NCRIB-LAC equips brokers on data protection compliance, implications

President Nigerian Council of Registered Insurance Brokers Babatunde Oguntade (4th left) presenting an award Dr. Joyce Odiachi of International Energy Insurance, followed by the Chairman Nigerian Council of Registered Insurance Brokers Lagos Area Committee Olufemi Oduwole with other dignitaries at the event,

Kindly leave a comment and share

Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers Lagos Area Committee NCRIB (NCRIB-LAC) has provided a robust platform to effectively educated and align insurance brokers with the 2023 Nigeria Data Protection Act.

The brokers were properly schooled at the NCRIB-LAC September CEO general meeting held yesterday in Lagos and sponsored by International Energy Insurance Plc.

Focusing on the theme: Nigeria Data Protection Act 2023: Compliance & Implications on Insurance Industry”, the Chairman NCRIB-LAC Olufemi Oduwole, said in view of the importance of data protection to professional entities like brokers, the Exco considered a highly informative and educative theme to be discussed at the meeting, in order to fully broaden the knowledge of members on the 2023 Nigeria Data Protection Act.

“Suffice it to say that the law is meant to enhance data integrity and enhance customer’s delight,” he said.

He also expressed delight and rejoiced with all members of the committee on the passage of the 2025 Nigerian Insurance Industry Reform Act (NIIRA 2025) which he considered as one of the finest laws that would broaden the horizon of insurance broking practice by opening more opportunities to insurance brokers.

“Being critical players in the insurance value chain, we are expected to see both the opportunities and the challenges that the law brings and be more creative to harness the huge advantages.

“I implore every one to read the law intently and digest the content,” he said.

Oduwole appreciated the sponsor of the Meeting- International Energy Insurance Plc- for supporting NCRIB-LAC course consistently. “I am confident that with your support, the fortunes of the company would continue to grow leaps and bounds,” he posited.

According to him, It is on record that IEI has been sponsoring LAC Exco retreats, held outside Lagos for over 4 years, sponsored insurance quiz competitions last year and many other events of the LAC.

“We heard on good information that the company had fully settled the DEWOO loan owned by the old Board, which has added to the image projection of the company and our industry generally,” he submitted.

The Speaker Chief Operating Officer Computer Audit Control and Security Associates Limited, Dr. Martin Ikpehai, while speaking on the theme, exposed participants to why they should comply with the Act, implications of not complying and benefits to their operations.

Dr. Joyce Odiach (middle) with other dignitaries at the event.

A staffer of International Energy Insurance Dr. Joyce Odiachi, appreciated NCRIB-LAC for considering the company worthy to sponsor the event, stating that IEI Plc is committed to such a robust partnership.

On what makes IEI Plc tick, she said the company is an A-rated reinsurance partner, with a strong risk management profile; prompt claims payment system; strong financials; ICT driven operational process and customer centric relationship management.

She submitted that IEI Plc is strategically positioned towards meeting the required N15 billion capital requirement with a target to surpass same for competitive edge.

According to her, IEI has successfully exited the Daewoo loan as of July 2025, adding that it is modernizing systems and enhancing technological capacity across the business.