SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. ROTIMI EDU, mni, FCIB AT THE FEBRUARY 2022 EDITION OF NCRIB MEMBERS’ EVENING HELD ON TUESDAY, FEBRUARY 22, 2022 IN LAGOS.
It is my great pleasure to welcome you to the first edition of NCRIB Members’ Evening in 2022, holding today. I like to appreciate you for finding time to attend this meeting in spite of the challenge of fuel scarcity which is just tailing off. I will not fail to acknowledge members who also join this meeting via Zoom application, most especially, those outside Lagos.
Your tenacity and unflinching support has continued to be our source of encouragement. I like to assure you that we are committed to building an institution that upcoming generation would be proud of. May I seize this opportunity to urge all members to be part of this dream of bequeathing a befitting industry that the next generation will be proud of.
I like to reiterate that this leadership team is committed to the development of our noble profession. We are not stopping until all stones are turned. At the inception of this administration, I did identify “Brokers’ Centrism” as the cardinal thrust of my leadership. I like to reiterate that we will pursue this vigorously, with God on our side.
I need not bother you on most of our modest landmark achievements within this period which had been eloquently presented at the last Breakfast Seminar with the President, but I need to stress that no leader is sustained without the followers. It is on this note that I crave more of your cooperation, suggestions and participation. Together we shall continue to stand.
We have endeavored to make our events most resourceful and educative. I am most delighted to inform you that before the end of this event, we will be learning more on recent developments in vehicle inspection sector. We have in our midst, the representative of Lagos State Vehicle Inspection Service, Ojodu Berger, Lagos, Engineer David Olufemi Famuyide, MNSE, MNIMechE.
Our choice of this topic and VIS is certainly hinged on the relevance of this sector to our insurance business and our daily living, especially, in Lagos State. It was recently reported that Nigeria Insurance Industry loses over N160 billion yearly to fake motor insurance racketeer. It is however, disheartening to note that an industry which had been contributing less than one per cent to the gross domestic product, in spite of its huge potentials, loses such whopping amount of money to fake vendors who contribute nothing to the growth of the nation.
Some of these fake racketeers have their offices in some local government secretariat across the nation, carrying out their unethical acts unabated. Aside from loss of revenue and premium, that should accrue to the industry, these criminals create for us bad image. Most of the unattended claims in Motor Insurance are victims of fake certificates. It is saddened to note that most motorists go about their daily businesses with certificate of moribund and deformed insurance companies, just because there is no proper enforcement. Some of these insurance policies flying around Local Government are just putting money into people’s pocket.
I am certainly aware that the Nigerian Insurers Association deployed technology to curb proliferation of fake certificates. But I am of the opinion that enforcement is still at low ebb. May I use this medium to appeal to Government to wade into the situation and curb the perpetrators. Also, my plea goes to Vehicle Inspection Service (VIS) to see this as a clarion call. Your organization can as well increase your enforcement strategies to include Insurance Certificate in such a way that any motorist without genuine Motor Insurance Certificate should be made to face sanctions as stipulated in the law.
Our economy continues to drag because we are not paying attention to the issue of insurance. At the appropriate time, Engineer Famuyide would be called to address this audience. I would like to encourage you all to take the full advantage of this educative and informative session about Vehicle Inspection Services and ask relevant questions. Let me use this medium to profoundly appreciate African Alliance Insurance Plc team for its unrelenting determination to further deepen relationship with Registered Insurance Brokers, as evidenced by the resolve to host this landmark edition of NCRIB Members’ Evening.
Also, I like to congratulate Mrs. Joyce Ojemudia for numerous achievements recorded since her appointment as the Managing Director of this progressive firm. I have no doubt today that African Alliance Insurance Plc has again, etched its name in the golden book of Registered Insurance Brokers in Nigeria. Customarily, at the appropriate time in the course of this event, we shall have the opportunity to ask questions from Mrs. Ojemudia and interact with the management team of the company on issues that are germane to the company’s growth and survival.
I want to urge our members who have opted to join us virtually to also make their observations and comments at the appropriate time. You can also drop your comments at the comments section and it would be attended to.NCRIB 60TH ANNIVERSARY: For the benefit of our guests here today, our great Council will be celebrating its 60th Anniversary this year, with a lot of funfair.
The Nigerian Council of Registered Insurance Brokers, established by an Act of the National Assembly on 4th July, 2003, succeeded the Nigerian Corporation of Insurance Brokers which was founded in 1962. The Council has continued to grow in leaps and bounds. It is expedient to celebrate the existence and legacies of our legends. Activities heralding the celebration will commence in March, 2022 with launching of Anniversary Logo and Mascot.
Other activities lined up for the celebration include presentation of 60th Year Book, Presentation of Council Compendium, Insurance Walk, Awards and Endowment in Schools, commissioning of Corporate Social Responsibility Project, Sports and Corporate Visitation. At the appropriate time, invitations would be extended to all our partners and well-wishers. It is on that note I will like to personally invite African Alliance Insurance to be a part of this celebration, most importantly, though sponsorship.
IMPROVED VALUE FOR MEMBERSIf there is anything that has occupied the minds of many members of the Council for a while now, it is how the NCRIB could accelerate its value rendition to members. I like to note that the agitation of members in this regard was not wrongly placed, considering the challenges they face on all ends, necessitating immediate collective solution from the Council. It was in sync with this that this administration coined its Thrust around “Brokers’ Centrism”.
In addressing this, our team would be quite strategic in first identifying in clear terms the immediate and future challenges threatening Brokers. We shall be building on the legacies of our Past Presidents. With an all-inclusive administration, we shall take time to provide opportunities for resourceful members. BIBA CONFERENCE We shall continue to strengthen the ties of the Council with other relevant international bodies.
One of such is the British Insurance Brokers Association (BIBA). It has become our yearly ritual to attend the BIBA conference, an international conference of insurance professional that draws participation from over 50 countries of the world.This year, our target is not less than 50 insurance professionals across the various arms of insurance industry. I must inform you that preparations are on top gear. I therefore enjoin you all to register your interest to be enriched in international ways of handling insurance business.
The 2022 edition of the Conference, as usual, holds in Manchester, the United Kingdom between May 11 and 12, 2022. The theme is “Our Insurance Community”. Happily, the NCRIB delegation would also have the benefit of interacting with a team of professionals from Aon and Lloyds Brokers who have consented to meet with the Nigerian delegation at a special session in London.
NCRIB PUBLICATION OF ELIGIBLE MEMBERS:
One of our statutory responsibilities every year is to publish names of all eligible members of the Nigerian Council of Registered Insurance Brokers in National Dailies. I would like to inform you that the Council would definitely carry out this statutory obligation.
However, our experiences in the past have shown that many Brokers that failed to meet up with the requirements for the publication often face lots of challenges in business due to the attendant negative image that non-inclusion attracts. I am urging you to regularize your membership status with the Secretariat without further delay, pay your subscription to merit the list.
Delay they say is often dangerous!
In conclusion, please permit me to appreciate African Alliance Insurance once again for electing to host this evening and affirm that by so doing the company has again etched its name as one of the Most Brokers-Friendly underwriters in the market today. I thank you all for coming and God bless.
MR. ROTIMI EDU, mni, FCIBPresident/Chairman Governing Board