REMARKS BY THE COMMISSIONER FOR INSURANCE, MR. O S. THOMAS AT THE COMMISSIONING OF THE CIFM AUDITORIUM ‘NAICOM HALL’ ON TUESDAY, MARCH 23, 2021.

Protocol,

I am delighted to be in your midst this morning for the commissioning of this magnificent auditorium named ‘NAICOM HALL’ at the College of Insurance and Financial Management (CIFM). This is indeed an epoch- making event for all the right reasons.

I must commend the president and Chairman in Council of the Chartered Insurance Institute of Nigeria (CIIN) Sir Muftau Oyegunle and members of the Council for delivering on this project within a good time. I want to in particular congratulate Mr. Eddie Efekoha under whose tenure as President of the CIIN, the process of actual construction of the auditorium was incepted .

Let me also commend the Deputy President of CIIN and Chairman of the Governing Council of the College Elder Edwin Egbiti, members of council of the College and the Rector, Dr. (Mrs.) Yeside Oyetayo with members of her team for the commitment, doggedness and resilience in ensuring the completion of the auditorium. Am aware a number of individuals and corporate entities rendered their support and made sacrifices to ensure the success story of today, I congratulate all of you and urge you not to relent in your drive to attract further development to the College. This is a commendable feat and I hope it sets the stage for more developments in the sector.

Members of the noble Profession of insurance and all operators in the insurance industry, I take this opportunity to appeal to you assist in the eventual completion of the CIIN office building in Victoria Island, the foundation of which was laid over 30years ago. The same commitment that delivered the College with its infrastructure can do it.

The ceremony today is the outcome of a carefully thought-out need of the College by the CIIN with the financial support of the Commission. NAICOM is thus elated at its completion and the expected service it will deliver to the industry and the public. The auditorium will facilitate the mass quality training of insurance professionals/agents and as well provide adequate facility for conducting the CIIN professional examinations. Beyond this, it is imperative to say that some of the Insurance gatherings may just have found a permanent and convenient venue.

Ladies and gentlemen, the completion of this 1,500 seating capacity multipurpose auditorium will undoubtedly be a value-addition not only to the College but the entire insurance sector of the Nigerian economy. It is our firm believe that you will put this infrastructure to good use for the benefit of all stakeholders. I am almost certain that other sectors and institutions will also make use of this facility whenever occasion demands.

Let me at this point publicly acknowledge the support of the Governing Board of the National Insurance Commission in the pursuit of all its initiatives including the completion of this Auditorium under the purposeful leadership of its Chairman, Chief Jeff Nwosu.
The Commission I am aware has always and will at all-times extend her full support to not only the College and the CIIN but all deserving stakeholders in the industry in their drive for insurance business growth and development. The Commission is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen our institutions.

It is imperative to note that under the current dispensation in the Commission, Human Capital Development anchored on relevant upscale of skills, digitalization and product innovations, effective/efficient service delivery remain our strategic focus. On this premise, several initiatives have been designed by the Commission to facilitate attainment of the strategic focus which will redefine the future of the Nigerian insurance market.

To this end, the Commission has already commenced the Actuarial Capacity Development Programme in collaboration with the CIFM. The programme is expected to develop 100 Certified Actuarial Analysts and possibly a minimum of five (5) Actuaries in Nigeria by the year 2024. This is an important component of the Commission’s strategic focus on capacity development.

The Commission is also internalizing the human capital development initiative through the effective plan of action for the takeoff of its academy. We will soon be requesting for assistance of erudite scholars in the industry to fill the identified Knowledge gaps in the regulatory system.

Finally, let me once again congratulate you all for this milestone achievement. On behalf of the Governing Board, Management and Staff of NAICOM, I express the Commission’s gratitude to the Governing Council of CIFM, President/Chairman in Council and other members of Council of the CIIN for the honour done the Commission by naming this infrastructure after National Insurance Commission, NAICOM.

I now have the honour and privilege to commission this ‘NAICOM Auditorium’ to the glory of God and the benefit of Humanity.

Thank you and God bless.

O. S. Thomas Commissioner for Insurance