SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, PRINCE BABATUNDE ADELEKE OGUNTADE, FIIN, FCIB AT THE PRESS CONFERENCE HELD ON Thursday, JANUARY 16, 2025 IN LAGOS
•Distinguished members of the NCRIB Management Committee,
•Gentlemen of the Press,
•Ladies and Gentlemen,
I am honoured to stand before you today as the 22nd President of the Nigerian Council of Registered Insurance Brokers (NCRIB).
First and foremost, I would like to express my deepest gratitude to the journalists present here today. Your role in promoting insurance policies and educating the public about the importance of insurance cannot be overstated.
We recognize the significance of your work in shaping public opinion and influencing national policies. There is no doubt about the fact that Operators are aware of your unflinching determination to see the industry operating at its best capacity.
As the great journalist Walter Lippmann once said, “The press is the best instrument for the exercise of responsibility”. Today, I want to acknowledge your critical role and express our commitment to working with you to ensure that the Nigerian people have access to accurate and unbiased information about insurance. I am not unmindful of various reportage that have kept the industry sailing in spite of daunting challenges that the industry faced in the past few years.
Your positive presentation and reports have immensely benefited and placed the industry in good light. No one would have done it better than you, being the custodians of information.
As we gather here, I am reminded of the critical role that insurance plays in mitigating risks and promoting economic growth in our nation.
Unfortunately, many Nigerians remain unaware of the benefits of insurance, and it is our hope that through your efforts and other measures the industry has put in place, we can shed more light on this important roles and continued to bring knowledge and information to the people.
It is worthy of note that since my emergence as the 22nd President and Chairman Governing Board of the Council, we have made conscious efforts to enhance the image of the Industry leveraging our Thrust of Office “Breaking New Grounds, Sustaining Legacies”. At my investiture more than a year ago, we set out with eight point agenda. I indeed vowed to deploy my experience and God’s given grace and strength to serve our noble Industry, sustaining the legacies of our forerunners and opening more vista of business opportunities for members through strategic engagements. As at today, we have represented the Council at places of importance and made strategic visitation to people of influence. We have engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote our members’ interests, and advocate for the growth of the insurance sector. These visits have enabled us to build bridges, address challenges, and explore opportunities for collaboration.
Notable among these visitations include but not limited to Honourable Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun; Honourable Minister of Budget and Economic Planning, Senator Abubarkar Bagudu; Hon Minister of Marine and Blue Economy, Alh. Gboyega Oyetola, FCIB; Executive Governor of Osun State, Senator Ademola Adeleke; Ooni of Ife, Oba Enitan Adewusi, Ojaja II and Corps Marshal and Chief Executive, Federal Road Safety Commission (FRSC), Corps Marshal Mohammed Sheu.
Others include, Managing Director/Chief Executive Officer, Nigeria Socialist Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye; Director General/Chief Executive Office, National Health Insurance Authority, (NHIA), Dr. Kelechi Ohiri; Group Chief Executive Officer, Nigeria National Petroleum Company Limited, Mr. Mele Kolo Kyari; Director General, National Film and Video Censor Board (NFVCB), Dr. Shaibu Husseini and the Commissioner for Insurance, Mr. Segun Omosehin. We took this route in our bid to build relationships and network that would benefit our Members, irrespective of their status.
Our Strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the Brokers; enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership. By strategically visiting influential people, the Council can effectively represent the interest of the entire industry.
Furtherance to our efforts on working together with other organizations to achieve common goals, in the context of the insurance and housing sectors, our Council’s collaborations with housing developers and government agencies to create affordable insurance products received considerable boost.
The Council participated in the 18th Africa International Housing Fair 2024, held in Abuja as well as the sixth and seventh NISH affordable housing seminar. This was a premier event for the housing and construction industry in Africa.
Similarly, we didn’t rest on our oars, we visited the leadership of the Nigeria Film and Video Censor Board, a government agency responsible for regulating the film and video industry in Nigeria.
The essence of this feat was to ensure that we create the necessary opportunity for our members in the creative industry leveraging the number of practitioners in that broader sector that encompasses music, art, design, and other creative fields.
I am aware that one or two of you may wish to ask questions regarding the much expected Insurance Law, it is no more a news that the Bill has received a considerable recognition by the two arms of the National Assembly, and we are expecting a favourable Law at the end of time. We have actively engaged with policymakers, industry stakeholders, and other relevant parties to advocate for the passage of this critical legislation.
The Insurance Law will promote a more conducive business environment for our members and the industry at large, and we are committed to seeing it to fruition. Permit me to limit my report on this particular subject to what had been reported. We all hope that at the end, everything will turn out in the favour of the entire insurance industry.
On August 1st, 2024, our Council recorded a landmark achievement towards the construction of a magnificent annex building of the Council by laying of the foundation of a five floor building, christened Olola Olabode Ogunlana House, (NCRIB Annex). The new building project, which is progressing steadily would serve as additional beacon of excellence for our Council.
The new building will feature additional parking facilities and modern office spaces that will be available for commercial purpose. We are confident that the building will enhance our operations as it will serve as additional income generation for our Council, and eventually,; reduce dependence of Council’s activities on Members’ subscription.
It is of a known fact that our nation is faced with numerous challenges, including economic uncertainty, insecurity, and infrastructural deficits. It is also worthy of note the efforts of the Federal Government in developing Nigeria’s infrastructure.
The government’s commitment to investing in critical sectors such as transportation, energy and housing is laudable. Initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) demonstrate the government’s dedication to bridging the infrastructure gap in Nigeria. The huge expenditure of government on building several highways, railways in this year’s budget are well noted.
However, I firmly believe that insurance can play a vital role in mitigating the attached risks and promoting economic growth. In executing these laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured.
Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses.
Our council has been working tirelessly to promote the development of the insurance industry in Nigeria. We have engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive. In this regard, I would like to commend the National Insurance Commission (NAICOM) for its efforts in promoting the growth of the insurance industry. Recently, the Commissioner for Insurance, Mr. Segun Omosehin made an official visit to the Inspector General of Police, Dr. Kayode Egbetokun, FCIB where the later made a promise to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025. This is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of Insurance and thereby created economic security and growth. We urge the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.
However, despite these efforts, there is still much work to be done. The insurance penetration rate in Nigeria remains abysmally low compared to its teeming population of over 200 million people. This is a challenge that we must collectively address. As journalists, you have a critical role to play in promoting insurance awareness and education. We urge you to continue to shine the light on the importance of insurance and the benefits it provides to individuals, businesses, and the nation as a whole.
In conclusion, I would like to thank you once again for your attention to this important matter. We look forward to continuing to work with you to promote the development of the insurance industry in Nigeria.
Thank you and God bless.
PRINCE BABATUNDE ADELEKE OGUNTADE, FIIN, FCIB PRESIDENT & CHAIRMAN GOVERNING BOARD, THE NCRIB
