Multi-million centre for insurance and financial mgt studies commissioned

Commissioner for Insurance Fola Daniel, unveiling the Centre

Chuks Udo Okonta 

The multi million Centre for Insurance and Financial Management Studies (CIFMS) was today commissioned by the out-going Commissioner for Insurance Fola Daniel.

The first phase of infrastructural development that has been completed and commissioned includes: An administration block; syndicate rooms; 50 room students hotel; 10 chalets; rector's lodge; lecturers' lodge and restaurant.

Daniel at the event in Asese, along Lagos Ibadan expressway, said the commissioning marks a watershed in the history of not just the institute, but the entire insurance sector, adding that the landmark accomplishment symbolizes growth and key to future success of the sector.

He said the CIFMS is a value addition to the quest to better position the Chartered Insurance Institute of Nigeria (CIIN) in the industry, and herald a new era of improvement on services rendered by the institute.

"As the education arm of the industry, this is certainly a step in the right direction towards the attainment of the CIIN mandate which is to breed and certify insurance professionals in the country, a pre-requisite for individuals to qualify as insurance practitioners.

"Let me advise that as you bask in the euphoria of this accomplishment, you should not lose sight and focus of the big task ahead. The knowledge gap in the industry remains high just as professional indiscipline. This is unacceptable. It calls for all hands to be on the deck if we are to attain the professional height and standards we all crave to enable the industry occupies its rightful position in the fore front of the financial services sector," he said.

Nigerian Insurers From Left: Deputy President Chartered Insurance Institute of Nigeria (CIIN),Lady Isioma Chukwuma; President, Bola Temowo; Commissioner for Insurance, Fola Daniel, former President CIIN, Wole Adetimehin and Deputy Chairman Association (NIA) at the event.

Daniel noted that as a prudential regulator, the quality and technical capacity of insurance practitioners in the country is a major concern to the commission, stressing that NAICOM will continue to support efforts at ridding the profession of indiscipline and non adherence to rules and ethical standard.

"It is our desire in NAICOM to superintend over an insurance industry that is flouting, financially strong and viable but with the right mix of professionals," he posited.

Daniel noted that he can't remember in the last 10 years if any one has been disciplined by the CIIN in spite the indiscipline in the industry.

He lauded efforts made by media professionals in putting the industry in good light and enhancing awareness.

President CIIN, Bola Temewo, who was happy that the project was commissioned during his tenure thanked all who made financial donations and contributions toward the project.

Rector of the institution, (Mrs.) Yeside Abiodun Oyetayo, said companies with made large donations include: Leadway Assurance, N40 million; followed by Custodian Insurance; N30 million; Axa Mansard Insurance N10 million and AIICO N10 million. 

She also appreciated individuals who donated chalets to the institution and called on those that are yet to assist the institution to urgently come on board.

Deputy President CIIN, Lady Isioma Chukwuma, noted that the centre urgently needs an auditorium and solicited supports from corporate bodies and individuals to achieve the dream.