Amaka Obiefuna
The President of Nigerian Corporation of Registered Insurance Brokers, Prince Babatunde Oguntade is optimistic that “taking the insurance industry out of the blighted imagery” can be attained by unambiguous implementation of the Nigerian Insurance industry Reform Act 2025.
He made this known at the National Insurance Brokers Conference and Exhibition in Lagos Thursday October 24, stressing that, “Our industry can no longer remain the shadow of itself.”
He emphasizes his objection to the state of the industry, “We have been undervalued for too long, as it concerns our relevance to national development. No nation develops beyond its level of insurance appreciation, as the bedrock of it’s economy.”
Drawing a line between insurance in Nigeria and other developed climes he said, “The insurance industry is the major source of investible funds in other economies and in fact own banks, but this is not the case in Nigeria as the industry is at the backwaters of the various economic considerations of government.”
Upbeat about what taking place in the industry he said, “I want to specifically appreciate the various initiatives of the present administration in rejigging the insurance industry, especially through a more favorable legislation. It is hoped that with NIIRA 2025, the situation will change.
As a pathing to fellow brokers who he ceases to lead from October 25, Oguntade said “I would like to acknowledge the tireless efforts of our members, whose dedication and professionalism have been instrumental in shaping the insurance landscape in Nigeria. Your commitment to excellence and customer satisfaction as insurance brokers and the only professional intermediary in the insurance value chain is bedrock of our industry’s growth.”
