NCRIB identifies with FG VAID Scheme, optimistic of industry growth
The Nigerian Council of Registered Insurance Brokers (NCRIB) has identified with the Federal Government’s Voluntary Assets and Income Declaration Scheme (VAID) even as he expressed optimism that insurance industry has the potential for growth.
President of the Council, Shola Tinubu, made this known in his address at the first quarter press briefing in Lagos on Monday.
He said taxation is one of the key revenue options of government, adding that no government can attain economic buoyancy without exploring taxation as a key revenue option.
“Permit me to use this medium to identify with this lofty idea of government on the VAIDS. We are all aware that there is no nation that could attain economic buoyancy without exploring taxation as a key revenue option of government.
“Most modern economies are buoyed on effective taxation and ours cannot be an exception. However, it would be apposite to stress that it behoves government to live more to its fiscal responsibility when adequate compliance is received from the people and institutions.
“When the confidence level is enhanced, payment of taxes would no longer be seen as a burden but a cardinal responsibility to be discharged by the citizenry,” Shola said.
On the growth of the industry he said, “I am convinced beyond any doubt that the industry possesses greater opportunity for growth. Our contribution to the National GDP can still be better. The industry has potential for employment generation as well as protection of individual and national wealth. The responsibility to grow the industry for the betterment of our future generation lies with us.”
Speaking on development in NCRIB since his assumption as President few months ago, Shola said as part of the Council’s institutional building aimed at giving more powers to the Executive Secretary of the Council, operation in the council has been restructured such that all officeholders including himself are now visitors.
I am glad to inform you that significant progress is now being made in the areas of strong institution building for the Council. This policy direction has now positioned the Executive Secretary as the Executive Head of Secretariat and the face of the Council before the general public and strategic stakeholders.
All other office holders, including myself are now “visitors” who come to the Secretariat when the need arises.
The Executive Secretary and his team have continued to measure up to expectations in terms of speed of delivery and efficiency. The result of this is that the Council is now getting more respect in the comity of professions that does it right.
To give visual effect to this direction, you would notice a change in the venue of this meeting from the former place which is now been fully occupied by the Executive Secretary. The tenure is definitely unrelenting in making the Secretariat more functional and economical to run as we shall soon embark on some structural remodeling as approved by the Governing Board.
He said the his team is working assiduously on the following areas: Strategic Outreach to Critical Stakeholders; Corporate Image Projection; Fortification of NCRIB Committees; Positive Collaboration with NAICOM; Proactivity on Industry’s Regulatory Guidelines; Promotion of Internal Cohesion and Issues of Compliance aimed at building a strong and virile insurance industry where everyone will be proud of.
