NCRIB drags banks to CBN over incursion into insurance

From left: President Nigerian Council of Registered Insurance Brokers (NCRIB), Ayodapo Shoderu and Managing Director Staco Insurance Plc, Shakiru Oyefeso at the NCRIB members evening in Lagos.

Chuks Udo Okonta

Worried by what it called noxious incursion of some banks into the domain of insurance, the Nigerian Council of Registered Insurance Brokers (NCRIB) said it will soon take the issue to the Central Bank of Nigeria (CBN) for redress.

The President NCRIB, Ayodapo Shoderu, disclosed this yesterday, at the Brokers’ members evening in Lagos.

He noted that the council shall be looking forward to opportunities to meet and dialogue with the new management of the CBN on the noxious incursion of some banks into the domain of insurance, in spite the elimination of universal banking rules.

He also commended the new CBN Governor, Godwin Emefiele for ascending the post, while expressing delight over the policy thrust that has been enunciated by the new helmsman, particularly in the reduction of inflation, lending rates and reduction of frictions amongst financial services operators.

“His intention to also encourage lending to small scale entrepreneurs is also salutary. It is the view of the Council that if all the stakeholders keep to their coasts, the financial services sector will be robust and progressive.

“Whilst assuring him of the support of Brokers, we shall be looking forward to opportunities to meet and dialogue with the new management on the noxious incursion of some banks into the domain of insurance, in spite of the elimination of universal banking rules,” he said.

Ayodapo also advise brokers across the nooks and crannies of the country to continually compliment the efforts of the national secretariat in the enforcement of ethics and elimination of charlatans. 

He said the task is a collective one and it behooves brokers all to mount surveillance across the zones of the country to ascertain those who are practicing as insurance brokers illegally, with a view to bringing them to book.

“The extant law stipulates that no one should undertake the business of insurance broking in Nigeria without due registration with the NCRIB as a precondition to obtaining operational license by NAICOM.

“The Council will be more stringent in admission of new members to prevent infiltration of the broking world by opportunists who may want to borrow the garb of insurance brokers under whatever guise. Whatever bad name the insurance industry has attained today could be said to have been caused by the activities of these unethical practitioners who are always set to dupe unsuspecting insurance clients.  This trend must stop!” he said.

He called on brokers to always comply with all the requirements and regulations for insurance broking practice as enunciated by the National Insurance Commission (NAICOM).