INSPENONLINE: NCRIB prepares brokers for easy transition to IFRS

Tuesday, 24 September 2013

NCRIB prepares brokers for easy transition to IFRS

President Nigerian Council of Registered Insurance Brokers (NCRIB) Laide Osijo; Chairman Lagos Area Committee of the NCRIB, Patrick Ikponmwosa and his predecessor, Tunde Oguntade at the event.

Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers (NCRIB) is working assiduously to assist members towards compliance with International Financial Reporting Standard (IFRS) through share service scheme, its outgoing President, Mrs Laide Osijo, has said.

She disclosed this today Tuesday, at the Farewell Lunch for Insurance Journalists in Lagos. She noted that in view of the need to adapt to the changing global business and financial dynamics, the council under her administration has complied with the international financial reporting standard, adding that the financial statement of the council for year 2013 is being reported using the IFRS specifications.

Osijo said: “It is heartening to report that the financial statement of the council for year 2013 is being reported using the IFRS specifications. In a similar vein, the council, under my administration established the Internal Audit Department and employed qualified auditors to man the Audit and Compliance Unit of the secretariat.

“It is noteworthy that through the efforts of the department, an operational manual has been evolved to enhance smooth operation of all the departments of the council. The council is working assiduously to assist members towards compliance with IFRS through shared service scheme.”

She noted that aside helping brokers to align with international best practices, her administration has also created a platform to expose brokers to opportunities in other sectors, adding that the maiden edition of the platform tagged: Investment Platform was recently, hosted by UAC Property Development Company Plc.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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