NAICOM Inaugurates 15-Man Insurance Industry Committee On AfCFTA

The National Insurance Commission (NAICOM) today in Abuja inaugurated
a fifteen-man Insurance industry committee on African Continental Free
Trade Area (AfCFTA).

Members of the committee are drawn from the Professional Reinsurers
Association of Nigeria (PRAN); Nigerian Insurers Association of
Nigeria (NIA); Nigerian Council of Registered Insurance Brokers
(NCRIB); Institute of Loss Adjusters of Nigeria (ILAN) and NAICOM.

The Chairman of the Committee is Mrs. Ekeoma Esther Ezeibe (NCRIB)
while Mr. Lanre Ojuola (NIA) will serve as Secretary.

Others who are to serve as members include Mr. Tunde Hassan-Odukale
(NIA); Mrs. Funmi Omo (NIA); Mrs. Yetunde Ilori (NIA); Mr. Shola
Ajibade (PRAN); Mr. Sina Elusakin (NCRIB); Mr. Eric Omozejele (NCRIB)
and Mrs. Bimbo Onakomaiya (NCRIB).

Mr. Bola Temowo (ILAN); Pst. Ikechukwu Udobi (ILAN); Chief Lebi
Omoboyowa (ILAN); Mr. Usman Jankara (NAICOM); Mr. Taiwo Adeoye
(NAICOM) and Mr. Ahmed Metteden (NAICOM) are also members of the
committee.

The Committee which is to coordinate the Nigerian insurance industry’s
strategic response to the African Continental Free Trade Area (AfCFTA)
as well as to liaise with relevant agencies of government and other
bodies on the implementation of the AfCFTA agreement in the Nigerian
insurance industry has the following as terms of reference: coordinate
and articulate the Nigerian insurance industry’s response to the
AfCFTA Agreement and its implementation; develop and ensure
implementation of measures to ensure that the industry effectively
exploits the benefits of AfCFTA; Develop and ensure implementation of
measures to protect the Nigerian insurance industry from being
negatively impacted by AfCFTA; engage and/or liaise with relevant
bodies and agencies such as the National Action Committee on AfCFTA,
Nigerian Office for Trade Negotiations on implementation of the AfCFTA
Agreement and any such body.

The Terms of reference also include to lead bilateral negotiations
with any interested State Party regarding the Nigerian insurance
sector; regularly consult with relevant stakeholders to ensure that
positions or views canvassed are reflective of the interest of the
Nigerian insurance industry; Attend relevant meetings, seminars,
workshops, conferences, etc and articulate the Nigerian insurance
industry’s views on AfCFTA; Submit regular updates/reports regarding
developments on AfCFTA and activities of the Committee to NAICOM as
well as to carry out such other relevant activity(s) that the
Committee may consider beneficial to the Nigerian insurance industry
in respect of AfCFTA implementation.

Speaking at the inauguration, the Commissioner for Insurance and Chief
Executive Officer, National Insurance Commission (NAICOM), Mr.
Olorundare Sunday Thomas, the setting up of the committee is part of the Commission’s efforts to effectively exploit the benefits of AfCFTA.

He said  the Commission has already informed the National Action Committee on AfCFTA of the constitution of the committee including the membership and terms of reference of the Committee.

‘’We have also enjoined the National Action Committee on AfCFTA to
collaborate with the Committee on matters relating to the
implementation of the AfCFTA Agreement in order to ensure that it is
done in the overall interest of the Nigerian insurance industry.’’
Thomas said.

Thomas told members of the committee that their appointment into this
Committee is in recognition of their vast experience, track record of
selfless service and dedication to the cause of the Nigerian insurance
industry, which the Industry believes will aid attainment of the
mandate of the Committee which is to ensure beneficial implementation
of the AfCFTA.