Insurance industry to play critical role in FG $1 trillion economy by 2026- New CFI

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By Favour Nnabugwu 
The newly appointed Commissioner for Insurance and the Chief Executive Officer of the National Insurance Commission, Naicom, Mr Olusegun Ayo Omosehin resumed office yesterday and was welcomed by management staff of the commission.
Following his arrival, the CFI had an interactive session with the entire Management and Staff of the Commission, during his opening remark he stated the Executive management staff would set a new tone for the Nigerian Insurance .
His predecessor, Mr. Olorundare Sunday Thomas who was in attendance to officially handover to the new CFI, having played hie role massively well during his tenure, thanked the staff for their support while in office.
Omosehin was optimistic that the insurance sector would be more vibrant and following the Federal Government intends to achieve a $1Trillion economy by 2026, he pledged the the sector would be Contributory to it.
“With this target in cognizance, the Insurance Sector is expected to play a critical role and contribute to its achievement”
A combination of solid leadership, communication and access to good resources contribute to productive collaboration, but it all comes down to having people who understand each other and work well together.
And going by the goal of Naicom,
To ensure safe, sound and stable insurance sector; adequately protect policyholders and public interest. Improve trust and confidence in the insurance sector and to encourage innovation and promote insurance market development, the three insurance persons will take Naicom and entire industry to it new level

Olusegun Ayo Omosehin, born over five decades ago in Abe-alala of the Ilaje Local Government Area of Ondo State, he is not new to the insurance business and profession in Nigeria for he has practiced the trade for over 29 years considering that he joined the practice in 1993 as staff of Crusader Insurance Plc.

Not minding his pet dream of joining Nigeria’s foreign service, ‘Segun Omosehin strived hard from the onset to become one of the best practitioners that the nation’s insurance industry could boast of thus paving the way to his rising to the pinnacle of the profession in a record time.

A graduate of Political Science of the then Ondo State University and a holder of a Masters degree in International Law and Diplomacy from the University of Lagos, ‘Segun became a Chartered insurance professional in 1996, a fit that he achieved in only two seatings, he stands out as one of the multi-disciplinary professionals in the Nigerian insurance industry today.

Before joining Old Mutual Nigeria Life Assurance Company Limited where he currently serves as the Managing Director and Chief Executive Officer in 2020, Olusegun Omosehin had previously worked for other insurance companies including Custodian and Allied Insurance Plc where he served for about nine years before leaving in 20003 as Divisional Head of Operations to join Admiral Insurance Company as the Managing Director.

It is to his credit that his transformational agenda at the 22-year-old company culminated in the turning around of the loss-making company into a profitable venture.  His days at AIICO Insurance Plc were that of a sterling service considering that he engineered and led the transformation agenda for the group and thus reset a clear path to profitability for the business.

His leaving AIICO Insurance in 2009 and his joining Mutual Benefits Assurance Plc in 2010 were in continuation of his professional growth as every stop over presented him with the opportunity of exhibiting his craftsmanship as an insurance technocrat.  His over 10 years of stay in the corridors of power at Mutual Benefits Assurance exposed him to greater challenges amidst opportunities as his professional competence continued to drag him onto higher grounds in total reflection of the saying that the golden fish has no hiding place.

Deputy Commissioner for Insurance, Technical, Ekerete Ola Gam-Ikon is a member of several professional institutes including the Chartered Insurance Institute of Nigeria, the Chartered Institute of Personnel Management of Nigeria, the Institute of Management Consultants of Nigeria, the Nigerian Institute of Management, the Nigerian Institute of Marketing, and the International Process & Performance Institute.
He previously worked as an Executive Director at Guinea Insurance Plc in 2011.
He obtained an undergraduate degree from the University of Calabar.
Currently, Mr. Gam-Ikon holds multiple positions in various professional institutes.
Usman Jamada Jankara, the Deputy Commissioner for Insurance, Finance & Administration was able within few months of his appointment as the head of the Corporate Strategy and Special Duties Department, he developed and obtained the Board’s approval for a Strategic Plan for the National Insurance Commission, which has been acclaimed as the best in the history of the organization.
He earned his Doctorate of Philosophy (PhD) in Business Administration from the UNICAF University, Cyprus with his PhD Thesis focused on strategy/stakeholder management and insurance penetration.
He obtained a Master of Business Administration in 2015 from the National Open University of Nigeria, Abuja, a diploma in Risk Management and Insurance in 2006 from the West African Insurance Institute (WAII), Banjul-Gambia and a Bachelor of Sciences Degree in 2002 from the Rivers State University of Science and Technology (RSUST), Port-Harcourt.
Usman Jankara has won many scholarly awards namely; the overall Best Graduating Student Award of WAII 2006 set, the Best Student of his Department in RSUST as well as the Rector’s Honours List/Best Graduating Student at the Federal Polytechnic, Bida. He was also awarded a Certificate of Recognition by the NYSC, Osun State chapter in recognition of his exemplary leadership as a Corps Liaison Officer.
He is an Associate of the Chartered Insurance Institute of Nigeria by examination (2007), a fellow of the International Fellows Programme of the National Association of Insurance Commissioners, Kansas, Missouri, USA (2013) and a Member of the Chartered Institute of Administrators, Nigeria
Usman Jankara began his career with Sakampu Nigeria Ltd, Port-Harcourt as an Administrative Officer in 2002. He was the NYSC Corps Liaison Officer in Iwo Local Government of Osun State and worked with Startech Connections Limited, Abuja briefly before he joined the National Insurance Commission in 2004.
In 2006, he attended the West African Insurance Institute’s Diploma in Risk Management and Insurance programme where he graduated with Distinction and won the Best Graduating Student Award. Upon return to Nigeria, he became the Personal Assistant to the Commissioner for Insurance/Chief Executive of the National Insurance Commission
He was re-employed as a Deputy Manager in 2009 before he became the Manager/Head of the Commissioner’s Office in 2013, a position he retained when he was promoted to the rank of a Senior Manager in 2016. He became an Assistant Director in 2019 and later became the Head of the Corporate Strategy & Special Duties Department.
Until his recent appointment as a Deputy Commissioner by the President of the Federal Republic of Nigeria on 19th April 2024, as the Head of the Corporate Strategy & Special Duties Department, he was responsible for strategic planning, implementation, monitoring, coordinating strategic projects, as well as handling special duties and implementing solutions to insurance regulatory/supervisory issues, among others.
He is credited with anchoring many flagship projects and initiatives in the National Insurance Commission such as designing and implementing the quality assurance/executive support activities of the Commissioner’s Office staff, anchoring the crafting of the guidelines for oil & gas insurance business in Nigeria, steering the local content guidelines and aviation insurance guidelines, harmonization of the regulatory returns, and development/implementation of the NAICOM Strategic Plan ‪2021-2023‬ as well as coordination of the Commission’s technical partnership with FSD Africa, among many others.
These efforts resulted in the fastest CFI’s Office and Commission’s response time in the history of NAICOM, increased risk retention in Nigeria and higher quality reinsurance treaties/securities, and supervisory effectiveness in the oil & gas and aviation insurance segment.
He is also credited with coordinating the review/consolidation of all the Insurance Guidelines which culminated in NAICOM’s issuance of the landmark Market Conduct Guidelines and Prudential Guidelines in 2015 as well as the draft frameworks for ESG and RBC, among others.
Usman Jankara is a dedicated, principled and self-motivated manager who has inculcated a very strong sense of commitment, discipline and good corporate culture in the staff of his Office and Department. He has received letters of commendation for his exemplary leadership and dedication to his job.
Usman Jankara has attended several management and leadership training programmes at leading local and international organizations including NAIC (USA), Africa-Re (Lagos), Toronto Centre (Canada), TEXEM (UK), RIPA International (London), IFISA (South Africa), Swiss-Re Academy (Lagos), JLT (London), MIF & BNM (Malaysia), Munich-Re (Dakar, Senegal), TrustComm (Banjul-Gambia), AITRI (Singapore), IAIS (Seoul, South Korea), among numerous others

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