NCRIB decries undervaluation of govt’s assets

NCRIB decries undervaluation of govt’s assets

The undervaluation of government’s assets is capable of slowing down the pace of development of insurance industry, the President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, has said.

She said this during a courtesy visit by representative of the World Bank to the Council, adding that there is the need for government to further protect the industry by living up to its responsibility, as the largest insurance client.

Osijo opined that in situations where insurance assets are not properly evaluated, leading to inappropriate rates and premium paid, could lead to the diminution of the growth and depth of insurance penetration in Nigeria.

She advised that government should make it a priority to attract foreign investment into the country in order to grow insurance capacity, among other things, and ensure that violation of insurance laws are meted with appropriate sanctions.

The NCRIB President commended the World Bank for promoting sustainable global financial development and craved its greater support to the Nigerian insurance industry.

In his remarks, the Senior Financial Sector Specialist of the World Bank, Mr Anthony Randle disclosed that the visit was part of the Financial Sector Assisted Programme jointly facilitated by the World Bank and the International Monetary Fund (IMF), and coordinated by the federal government, to distil information and about how best the financial services sector could be improved in Nigeria.

He said part of the issues to be handled by the joint project was to find out and advise government on reasons for low insurance penetration in the country in comparison with some other countries of the world, with a view to seeking a lasting solution to the problem.

 Meanwhile, the Lagos Area Committee of the NCRIB has elected new executives to run the affairs of the Area Committee in the next two years.

In an election held recently, Patrick Ikponwosa emerged as the Chairman of the Committee while  Ayodele Akande became the Vice Chairman. Mrs. Olubukola Ifemade emerged as the General Secretary.

The post of Assistant General Secretary was won by  Ejindu Ijekpa while Wale Afilaka became the Honourary Treasurer. The post of Financial Secretary went to Olusegun Kafaru. Bestman Abumere emerged as Publicity Secretary, while the post of Internal Auditor was won by Olusegun Ikuyonbo.

Osijo challenged the new executives to address their minds to the challenges of sustaining the tempo of professional and ethical standards of the NCRIB.

She commended the immediate past executives under Tunde Oguntade for promoting the growth of insurance broking in the Lagos Area. She specifically applauded the immediate past executives for their positive roles in the area of effective information dissemination amongst its members.