SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. AYODAPO SHODERU...

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.

SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. AYODAPO SHODERU, FIIN, FCIB AT THE JULY 2014 EDITION OF THE NCRIB ,MEMBERS’ EVENING HELD ON TUESDAY, JULY 1, 2014 AT THE INSURANCE BROKERS HOUSE,58, MOLEYE STREET, ALAGOMEJI, YABA, LAGOS

Top Management of Staco Insurance Plc led by Mr Shakiru Oyefeso

Our distinguished Guests here present

NCRIB Governing Board Members

Gentlemen of the media

Ladies and Gentlemen

I am most delighted to welcome you all to the July 2014 edition of the NCRIB Members’ Evening which is being hosted by Staco Insurance Plc. Suffice it to say that the NCRIB Members’ Evening has continued to be one of the most veritable platforms of interaction between insurance underwriters and Insurance Brokers. It is noteworthy that ideas canvassed at this forum had in the past contributed to the policy direction of the industry, as well as national economy.

I like to commend Staco Insurance Plc for accepting to host this event with an assurance that the company will be on the priority list of our members for patronage. Aside from signposting a fresh relationship with the NCRIB, Staco has already been noted as one of the most-friendly insurance companies in Nigeria. It is particularly delightful for me to host my friend and Aburo of many years, Shakiru Oyefeso to this great evening. I am most gratified to have been identified with him for many years, during which he has shown himself to be a dutiful, conscientious and highly ethical professional. We should covet many more of his ilk in the insurance industry, in order to achieve the desired progress being envisaged for the industry.

ISSUES OF NATIONAL INSECURITY

Permit me to note with utmost concern the continuous state of insecurity in the country as evidenced again by the activities of Boko Haram insurgents. We are all aware of the bombing of one of the high brow shopping complex (Banex Plaza) in Abuja and the attendant loss of lives and property due to the bombing. This situation calls for more cooperation with government to expose these anti social elements and curtail their activities. The task of securing Nigeria is a collective task and we must all be involved when it comes to information dissemination and exchange.

CONGRATULATING NEW INDUSTRY HEADS, CBN GOVERNOR

I like to use this medium to congratulate the new President of the Chartered Insurance Institute of Nigeria, Mr. Bola Temowo and the Chairman of the NIA, Mr. Godswill Wiggle. The duo are ascending the saddle when the industry is in dire need of revisiting its collaborative relationship for the growth of the industry. With their pedigree in the insurance industry, I have no iota of doubt that they will take their various institutions to desired heights as I promise the support of the NCRIB for their overwhelming success in office.

Let me also use this medium to commend the new CBN Governor, Mr. Godwin Emefiele for ascending the post. Quite delightful is 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, inspite of the elimination of universal banking rules.

2014 CEOs’ RETREAT

I am most delighted that the 2014 Chief Executives Officers’ Retreat had been held in Abeokuta, the Ogun State capital. The Retreat featured stimulating lectures form highly resourceful lecturers drawn to do justice to the subject at hand. It is a thing of joy that some of the deliveries have continued to be reference materials for our members in the discharge of their duties as Brokers.

But be that as it may, I must use this medium to admit and apologize to all members for the shoddy services meted to members, especially during lunch and the social night. I was personally pained by the development and as such assure you all that there would never be a repeat of such at any of our programmes henceforth. The Management and Secretariat will be more alive to their responsibilities at similar events to give you the best of services.

CREATING MORE RELEVANCE FOR INSURANCE BROKING

Permit me to note that the cardinal focus of the present administration is to continually invent ways to grow insurance broking through effective proactive and reactive actions towards insurance consumers. It is heartwarming that Management has started taking these strides by visiting notable insurance clients for the purpose of enlisting the continuous usage of Brokers for their insurances. Recently, the Management’s attention was drawn to an advertisement placed by Federal Airports Authority of Nigeria, which excluded Brokers from its insurances. This issue was immediately taken up through a letter to the Agency and later follow up by a visitation to the procurement department of the Agency. The action has paid off as the Agency became more informed about who the Brokers are as well as the value they could render to the value chain.

We hereby need the support of you all as members to point out similar institutions to us for the purpose of following up on them for the benefit of all our members.

PUBLICATION OF NAMES OF INSURANCE BROKERS

In consonance with provisions of the law, the publication of names of Registered Insurance Brokers is to be published in this first week of July. We had allowed for an extension of time for members to meet the deadline and would not be in a position to extend the deadline any further. My appeal is that you all pay up your dues in order to merit enlistment in the publication

NCRIB FELLOWSHIP

In line with the need to allow for career progression, it is heat-warming to note that plans are in the pipeline to admit new Fellows into the fold of the Council. The admission this time around will follow the pattern in other reputable institutions through the writing and submission of papers on approved topics by prospective Fellows. In a little while, the Committee in charge of the admission will roll out the criteria and duly notify members.

RELATIONSHIP WITH BIBA

As you are all aware, the NCRIB is now an affiliate of BIBA and this will confer some great advantages on our Council as well as the operators. Aside from the image lift, Brokers in the fold of the Council will now be on the same pedestal with their contemporaries in Britain when it comes to information dissemination and professional growth opportunities. Any moment from now, the NCRIB will notify members about the various ways that they could harness these opportunities. The intention of this regime to give members required international exposure and presence and we shall not shy from this mandate.

FIGHT AGAINST CHARLATANS

It is quite important for me to advise our members 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. This task is a collective one and it behoves us all to mount surveillance across the zonesof 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!

COMPLIANCE WITH NAICOM REGULATIONS

I cannot end my address without once again emphasizing the need for members to always comply with all the requirements and regulations for insurance broking practice as enunciated by NAICOM. I must say that the Commissioner for Insurance at a recent meeting with some members of our Management Committee frowned at the non-compliance of Brokers with its several of the regulations. Permit me to say that one of the major feats of this administration was the step taken to make NAICOM understand the need to reduce the severity of sanctions often imposed on Brokers upon infringement of any of its rules. Happily, you would observe that the Commission has yielded to this appeal in its recent dealings with our members. It will, therefore, be most advisable to sustain this good relationship by promptly complying with regulations expected of us.

Once again, I like to thank Staco Insurance Plc for hosting this event, with an assurance that the fortunes of the company will from this moment witness phenomenal leap.

Thank you all for coming and do have a delightful evening.

Ayodapo A. Shoderu, FIIN, FCIB