prince Dapo Abiodun, CON
• The Commissioner for Insurance, Mr. O.S Thomas
• The Out-Going President, Mr. Rotimi Edu,mni, FCIB
• His Majesty Oba Babatunde Ajayi, FCA, Akarigbo of Remoland
• His Majesty Oba Omogbolahan Lawal, Oniru of Iruland
• Members of the Governing Board of the Council
• The Doyen of Insurance in Nigeria, Olola Olabode Ogunlana, FCIB
• My Lords Spiritual and Temporal
• Distinguished Past Presidents of the NCRIB
• Invited Heads of Insurance and Other Professional Institutions here present
• Distinguished Ladies and Gentlemen
• Gentlemen of the Media
Today is no doubt a great day as our noble Council takes another significant stride by installing me as its 22nd President. I do not take this unique opportunity of bestowing the mantle of office on me for granted. It is, therefore, with every sense of humility that I unreservedly accept the mandate to serve as NCRIB President.
Let me use this opportunity first to appreciate and give undiluted adoration to the Almighty God for His gift of life and benevolence. The Holy Bible says “in vain is the horse prepared for battle, safety is of the Lord”. There is no doubt that my life has been a pencil in His hands and He has taken me through the rugged and bumpy challenges of life. I cannot not deny that I am a candidate of His mercy!
A day like this demands great tributes to the past leaders of our Council who have selflessly laid the solid foundation upon which successive Presidents have been building since this body was founded. Indeed, it takes great leaders to create other leaders! In the same vein, I am appreciating the stoic support of our respected Past Presidents for being strong pillars of support and encouragement for the Council. May your efforts never be in vain.
Permit me to specially appreciate the immediate Past President who is also my elder brother, Mr. Rotimi Edu, mni, FCIB, for his leadership and great love for me and the Council. My two years of serving under him as his Deputy was quite eventful and rewarding. His liberality and open mind, against all odds, gave me the lever upon which I gleaned some leadership lessons even before mounting the saddle today. May the Almighty God continue to elongate his life with perfect health and divine wisdom.
My joy knows no bound as I see here an array of distinguished Nigerians from all walks of life who have come to honour me and our Council on this epochal ceremony.
As we are all aware, it is often the norm for all Presidents of our noble Council to evolve and present for public knowledge and scrutiny their thrusts of Office. Consequently, I am most delighted to present my 8-point thrust of office as the 22nd President of NCRIB.
Aside from being my trajectory of office, the plan of action would also be the parameter through which my achievements in office would be evaluated with the effluxion of my tenure of office. The thrust would also ultimately serve as a bond between the President, his team and generality of membership of the Council.
Having engaged in wide range consultations, amongst members of the Council and some seasoned and well-meaning professionals, coupled with my experience and long time personal interactions with members across the broad spectrum, I have come up with BREAKING NEW GROUNDS: SUSTAINING LEGACIES as theme of my tenure as President.
1. FINANCIAL SOLVENCY: There is a common saying that no individual or institution suffers financial destitution, rather they suffer from destitution of ideas. It is the intention of my team to be highly creative in stimulating ideas that would lead to financial solvency of the Council aside from the traditional subscription of members which is fast dwindling. The Council must, among other things, make strident efforts to ensure it compliments all relevant institutions, regulatory bodies including NAICOM, for deepening of the Insurance Broking sector within the Insurance industry because the larger the pie by the insurance industry, the bigger the portion that would accrue to the insurance broking sub sector of which we are actors.
The leadership would be deliberate in opening windows of opportunities for Brokers, regardless of their sizes with notable accounts, for the benefit of all, bearing in mind that the fortune of the Council is inextricably tied to the fortune of all the members across board.
2. PROFESSIONALISM: It is no longer news that the hallmark of all professions is the continuous acquisition of knowledge and in fact openness to new and evolving knowledge. In this regard, the Insurance Broking profession can definitely not be an exception. This tenure would open channels of training for members both within and outside the country while reinforcing ties with already existing institutions in Nigeria and internationally. The Council under this tenure, would also open up relationship with new institutions that would be of beneficial effect to the Insurance Broking body, more so that we are the main professionals in the insurance value chain. The Registered Insurance Broker under my tenure would be an encyclopedia of knowledge and professionalism.
As commenced by the immediate past leadership, this regime would see to the sustainance of the use of professional seals by Brokers to stave off charlatans from our practice and enhance the overall corporate reputation of the Council.
3. STRATEGIC GOVERNMENT AND INSTITUTIONAL RELATIONS: It is noteworthy that the Council has recorded phenomenal feats in strategic government relations under the immediate administration that saw doors in Government Houses, Palaces and renowned institutions opened for the NCRIB. However, since the largest room in life is the room of improvement, this tenure would deliberately open new vistas of qualitative relationship with more government institutions and other relevant institutions in Nigeria and diaspora with a view to registering the brand “Insurance Brokers” in their consciousness as valuable allies within the Insurance industry.
We shall embark on compilation of all government institutions and make deliberate efforts to partner with them through training and sustainable knowledge sharing.
4. MENTORING: It is the intention of my team to ensure that the Insurance Broking body grows and members are seen to be making evident improvement in their businesses and one of the ways we have decided to achieve that is the deliberate mentoring of the younger generation of Insurance Brokers. This we would do by stimulating the interest of the younger scholars in Insurance Broking right from their secondary and tertiary institution days. It is important that we groom them young as the saying goes “catch them young”. It would afford us as a body to mold the culture of success into them hence propagating Insurance Broking in every nook and cranny of Nigeria. We would device strategic plans to reach out to educational institutions across the country and create living awards and scholarships to those who have inclination towards Insurance Broking as a career.
5. CORPORATE VISIBILITY SUSTAINANCE: As it is often said that image is very everything, the current leadership team would sustain the corporate visibility initiatives of the Council. In doing this, we shall tweak strategies for identifying, collaborating and communicating with more corporate institutions outside the remit of those that had been contacted in the past. This will help redefine the Council’s image as well as the Insurance Broking brand across board while it would also generate positive news for the media to project about our Council. We would also leverage on every advanced technology available and existing vast relationship with the media to imprint the Insurance Brokering brand in the consciousness of Nigerians.
6. SECRETARIAT DEVELOPMENT: Realising the fact that the Secretariat is the “engine room” for effective discharge of the set mandate of this tenure, its improvement in quality and content of its human resources has become imperative for this tenure. It is therefore our intention to improve on their proficiencies, capabilities as well as chart a proper career path for them by training and motivating members of staff so that they can be at par with their contemporaries in related institutions. The improvement of the Secretariat would also be a continuous one. This leadership team would see to the diligent commencement and full utilization of structural development of the new plot of land purchased by the Council, to the overall image and financial solvency of the Council.
7. INTERNATIONAL COLLABORATION
The Present leadership team under my tenure would sustain the legacies of effective relationship with notable international institutions like BIBA, AIO and WAICA. As an extension of efforts, we would look into the possibility of more regular facilitation of training and empowerment series for our members using those international faculties in such a way that members who are not financially empowered to travel to those international programmes would not lose out of their training opportunities.
8. REVISITATION OF STRATEGIC PLANS FOR NCRIB
Since no organization could experience sustainable development without effective planning, the Council under my leadership would revisit the 10 Year Strategic Plan that was conceived by the Council. The plan which would be tweaked to accommodate current realities would form a good trajectory for sustainable growth and institution building for the NCRIB over a long period of time.
Before I conclude my speech, I want to appreciate my adorable wife and consort of many years, Olori Dr Mrs Oluremi Oguntade. She has given me the required spiritual, and moral prop to accomplish my ambition as an ideal family man and an icon in the professions. My love for you is boundless. Also, I must give pludits to the Investiture Committee and the Events Organising Committee under two indefatigable ladies, Mrs. Ekeoma Ezeibe, who is now the Deputy President and Mrs. Olufunke Adenusi, mni, now Vice President. They have given diligent and purposeful leadership to their Committee members to make this transition smooth and epochal. Permit me to note that I will have a place in history as the only President that would have two eminent ladies surrounding his leadership.
While thanking everyone for gathering to witness my ascension as NCRIB President, I want to conclude by averring to the wise saying of Pujan Roka in his book “Effective Leadership”. A leader has a conscious choice to either lead negligently or lead effectively. For me, I will choose to give an effective and foresighted leadership that everyone would be proud of. So help me God!
I thank you all for listening.
BABATUNDE OGUNTADE, FCIB
PRESIDENT/CHAIRMAN, GOVERNING BOARD