SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, PRINCE BABATUNDE OGUNTADE, FIIN, FCIB AT THE APRIL 2024 EDITION OF NCRIB MEMBERS’ EVENING HELD ON TUESDAY, APRIL 30, 2024 IN LAGOS
• Distinguished members of the NCRIB Governing Board,
• The Managing Director, Universal Insurance Plc, Mr. Benedict Ujoatuonu
• All our guests,
• Gentlemen of the Press,
• Ladies and Gentlemen,
I am quite delighted to welcome you all to the April 2024 edition of the NCRIB Members’ Evening being hosted by the Universal Insurance Plc. This event provides me an opportunity to express my gratitude, first, to God Almighty, and also to you, my professional colleagues, for your staunch support since the commencement of my tenure. I must express my appreciation for the confidence, support and cooperation that you have given to me, of which I sincerely crave for more, so that we can raise our Council to an enviable height of our desire. Permit me to reiterate that this administration would leave no stone unturned to ensure that we actualize and deliver on our thrust of office.
Within the last few months of this administration, I have come to realize that the task of leading our Council and sustaining the finest legacies of professionalism and adherence to ethics envisaged by our founding fathers requires the cooperation of every member of this Council. It is in that light I am appealing to Members to give their support as much as it lies within their power. I am persuaded beyond reasonable doubts that the herculean task of ensuring that ours is an enviable profession is realizable.
I congratulate Dr. Benedict Ujoatuonu and his team from Universal Insurance Plc, who has determined to be a yearly host of our Members’ Evening. It will be recalled that for the past few years, the Company has never seized to partner with the Council, hosting our Members’ Evening, at least, once a year. The Company has also etched its name in the good record of our Council as a major supporter of the Insurance Exhibition at the Lagos Trade Fair. However, belief me most sincerely, the Council, I mean our administration, is not unaware of some minor discrepancies that greeted the acceptance of Universal Insurance Plc as host of tonight’s event. Since the information filtered into the public domain, we have made conscious efforts to interrogate the parties involved with determination to resolve the issue amicably. I am happy to inform, that earlier today, the leadership of the Company and Members of our Investigation Panel met, as we speak, the issue had been amicably resolved. Kindly let’s give the Company a benefit of doubt. I appreciate all members who raised the issue either on the Council’s platform or privately with me. We are working for the common goal of the Council.
• NATIONAL ISSUES
There is no doubt in the fact that the Nigeria news wave is dominated by the news of economic hardship allegedly occasioned by the removal of subsidy at the commencement of this administration, as well as the harmonization of the foreign exchange market with its attendant inflation. It is no more news that the cost of goods and services has gone up astronomically. The effect of these on our business cannot be underestimated. It is unfortunate that when the economy was palpable stable and okay, insurance products remain one of the last items in many household scales of needs. The overall situation warrants that insurance industry and individuals brace up for this challenge. While we are not condemning the various bold steps that the incumbent administration has taken to reshape the nation’s economic landscape, it is expedient of us to urge the Government to fast track the implementation of those policies that will bring relief to an average Nigerian. The issue of Nigerians wellbeing should not be politicized, all hands must be on deck to ensure that the implementation of laudable policies that will lead to emergence of a new Nigeria. I passionately appeal to the media to go beyond surface reporting and highlight basic qualities of the Government policies. Information is important. Nigeria can once again bounce back in its economic activities.
2024 BIBA CONFERENCE
The British Insurance Brokers Association (BIBA) Conference and AON Training would be held between 15th and 18th of May, 2024 in Manchester and London, United Kingdom respectively. The theme is “What’s Next?”. The Council has intensified efforts in making preparations towards a delightful trip to Manchester and London for the Conference and training which promise to be very educative and interesting. One of the side attractions for Nigerian delegates attending the Conference would be a day Seminar at Aon, London, where delegates would have opportunity to rub minds with Insurance experts in UK. As at today, I am delighted to inform you that 57 delegates had registered, which includes sixteen delegates from Underwriting firms. Nigerian bound delegates would be leaving the country on the 12th of May, 2024, to return on 18th of May, 2024. I have the approval of my Management Committee to inform you that if you have valid visa to the United Kingdom, you can still be part of this trip. Just see the Executive Secretary/CEO, Mr. Tope Adaramola, FCIB for details. On my honour, may I extend this invitation to Management of the Universal Insurance Plc to be part of this training.
NCRIB ANNEX BUILDING
Sometimes in December, 2022, under the leadership of Immediate Past President, Barrister Rotimi Edu, mni, FCIB, the Council purchased a piece of land measuring approximately 319.772 square meters, situated at No. 71b, Queen Street, Alagomeji, just beside this building. The project was conceived to construct an ultra-modern office facility for the NCRIB and to enlarge the Secretariat, elevate our status and create additional source of revenue for the Council and ultimately, enhance the solvency of the Council. The total estimated cost of the construction of rge building project is five hundred million naira only. The building plan consists of five floors, including office spaces and meeting rooms for commercial purposes. The Building Committee under the Chairmanship of our respected and revered Past President, Alhaji (Dr) Teslim Sanusi, ofr had critically considered the viability of the commercial values of the building and rated it profitable.
The Council is passionately appealing to members and all well-wishers, including our host tonight, to donate generously to the actualization of the project. For easiness, the Committee has broken down the donations into categories with their attendant benefits. We have since sent out letters of appeal to all Members, and we have mandated the Secretariat officers to follow up with phone calls. Peradventure you haven’t received our letters; you may wish to see any of the Secretariat’s staff.
2024 CEOs’ RETREAT
I am pleased to inform you that the 2024 edition of the Chief Executive Officers’ Retreat of our Council is scheduled to hold from Thursday, June 13, 2024 to Saturday, June 15, 2024. It is apposite to inform you that the retreat over the years had afforded Members and other delegates to rub minds on contemporary issues on the nation’s economy with special bias for insurance being our core profession. Like every other CEOs’ Retreat, I have the approval of the Governing Board to inform you that we shall be holding this epochal event in Watbridge Hotel, Uyo, in Akwa Ibom State, a home away from home. I can only assure you that this year’s retreat will come with lots of fascinating memories as activities lined up for the event are not only educative but titillating. The Events Organising Committee members are working assiduously to make the moment delightful for participants. At the appropriate time, more information would be released for our adequate preparation. It is on that note I like to enjoin you to block your diary for those days.
ADDING VALUE TO MEMBERS
You would recall that one of the focuses of the Governing Board is to continually give values to members and enhance their compliance with regulatory requirements expected of them. I am most delighted to inform you the Council has designed lots of training opportunities for members. This would definitely enhance participants’ skills in handling insurance and technical related issues. It will interest you, that in putting this program together, we extended invitation to the Registrar General of the Corporate Affairs Commission to grace this event. We shall continue to bring people who we belief will be of immense benefits to our members.
As a way of taking insurance to high quarters of reckoning, we sought an audience with the Hon Minister of Budget and Economic planning, Senator Abubakar Atiku Bagudu in Abuja. It is apposite to inform you that Minister was quite excited to receive the Council’s delegation. We also visited the Hon Minister of Finance, Mr. Wale Edun, all these moves were germane to the fulfilment of our Thrust of Office, “….Breaking New Grounds’ . We continue to break barriers militating against Brokers in high places. One of our recent visitation was to the Nigeria Social Insurance Trust Fund (NSITF) where we frontally confronted the issue of the noxious levy of thirty thousand naira (N30,000.00) processing fee on Insurance Brokers. May I inform you that a committee would soon be in place to resolve the matter.
CONCULSION
I wish to thank Universal Insurance Plc once again for hosting this event and by so doing reaffirming itself as one of the most insurance broker friendly underwriters in Nigeria. I appreciate all members who made it to this gathering and those that joined us virtually. May God Almighty bless your endeavours.
Do have a splendid evening.
PRINCE BABATUNDE OGUNTADE, FIIN, FCIB
PRESIDENT AND CHAIRMAN, GOVERNING BOARD
