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

SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. AYODAPO SHODERU, FIIN, FCIB AT THE AUGUST 2014 EDITION OF THE NCRIB MEMBERS’ EVENING HELD ON TUESDAY, AUGUST 26, 2014 AT THE INSURANCE BROKERS’ HOUSE,58, MOLEYE STREET, ALAGOMEJI, YABA, LAGOS

Top Management of Union Assurance Company Limited

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 August 2014 edition of the NCRIB Members’ Evening which is being hosted by Union Assurance Company Ltd. 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 note -worthy 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 Union Assurance 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 sign-posting a fresh relationship with the NCRIB, Union Assurance has already been noted as one of the most-friendly insurance companies in Nigeria. Suffice it to say that the management of Union Assurance has absolved itself of the temptation to be anti Brokers, like some underwriting companies having affiliation with Banks. Those companies have continually deferred to the directive on universal banking and the need to allow professionalism thrive in the industry, as they brazenly "snatch" clients introduced to them by Brokers or even devise means to de-market them. We reckon that our Council can only develop if only we allow all professionals coexist and discharge their professional duties. We insist that this act is unethical and could impede the growth of the industry.

DEMISE OF PAST PRESIDENT FEMI ELUGBAJU

It is with heavy heart that I inform you of the passing to glory of one of the past Presidents of our Council, Elder Femi Elugbaju, FCIB. During his life time, Elder Elugbaju showed an indomitable passion for the growth and development of the NCRIB and the Insurance Broking profession. A man of noble spirit, Elder Elugbaju was always the rallying figure for past Presidents of the Council, being the most senior of the Living Legends. His gentle mien, and fatherly figure would be sadly missed by the broking profession.

As a mark of honour for the departed, please can I crave your indulgence to arise and maintain a minute silence in honour of the departed……….May the good Lord grant his gentle soul eternal repose. The Council promises to apprise you all with final burial rites for the deceased as soon as it is finalized.

ISSUES OF NATIONAL IMPORTANCE

Permit me to note with utmost concern the outbreak of the Ebola Virus which has continued to be a scary episode in the world, in view of its devastating effect on the human race as well as the economic implication of its spread. Since the outbreak of the debilitating virus, no fewer than 1000 deaths have been recorded in West Africa. It is quite apposite for me to advise corporate bodies to collaborate more with government in bringing an end to this monstrous disease. it. It should be known that aside from creating unfriendly ambience for productivity, the economies of the nation’s most affected have been strained as substantial budgets meant for other social and economic purposes are being diverted to curb the scourge. Already, some critical sectors of the economies of West Africa, of which Nigeria is cardinal are being affected adversely. It is common knowledge that through restriction of movements across countries, tourism and allied sectors have started to witness some lull in their operation. Permit me to note that the scourge will also have adverse effect on the insurance industry, going by the possible increase in compensation for life insurance. This will automatically lead to a diminution in the profitability of the industry and by implication a further reduction in its contributions to the nation’s GDP.

As part of the modest contributions of the NCRIB to public awareness about the scourge, we are today playing host to some health professionals who are to enlighten members on preventions to contracting the disease. It is my hope that we shall all avail ourselves of this great knowledge sharing.

2014 ANNUAL GENERAL MEETING AND NATIONAL INSURANCE CONFERENCE

I am most delighted to inform you that preparations towards the 2014 Annual General Meeting and National Insurance Conference are being concluded. The event comes up at the Transcorp Hotel, Abuja between Tuesday October 21st and Wednesday 22nd 2014. Let me seize this opportunity again to note that three vacant seats exist on the Governing Board and willing members could obtain forms to enable them contest for the position. Similarly, the Events Organising Committee intends to make this year’s conference unique, having chosen the theme "Disaster Management: Any Role of Insurance?"and sub theme " Insurance Regulation: The Global Trend"

The topics were chosen in response to global trends affecting our practice. For instance, we are all cognizant of the abysmal role insurance industry play in disaster management, even when they are supposed to be the vanguards. Similarly, Insurance Regulation all over the world has been quite contentious and needed to be placed in the front burner for dialogue. To make the event robust, we have contacted highly resourceful professionals from even beyond the shores of Nigeria to do justice to the issues at hand. It is my hope that you will block your diaries and rally round the Council for a successful event.

COMPLIANCE WITH IFRS TEMPLATE

It has come to the attention of the Council that the accounts submitted by some members did not yet conform to the IFRS template. This situation is saddening to the Council which has initiated further contacts with NAICOM on how this anomaly could be corrected. We are happy that NAICOM is further opening channels of understanding of the template through a free training which is being planned for Brokers across the country. Similarly, the Management has also approved that a Committee be constituted to monitor and exchange notes on IFRS compliance issues by members. It is hoped that all these efforts will start to yield positive results.

ONE DAY TRAINING ON CLAIMS ADMINISTRATION

In a bid to enhance the intellectual and professional prowess of all practitioners in the market, I am delighted to note that a One Day Workshop on "Insurance Claims Administration: Current Challenges and Solutions is to be held tomorrow, August 27 2014 at Lagos Chambers of Commerce Centre, Ikeja, starting from 9.00am. The training which promises to be highly resourceful was put together by NCRIB, ILAN and RIMSON. Cost is N30,000.00 per delegate.

CONCLUSION

Once again, I like to thank Union Assurance 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