Naicom showcases insurance at University of Uyo

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By Favour Nnabugwu

 

 

The National Insurance Commission (NAICOM) has made plans to build an edifice at the University of Uyo dedicated to insurance studies.

This is part of the Commission’s bid to deepen insurance penetration in the country,

The Commissioner for Insurance, Mr. Sunday Thomas, who made the disclosure in Abuja on Thursday when he signed a Memorandum of Understanding (MoU) with officials of the university said the money for the building will be drawn from its Education Fund, which was earmarked to provide financial assistance to tertiary institutions who are the vehicles needed to drive insurance education and human capital development in Nigeria.

To deepen insurance penetration in the country, the National Insurance Commission (NAICOM) will build an edifice at the University of Uyo dedicated to insurance studies.

The Commissioner for Insurance, Mr. Sunday Thomas, who made the disclosure in Abuja on Thursday when he signed a Memorandum of Understanding (MoU) with officials of the university said the money for the building will be drawn from its Education Fund, which was earmarked to provide financial assistance to tertiary institutions who are the vehicles needed to drive insurance education and human capital development in Nigeria.

Thomas said the building project was a vivid recognition of the contributions of higher education in driving insurance growth.

“This is a knowledge-based sector and we realized that as the days go by, vulnerability increases in which case, we need to develop products that will be able to meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package things, products and of course the starting point is to get the knowledge. That is why we are bending backwards to develop the minds that will be able to not only teach, because part of those who are going to be beneficiaries will remain in the institution to teach others, some are going to come into practice, they need that knowledge, that is why we have ventured into this”, he explained.

He added that NAICOM will spread the building of insurance departments across the country with the firm belief that “the more of this we do, the more people get educated about what insurance is and of course the result will show”, he added.

The NAICOM CEO clarified that the funds for the building will be disbursed in tranches, adding that the total amount will be determined when the project is completed and commissioned.

To deepen insurance penetration in the country, the National Insurance Commission (NAICOM) will build an edifice at the University of Uyo dedicated to insurance studies.

The Commissioner for Insurance, Mr. Sunday Thomas, who made the disclosure in Abuja on Thursday when he signed a Memorandum of Understanding (MoU) with officials of the university said the money for the building will be drawn from its Education Fund, which was earmarked to provide financial assistance to tertiary institutions who are the vehicles needed to drive insurance education and human capital development in Nigeria.

Thomas said the building project was a vivid recognition of the contributions of higher education in driving insurance growth.

“This is a knowledge-based sector and we realized that as the days go by, vulnerability increases in which case, we need to develop products that will be able to meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package things, products and of course the starting point is to get the knowledge. That is why we are bending backwards to develop the minds that will be able to not only teach, because part of those who are going to be beneficiaries will remain in the institution to teach others, some are going to come into practice, they need that knowledge, that is why we have ventured into this”, he explained.

He added that NAICOM will spread the building of insurance departments across the country with the firm belief that “the more of this we do, the more people get educated about what insurance is and of course the result will show”, he added.

The NAICOM CEO clarified that the funds for the building will be disbursed in tranches, adding that the total amount will be determined when the project is completed and commissioned. .

He stated that the speed at which the fund would be released is highly dependent on the Institution’s ability to document and/or speed up the work/project involved.

He listed specific areas the Commission will be supporting the tertiary institutions to include; the establishment of Information and Communication Technology (ICT) Centre; scholarship for Masters and Doctorate degrees; provision of textbooks and journals on insurance and other related fields.

Others are: construction of administrative and/or vocational offices (structures); sponsorship of professorial endowments and sponsorship of accreditation for tertiary institutions interested in offering insurance as a course of study.

Thomas, who did not disclose how much will be spent on the building, said the value of the building remains the linkage that is created in human capital development which cannot be quantified.

Also speaking at the event, the Vice Chancellor of the University of Uyo, Professor Nyaudoh Ndaeyo said the institution was one of the Universities in Nigeria that opted to offer Insurance programmes.

He hailed NAICOM for graciously offering the University a helping hand by funding the construction of a building.

“We are here to sign Memorandum of Understanding and to also show appreciation on our part because they have trained our staff beyond what we have shown to them.

“Students or candidates hearing that a building is coming, that alone has led to an increase in the intake of students in that programme, everybody wants comfort so the coming of the building, offices for staff and classrooms for students is quite a commendable one”, he said.

On gradual release of funds as stated by the NAICOM CEO, Ndaeyo said the university management prides itself as one with a high level of integrity and a strong brand developed over the years.

“So, we know we have to protect that name to ensure that we maintain the quality”, he added.

To ensure transparency, tertiary institutions were selected based on the following criteria: all beneficiary institutions must be offering Insurance and/or Actuarial science at degree or National Diploma level; only institutions owned by Federal and State Governments were considered and only institutions with existing infrastructure, staff and department with insurance education were qualified.

Other considerations include: each geopolitical zone was qualified to get slots; all beneficiary institutions must have been physically inspected and certified by the Commission to ensure compliance and all successful institutions were required to sign an MOU to ensure compliance with terms of the award.

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