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Multi-subject matter expert, Barineka Thompson, has exited the National Insurance Commission (NAICOM) on Compulsory retirement, Inspenonline reports.
Before his retirement, he was Director, Finance and Accounts (DFA), NAICOM.
Thompson and two others were served a compulsory retirement letter on Friday, August 04, 2023 by NAICOM, in pursuant to a recently issued Public Service Circular on eight years tenure for all Federal Government of Nigeria (FGN) Directors, having worked in NAICOM for 10 year, and 10 months.
The tenure policy – 2021 Revised Edition’ of Public Service Rule (PSR), which took effect from July 27, 2023, stated that all Directors (SGL 17), who have spent eight years and above on a post are directed to submit their notice of retirement in line with Section 020909 of the revised PSR.
Thompson is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an Associate member of the Chartered Institute of Taxation of Nigeria (ACIT) and the Nigerian Institute of Management (AMNIM).
He is also a Certified Anti-Money Laundering Specialists (CAMS), and Certified Advanced AML Audit Specialist (CAMS-AUDIT) of the Association of Certified Anti-Money Laundering (AML) Specialists (ACAMS), USA. He is the only Resident Nigerian with the CAMS-AUDIT certification to-date.
Thompson is a highly skilled, resourceful and dynamic person, with cognate experience in Insurance, Finance, Strategy Management and Hospitality and a subject matter expert in Anti-Money Laundering and Financial Crime Investigation.
He was the Group Head, Finance and Chief Finance Officer of Linkage Assurance Plc before joining the National Insurance Commission (NAICOM) Abuja and has served on several corporate Board of Directors amongst other top management positions in the private and public sector. Prior to joining Linkage Assurance Plc, he has served as Acting General Manager/Chief Executive of NICON HOTELS Limited, (a fully owned subsidiary of NICON Insurance Plc and former owners of Transcorp Hilton Hotel).
He held senior management position in NICON Insurance Plc before its privatisation in several departments. He has served as non-executive director on the Board of many companies including; Associated Properties & Trust Plc, Nigeria Aluminium Extrusions Limited, Globe Re-Insurance Plc, Nigeria Hotels Ltd (owners of Ikoyi Hotels) and Abuja International Hotels Limited.
Upon joining the NAICOM in October 2012, he recently held the office of Director, Finance and Accounts (DFA) in a recent redeployment, haven served as Director, Supervision Directorate and Director, Inspectorate Directorate. His responsibilities in the the two key technical offices covered offsite and onsite supervision and AML/CFT.
He has been the brain behind most of the regulatory policies, supervisory initiatives and implementation of major projects of the NAICOM some of which included the followings:
1.Facilitated the issuance of Revised Prudential Guidelines for Insurance institutions in Nigeria 2022
2.Facilitated the wide scale revision and release of a revised prudential returns template, currently being automated by African Reinsurance sponsorship project.
3.Facilitated the seamless implementation of IFRS 9, 15 and 16 accounting standards by insurance institutions in Nigeria.
4.Lead the process of designed and use of a common IFRS compliant financial reporting and returns template for use by insurance brokers in Nigeria in 2019;
5.Implementation Team Lead on the revered successes of “No premium, No cover”;
6.Design and implementation Team Lead of Risk based supervision which he aligned with the Solvency II Model of insurance supervision of the UK;
7.Team Lead of the ongoing design of Risk Based Capital
8.Facilitated NAICOM active participation in the Consolidated Supervision Project of the Financial Sector Regulation Coordination Committee (FSRCC)
9.Design of Regulatory framework and Entrenchment actions on AML/CFT where he is a subject matter expert;
10. Concept Initiator and Team Lead of the revered Tier-Based Minimum Solvency Capital (TBMSC);
11.Team Lead on formulation of the NAICOM corporate strategy 2016-2020 whereon the current designs were revised for 2021-2023
12.Team Lead on Revenue remodeling.
When the adoption and implementation of IFRS 17 Insurance Contract debuted in 2017 and with effective date of January 1, 2023, Thompson steered the way for NAICOM and the Insurance Industry.
He served as the NAICOM/Industry Team Lead on IFRS 17 Implementation until his recent compulsory retirement and laid the following foundation actions for seamless implementation and supervision of IFRS 17 by the Insurance Industry:
1.Established robust relationship with Financial Reporting Council of Nigeria.
2.Steering several IFRS stakeholders’ enlightenment sessions.
3.Issuance of Roadmap for the Implementation of IFRS 17 by insurance and reinsurance companies.
4.Midwifed the creation ofh Insurance Industry Financial Reporting Working Group (IIFRWG) with membership drawn from both public and private sectors, with local and international expert membership.
5.Facilitated the IFRS 17 Implementation Guidance Note and Standard Financial Reporting Template issued in October 2022.
6.Mid-wifed the formation of Nigeria Actuarial Society Discount Rate Committee (NAS_DRC) to provide standard methodology for discount rate determination with its monthly generated yield curve for use in IFRS 17 process by the industry.
7.Design supervisory review template and capacity building for analysts and supervisors.
Thompson has attended many courses and seminars locally and overseas. He has also served as Faculty and facilitator in both local and international training of ICAN, ACAMS and the GIABA, Senegal. He is happily married & blessed with children.
