NIA Tower For Completion In Two Years – Efekoha
From left: Controller, InfoTech, Research & Statistics, Nigerian Insurers’ Association (NIA), Mrs Bola Omole; Director General, NIA, Mrs. Yetunde Ilori, and Chairman, NIA, Eddie Efekoha at a media parley in Lagos recently. (Photo by www.inspenonline.com)
The outgoing Chairman of Nigerian Insurers Association ( NIA), Eddie Efekoha, said the Nigerian Insurers Association’s Tower (NIA Tower) is scheduled for completion in two years even as he said that the sum of N1.5 billion has been earmarked for the project.
Efekoha who said this while giving his administration’s scorecard in a media parley in Lagos recently, having presided over the affairs of the association for two years, described the last two years as “very productive.”
“We are delighted that the building construction has taken off. We will continue to work hard to make sure the building is completed in the next two years. I thank members for their support morally and financially in making the building realizable.”
On how the fund was realized he said the association got a tax refund of N1 billion in 2017 and N500 million was contributed by all member companies.
The NIA chairman also said the body under his tenure engaged the services of KPMG to develop a 10-year agenda for rapid and sustainable development of the insurance industry in Nigeria in harmony with the various segments of the market.
He noted that his tenure was able to addressed four critical areas in line with theme of his administration which is “Sustainable Market Development Through Stakeholders engagement.”
He said the theme of his administration was strategically chosen to address the observed information gap that exists between the insurance profession/industry and the insuring public/other stakeholders.
On his achievements he said: “In the last two years we have been able to engaged stakeholders constructively. We have productive relationships with the regulator, the National Insurance Commission and I will continue to appreciate the commissioner for insurance for his support in the past two years and for making my tenure more productive.
“We engaged the Commission in the area of corporate governance issues and policy issues as it affect the industry.
“We also engaged the National Assembly as regard some bills being proposed by some members of the house. We were able to engage them by educating them on how the insurance industry works.”
He said his tenure was able to engage the Federal ministry of finance and Federal Inland Revenue Sevices (FIRS) to see how the tax regulation details can be worked out.
“We have equally reached some level of understanding with the leadership of FIRS to reduce the friction between them and some of our members.
“Our target is to seek amendment of the necessary tax laws to avoid multiple taxation which affects what accrues to our stakeholders. We need to tackle it to enable us to make profit and remain in business,” he stated.
On insurance rebranding project he assured interested stakeholders that the association is committed to the rebranding project, which he said the industry hope to use to reposition the industry.
“We are on course. Most member companies are still contributing towards the rebranding project. NAICOM has already paid its own portion. The rebranding has commenced and am optimistic that this is just the beginning for the Industry,” he added.
