By Favour Nnabugwu
The Minister of Finance, Mrs Kemi Adeosun, on Friday advised the National Insurance Commission (NAICOM) to rise up to its responsibilities and explore untapped potential. Adeosun made the call at a retreat marking the five years of NAICOM’s existence in Abuja. The minister, who was represented by the Director, Home Finance in the Ministry, Alhaji Kari Zakji, said: “The insurance industry needs to be positioned to contribute positively to the Gross Domestic Product (GDP) and creation of employment.”
“NAICOM can help achieve this by cleansing itself of the bad eggs within itself and by improving its services to its consumers. NAICOM as an organisation will be expected to make efficient use of the financial and non-financial resources available to it.
In this regard, my ministry will be looking to see a strategic, efficient and effective allocation and use of public resources.” Adeosun urged NAICOM to use the retreat to come up with a strategic master plan to strengthen and restructure the insurance industry.
The NAICOM’s Chief Executive Officer, Alhaji Mohammed Kari, said the retreat was an avenue for the commission to review what it had achieved in the last five years. We have reasons to believe we can do more to ensure that insurance continues to be robust in the country.
“We plan to critically review our achievements and decide the strategies to push forward and those to drop. Also, we recognise the need for further deepening of the insurance market so we will brainstorm on strengthening the players and encouraging consumers to utilise the services being provided,” he said.