NAICOM Restates Commitment to Drive Financial Inclusion, Insurance Penetration in Nigeria
Members of the Board and Management of NAICOM in a group photograph with the FCT Minister and some members of his management team shortly after NAICOM’s courtesy visit on the FCT Minister in Abuja recently.
The National Insurance Commission (NAICOM) has assured of its commitment to implement as many strategies as possible to drive financial inclusion and insurance penetration in Nigeria.
The Chairman of the Governing Board of NAICOM, Chief Emmanuel Jideofor Nwosu, gave the assurance in his speech during the courtesy visit of the NAICOM Board and Management to the Honourable Minister of the Federal Capital Territory (FCT), Mallam Musa Bello, in his office in Abuja recently.
According to Chief Nwosu, “Let me assure the Honourable Minister that as an organization, we commit to implementing as many strategies as exist and practicable to drive financial inclusion and insurance penetration in Abuja and indeed, Nigeria.”
While commenting on the performance of the FCT Minister, he said, “Let me also commend your great strides in driving the economic and infrastructural development of the FCT as well as the introduction of digital technologies across key sectors of the metropolis including security, planning, various registries and indeed internally generated revenue.
“Hon. Minister, NAICOM as you may already know, is an Agency of the federal government saddled with the responsibility of ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and the protection of insurance policyholders, beneficiaries and third parties to insurance contracts.
“In addition to the above mandate, NAICOM is the adviser to the Federal Government on the conduct of insurance business and insurance-related matters while ensuring adequate protection of government assets and liabilities.
“As the driver of this critical sector, NAICOM liaises with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government Agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory.”
While soliciting the FCT Minister’s supports for NAICOM’s activities especially the enforcement of compulsory insurances in the FCT, Chief Nwosu also mentioned what drives insurance sector’s development in Nigeria to include increased economic activities, improved level of awareness and the acceptability of insurance as a safety net for citizens, businesses and indeed public institutions, adding “As we develop the sector, NAICOM’s partnership with the FCT and indeed the Hon. Minister will be critical in the following ways.”
He said the growth in economic activities, infrastructural development and increased population of Abuja means NAICOM will continue to partner with key players under the Ministry of FCT to provide cover for their businesses and persons, stating that “Abuja is the home of most Federal Government institutions and buildings and NAICOM will ensure their adequate protection.”
He said NAICOM will continue to encourage more and more players within the insurance sector to open up offices and centers in Abuja thereby facilitating skill transfer and development to further boost financial inclusion, faster digitalization and competitiveness of the FCT.
The NAICOM Board Chair noted that in December 2020, NAICOM organized a Free 2-days Sensitization workshop for small businesses in Abuja, adding that it was a huge success with over 1000 businesses in attendance and 250 businesses receiving free insurance premium for one year.
In his remarks, the FCT minister, Mallam Musa Bello, expressed delight to receive NAICOM officials and assured the Commission of his full support towards enforcement of compulsory insurances in the FCT as he has very close relationship with the industry.
The Honourable Minister requested NAICOM to provide him with details of agencies under his ministry complying with the requirements of compulsory insurances.
It was also agreed that a joint enforcement committee would be setup comprising relevant departments of the ministry, NAICOM and other relevant security agencies.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olorundare SundayThomas, in his response, said NAICOM is elated with the support and assurances from the Honourable Minister and promised to provide the information requested as quickly as possible.
