50 insurance broking firm’s 2013 accounts have been approved – NAICOM

From left: Vice President Nigerian Council of Registered Insurance brokers (NCRIB), Fashola Tinubu; Senior Manager National Insurance Commission (NAICOM), Itodo Mary and Director Supervision Nicholas Opara at the event.

Chuks Udo Okonta

Only 50 out of the over 500 insurance broking firms have secured approved for their 2013 financial accounts, the National Insurance Commission (NAICOM), has said.

The Director Supervision, NAICOM, Nicholas Opara, disclosed this today during his opening remarks at the International Financial Reporting Standard (IFRS) training organised by NAICOM for Insurance brokers in Lagos.

He noted that not more than 200 broking firms have submitted that accounts, adding that the development prompted the commission to organised the training, stressing that the training would help bring the brokers to IFRS standard and hear their challenges.

Opara said several of the accounts submitted failed to meet the required standards, adding that the delay in the approval of accounts is detrimental to the operations of the brokers as it would affect their marketing and renewal of licenses.

He said the training is one more effort by NAICOM to help brokers transit to IFRS. He noted that the training may be the last to be conducted for the brokers, having done several in the past.

“We are worried that each time we do training for brokers, the Chief Executive Officers attend. But for this programme, we insisted that not just the Chief Executive Officers, but their accountants and auditors should attend,” he said.

He noted that the major challenge clogging the easy transition to IFRS by brokers, is that, majority of them do not have competent accountants to prepare their accounts.

 Worried by the complaint made by NAICOM on brokers’ accounts, leadership of the Nigerian Council of Registered Insurance brokers (NCRIB) set up a committee to help address the challenges faced by members. But it seemed the efforts of the committee had not really helped resolved the problems faced by the brokers as the NAICOM said several of them are just cutting and pasting their accounts.