From left: Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. (Mrs.) Bola Onigbogi; Lagos State Commissioner for Housing, Hon. Gbolahan Lawal; President, NCRIB, Mr. Kayode Okunoren and Managing Director, Niger Insurance Plc, Mr. Kolapo Adedeji at August Edition of NCRIB Members’ Evening at NCRIB Secretariat, Yaba
SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. KAYODE OKUNOREN, FIIN, FCIB AT THE AUGUST 2016 EDITION OF NCRIB MEMBERS’ EVENING HELD ON TUESDAY, AUGUST 30, 2016 IN LAGOS
• The Honourable Commissioner, Lagos State Ministry of Housing, Hon. Gbolahan Lawal,
• The Managing Director/CEO, Nigeria Police Pension Limited, Dr. Hamza Bokki
• The Managing Director, Niger Insurance Plc, Mr. Kolapo Ayodeji,
• Distinguished members of the NCRIB Governing Board,
• All our guests here present,
• Gentlemen of the Press,
• Ladies and Gentlemen,
It is my honour and greatest delight to welcome you all to the August edition of NCRIB Members’ Evening being hosted by Niger Insurance Plc. Permit me to ride on this platform to appreciate various supports that I have enjoyed since my emergence as the President of the Council. I must place on record that the task of leading our Council, sustaining the legacy of our founding fathers, and leaving good legacy behind for upcoming professionals have been so enormous. With your staunch support, we are persuaded beyond reasonable doubts that the herculean tasks of ensuring that our vocation becomes an enviable profession shall be accomplished. May I remind you that a tree does not make a forest, hence it is the joint responsibility of every one of us to ensure that the legacy bequeathed to us by the founding fathers of this noble profession is not only sustained but promoted, no matter the sacrifice that this may demand on our part. Like Oliver Twist, I like to crave more of your support, most importantly at a time like this when the industry is in dire need of publicity and awareness.
Professional colleagues, I like to encourage you to place more importance on regular attendance of our cherished bi-monthly Members’ Evening. The meeting has continued to beckon the attention of, not only the Underwriting firms, but other relevant institutions outside our industry, including Network Service Providers, Health Management Organisation, other related financial Services providers, to mention but a few. This further underscores the fact that the relevance of insurance brokers in nation building as well as growing the economy cannot be undermined. I therefore enjoin you not to relent in your regular attendance and further propagate the gospel to others who have chosen to be indifferent.
I like to welcome into our midst, Lagos State Commissioner for Housing, Hon. Gbolahan Lawal. Permit me, on behalf of the entire membership of our Council to appreciate Hon. Lawal who has graciously accepted to be here today, in spite of his tight schedule. We all know that the enormous assignment of turning Lagos to Mega City is challenging and out of his busy schedule, the Commissioner has elected to be here with us today as our Special Guest of Honour. Suffice it to note that the Commissioner who has many years of experience in the Public sector is a perfect blend when we talk of about generational gap in governance . He also has experiential knowledge in real-time business dynamics, global demographic/ economic challenges, opportunities, and market shifts. It is worthy of note that Hon. Lawal, as a former Honourable Commissioner for Agriculture and Cooperatives under the Mr. Babatunde Fashola (SAN) Administration, raised the State’s food security profile through the initiation of various programmes and projects notable of which is the Lagos Youth Empowernment Proect known as Lagos YES Definitely, his presence here should provide us the opportunity to cross fertile ideas on the relevance of insurance, especially in the area of mortgage protection and other forms of insurances that are germane to the built environment, which falls under his portfolio in Lagos State.
Also, join me to welcome into our midst this evening, the Managing Director/CEO, Nigeria Police Pension Limited, Dr. Hamza Bokki. As a Managing Director of the Gombe State Investment and Property Development Company Limited, Dr. Bokki revamped the financial position of company as well as APT Pensions Ltd which he brought into profitability within four years. He has been an Independent Non-Executive Director of FBN Holdings Plc since August 12, 2014. Through his esteemed presence, it is my hope that members would be able to forge more formidable collaboration with the Police Pensions Limited.
Permit me to congratulate the Management team of Niger Insurance Plc, under the able leadership of Mr. Kola Adedeji for hosting this splendid Evening. I can confidently assure you that after listening to Mr. Adedeji, you can choose to either put all your eggs in one basket of Niger Insurance Plc or not. All I can say is that no one consorts with NCRIB and remains the same!
NATIONAL ISSUE & BROKERS CONCERNS
It is no longer news that the sharp drop in the price of oil globally has put Nigeria in a precarious situation. To say that the times are hard is to state the obvious. Our mono-product economy has not helped matters. As at today, and for the first time in the history of Nigeria, the exchange rate has hit over 420 Dollar to a naira. The brunt is being borne by both rich and poor. One of the worst hit sectors is the Insurance Industry. Nigeria runs a cash and carry economy, where insurance is often placed at the lowest ebb of scale of preference, if included at all. Many policy holders have jettisoned the need to renew their policies. There are no new businesses, and to worsen the situation, Government agencies and parastatals, which happens to be the highest Insurance Consumers, have no wherewithal to pay premiums as at when due. The implication is that, there are no covers for most government agencies and parastatals in view of the “No Premium No Cover” policy. However, in all these, I like to implore my professional colleagues to hold the faith and believe in the change policy of the incumbent government. Howbeit, I can see a bright light at end of the tunnel. I challenge you all at a time like this to be more innovative in terms of product development and continue to invent multiple streams of business ideas to weather the storm. It is not time to fold our arms and watch the pendulum swinging against us.
NATIONAL CONFERENCE AND ANNUAL GENERAL MEETING
I am most delighted to inform you that preparation towards the 2016 National Insurance Brokers Conference and Exhibition as well as the Annual General Meeting of our noble Council is on course. It is worthy of note that the Board has approved a change in the nomencleature of our Conference. Instead of National Insurance Conference, the name of the Event will now be National Brokers Congress & Exhibitions. The Event Organizing Committee is working assiduously to ensure overall success of the event which would hold at the Transcorp Hilton, Abuja, between November 9 & 10, 2016. The Honourable Minister for Solid Minerals, Dr. Kayode Fayemi is billed to deliver the theme paper, while the Nigeria Vice President; Prof. Yemi Osibajo will declare the Conference opened and deliver the keynote address. The Honourable Minister of Finance, Mrs. Kemi Adeosun is our Special Guest of Honour while other notable dignitaries, both at international and national level are billed to grace the Conference. Details of the meetings would be adequately communicated to you at the appropriate time. I implore you all to please, block your diaries for those days, because, it promises to be educative, informative, and interactive.
FELLOWS’ DAY
I am most delighted to inform you that preparations towards the 2016 Fellows’ Day is also in the pipe line. I am glad to inform you that 24 qualified individuals have applied to be admitted into the prestigious league. It is most heart-warming that the venue and date for this prestigious event has been secured. While the Events Organising Committee will be saddled with the responsibility of ensuring a smooth and memorable event, I like to inform you that Eko Hotel and Suites has been booked as the venue for the event, scheduled to hold on November 12, 2016. Details of the event would be communicated to those concerned at the appropriate time.
NCRIB CORPORATE VISIBILITY
I must not conclude without reiterating the crave for enhanced corporate visibility for Brokers. Towards this end, the Management team has been paying visits and made appeal for support from members. Be assured that whatever support that is given by any member would be duly acknowledged and contribute most significantly to the Council’s image, to the benefit of all.
CONCULSION
Once again, I thank you all for your esteemed attendance and wish you a delightful Evening.
KAYODE OKUNOREN, FIIN, FCIB
PRESIDENT/CHAIRMAN, GOVERNING BOARD
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SPEECH DELIVERED BY PRESIDENT, NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. KAYODE OKUNOREN, FIIN, FCIB.
