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Chuks Udo Okonta
I hope and pray to live to see a virile, repositioned and positively impactful insurance industry, says the Doyen of Insurance, Olola Olabode Ogunlana, as he celebrated his 70 years in underwriting practice.
He disclosed this yesterday at an event in Lagos, organised to mark his 70th year in the insurance industry, stating that all is not well with the Nigerian financial system and for the good of the economy, the country, and its people the time has come for the financial system to be reviewed.
According to him, “All is not well with the Nigerian Financial System as well. For the good of the economy, the country, and its people the time has come for the Financial System to be reviewed. By doing so light will be beamed on some of the ills within the Insurance Industry.
“The last review of the Nigerian Financial System was in 1976. The System, like most things in Nigeria of today needs to be re-examined and revitalised.”
Whilst speaking on the theme: ‘Reposition the Nigerian Insurance Industry’ he called for cooperation amongst the insurance industry regulator – National Insurance Commission (NAICOM) and practitioners so as to engender growth and economic development.
“I, see the industry – insurers, reinsurers, adjusters, brokers, other facilitators, and the regulator as one seamless entity. This has to be so, as the strength of a chain is in its weakest link. Besides, the eye sees not itself. You will, therefore, permit me to be the mirror to show the reflection of the industry as I see it,” he submitted.