Code of corporate governance: NCRIB vows to protect memebers' interest

From left: Managing Director Old Mutual Nigeria General Insurance, Rachel Emenike; Former President Nigerian Council of Registered Insurance Brokers, Michael Olawole Cole, President NCRIB, Ayodapo Shoderu; Group Managing Director Old Mutual West Africa, Zomonoda Chizura; Executive Secretary NCRIB, Fatai Adegbenro and a member of staff of Old Mutual at the event.

The Nigerian Council of Registered Insurance Brokers (NCRIB) yesterday, vowed to defend and protect the interest of its members to ensure that they are not emasculated by the proposed Code of Corporate Governance which draft was recently issued by the National Insurance Commission (NAICOM).

Its Preseident Ayodapo Shoderu, made this pledge at the June members evening sponsored by Old Mutual Nigeria in Lagos.

He noted that the code has been generating some ripples, adding that the proposed 10 years tenure for Managing Directors in the code is inimical to broking operations.

He said the NCRIB is quite proactive on the matter and will ensure that the interest of its members are in no way emasculated by the code, stressing that as part of practical steps, the council has made a powerful representation at the Public Hearing held by the Financial Reporting Council of Nigeria (FRCN) yesterday in Lagos.

He maintained that the mandate of the NCRIB is to protect and preserve the existence of all members and that it will not shy away from the vision under any guise.

Shoderu also called on the government to inculcate the culture of insurance in every citizen as a tool to managing risks. He appealed to the government to also partner insurance industry to enforce all the compulsory insurances.

The Division Police Officer, Sabo Police Station, Sp Mary Ubangha, speaking on the theme: Police Concern on Insurance Fraud, urged insurers and brokers to devise means of reducing the huge insurance loss to fake paper racketeers.

She noted that the Police are concerned because over 90 per cent of insurance purchase at the licensing offices are fake, adding that the Police are burdened about the rot going on in the industry.        

From left: Group Managing Director Old Mutual West Africa, Zomonoda Chizura; President Nigerian Council of Registered Insurance Brokers, Ayodapo Shoderu; Former President NCRIB, Michael Olawole Cole; DPO Sabo Police Division, SP Mary Ubanga; Executive Secretary NCRIB, Fatai Adegbenro  at the event.