Highlighting stakeholders’ expectations from new CFI/CEO of NAICOM
Mr Sunday Thomas, new NAICOM boss
With the appointment of the substantive Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM) by President Buhari for the nation’s insurance industry recently, EDET UDOH highlights the industry stakeholders’ expectations from the new NAICOM helmsman.
The appointment of Mr Sunday Olorundare Thomas as a substantive Commissioner for Insurance (CFI) and the Chief Executive Officer of the National Insurance Commission (NAICOM) by President Muhammadu Buhari on behalf of the Federal Government of Nigeria on Saturday, May 2, 2020, has continued to generate interests among various segments and stakeholders of the industry.
The appointment, according to industry stakeholders, has brought a sigh of relief in the industry just as they described it as a welcome development and a blessing for the industry and the nation’s economy generally.
The stakeholders believe that the appointment of Mr Thomas as the substantive NAICOM boss was as a result of his hard work coupled with his demonstrative leadership capabilities during the period of his acting capacity where he was able to bring all the stakeholders in the industry together and forged growth pathways for the industry as shown in the way he handled the issue of deadline extension for the ongoing recapitalization exercise, where he approved additional six months thereby extending the deadline from June to December 2020.
Industry analysts believe that Thomas’ confirmation by President Buhari as the substantive CFI/CEO, NAICOM, was because of the way he spearheaded the insurance industry’s N11 billion free Life insurance package for 5,000 frontline health workers attending to the COVID-19 patients across the country in support of Federal government’s fight against the pandemic recently which attracted special commendation from the Federal government.
While stakeholders in the industry including insurance underwriters, leaders of various institutions and intermediaries, shareholders, staff of the Commission and the general public continue to felicitate with Thomas and FG on Thomas’ appointment through congratulatory messages, through text messages and letters, they have also used the opportunity to draw Thomas’ attention to their expectations.
It is expected that Thomas with his wealth of experience both as insurer and as a regulator will provide growth-driven leadership that will transform the industry to make significant contributions to the nation’s gross domestic product (GDP)
as well as becoming the pride of Africa.
Insurers expectations
Speaking exclusively on a telephone interview with the Blueprint on Thomas’ appointment and their expectations from him, the Chairman, Nigerian Insurers Association (NIA) who is also the Managing Director/Chief Executive Officer, NEM Insurance Plc, Mr. Tope Smart “When you look at his credentials, he was a supervisor before, he was also the Director General of the Nigerian Insurers Association (NIA), so he understands the terrain very well, having been an operator and a regulator at one point or the other.
“So his appointment is well deserved. He is well fit for the job and he is eminently qualified to be appointed Commissioner for Insurance and I have no doubt that he will succeed in this endeavour particularly when you look at his experiences.”
When asked what the industry is expecting from Sunday Thomas, Tope said, “we expect great transformation in the Nigerian insurance industry; we expect that the industry will be transformed and the potentials of the industry will be realized during his tenure.
Guinea Insurance in a congratulatory message titled “Great Minds Indeed Achieve Great Things” signed by the management believes that Thomas will sustain the strength of Character and other traits that earned him the appointment as NAICOM boss.
“The recognition bestowed on your distinguished self is indicative of your strength of character, high probity and capacity to reinvent and attain feats other considers impossible. Many today are the beneficiaries of your years of selfless and dedicated service to humanity and the insurance industry.
“We seize this momentous occasion to give glory to God for choosing you as the vessel to champion regulatory policies that meet both the insuring and investing public’s expectations and provide an enviable playing field for all insurance professionals in Nigeria,” the company stated.
Expressing his delight on Thomas’s appointment as the substantive Commissioner for Insurance and Chief Executive Officer of NAICOM, the Deputy General Manager, Marketing and Corporate Communications, Sovereign Trust Insurance Plc, Mr. Segun Bankole, described his appointment as a round spade in the round hole with capacity to drive growth.
“Considering the profile of Mr. Sunday Thomas, he has been a practitioner at one point in time. He has been a Director General of NIA and for a very long time too he has been deputizing, he was at some point Head of Technical for NAICOM. I think he is a well grounded personality and I must say that he is a right fit in the right position and I pray he will be surrounded by people who has the same vision with him; people who have a progressive mind for the growth of the insurance industry. It’s a welcome development.
“When I saw the news this morning, I was to some extent excited and I hope his tenure will be very progressive for the industry as a whole and I would also advise that in manning the operations of NAICOM, to bring to bear some level of candor, some level of professionalism for the industry. I wish him all the best and I hope the industry will feel his impact positively,” he said.
NAICOM expectations
Head, Commissioner’s Directorate and Spokesperson for NAICOM, Mr Rasaaq Salami, while responding to our enquiries regarding staff reaction to Thomas’ appointment and their expectations as well as the administration’s focus, said “The mood is high and I believe the staff is happy with his appointment if the outpouring of felicitation from the staff is anything to go by.”
He said the the new administration will focus on market development – stability, expansion, new business, technology and awareness among others.
“I think it’s imperative for the CFI to rekindle trust in the management of the Commission both internally and externally. It’s key. I say this because it’s evident that he needs the support and collaboration of all stakeholders to succeed and this cannot be achieved in an environment where there is no trust. Once he could navigate this bend successfully, it thus becomes alot easier to push through his agenda for the industry.
“Expectations are high. This is not unusual as with every new appointment or election of a new helmsman in any organisation. He is not new to the system nay the insurance sector. So he is at home with the challenges of the sector and l believe he has the knowledge and experience to deal with the challenges. Of course, like l
I have mentioned, he will need the support of all stakeholders to deliver. I therefore use this medium to solicit the support of all stakeholders including members of the press for the CFI,” Salami said.
Shareholders expectations
The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, believes that Thomas with his knowledge of the workings of the industry to ensure sustainable development of the industry
He implored Thomas to live up to the confidence reposed on him. “He is okay, but he should not use his period of acting to impress us. He must make sure that he continues in that way and listen to all stakeholders in order to take a just decision that will be right for everybody. I congratulate him on behalf of shareholders on his new appointment and also to let him know that he is there to serve us both shareholders and other stakeholders,” he added.
What Brokers expect
The Nigerian Council of Registered Insurance Broker (NCRIB), believe that Mr Thomas with his capacity and competence will give the industry a new direction, restored peace and promote cooperation and cohesion among the operators.
According to the Executive Secretary,NCRIB, Fatai Adegbenro: “Thomas has demonstrated his capability and competence to give the industry a new direction as evident in his leadership style during the period of acting as the CFI.
“He restored peace and promote cooperation and cohesion among the operators. His goal has been to grow the industry for the betterment of the nation’s economy and all stakeholders. We wish him a fruitful and beneficial tenure.”
Chartered Insurance Institute of Nigeria (CIIN)
CIIN, the education arm of the industry believes that Mr Thomas with his wealth of experience and professionalism will take the industry to greater heights.
Director-General, Chartered Insurance Institute of Nigeria (CIIN), Richard Borokini, Thomas grown through the ranks to rise to the apex and has the required, knowledge skill and experience to build on the achievements of his predecessors and move the Insurance industry to greater heights.
“He has exhibited, skill, and shown far reaching knowledge of the Insurance industry during his stinct as acting commissioner. His confirmation is a testament to the good work he has done. It surely signals exciting times and better things to come for the industry and we assure him the total support of the Institute,” he posited.
Other stakeholders
Nigerians expect the new NAICOM boss to do everything possible to justify the confidence reposed in him which led to his new appointment.
Principal Partner/Chief Executive Officer, Peninscope Professional Warranty Limited, Peter Adediji, said the appointment is a welcomed development to the insurance industry as a whole, stressing that Thomas is rightly the round peg in a round hole and has all that it takes for the job.
“Since he came in July 2019, he has been able to demonstrate his technical capability in a friendly manner. He is also a freemixer without compromising his integrity.
I join other wellwishers to congratulate our new Commissione for Insurance,” he said.
A stakeholder, Chief Nwakibie Patrick Egbuniwe, said: “I join in congratulating Thomas. A seasoned professional who has great respect and listens to the views expressed by his colleagues for the good of the industry.”
Dotun Ogunwoolu, another stakeholder submitted: “This’s a very well deserved appointment as Thomas is not only a consumate technocrat but also a well groomed administrator who has seen it all from the operators angle and now from the regulatory perspective since 2017.
He has been able to stabilize the industry since his assumption of office as the Commissioner for insurance albeit in the acting capacity since July 2019. No doubt his confirmation is a testimony of the confidence the industry stakeholders have in his leadership. I pray for his successful tenure as a substantive Commissioner with imbued wisdom and good health from the Almighty Allah. Congratulations.”
