What Insurance Stakeholders Say About NCRIB At 60
Unveiling of NCRIB 60th anniversary mascot/logo (OKIN) on March 17, 2022, in Lagos, by founder SCIB Nigeria and Company Limited, and doyen of Insurance, Chief Olola Olabode Ogunlana, assisted from right by Prince (Dr.) Feyisayo Soyewo and left by Mr. Olorundare Sunday Thomas, Commissioner for Insurance/CEO National Insurance Commission (NAICOM),
The Nigerian Council of Registered Insurance Brokers (NCRIB) is celebrating its 60 years this year, EDET UDOH who sought the views of some stakeholders in the industry about the Council’s performance in the past 60 years, writes.
The Nigerian Council of Registered Insurance Brokers (NCRIB) which was known as the Nigerian Corporation of Insurance Brokers (NCIB) when it was established in 1962 is the Umbrella Association of all Registered Insurance Brokers in Nigeria.
By law, all brokers are expected to be registered by it before they can be licensed to operate in the Nigerian Insurance market by the National Insurance Commission (NAICOM).
The Council which started operations with few members to take advantage of Nigeria’s post-independence emerging business and economic activities in 1962 has risen to fame with over 500 members spread across the nation.
NCRIB 60th anniversary Mascot/Logo, OKIN
Stakeholders who spoke to The Revealer Online to felicitate with the Council on its 60th anniversary and also to make their suggestions and observations that will serve as a compass for the leadership and members of the Council include the Managing Director/CEO, African Alliance Insurance PLC, Mrs Joyce Ojemudia; Director-General, Chartered Insurance Institute of Nigeria, Mrs. Abimbola Tiamiyu; the President, Institute of Loss Adjusters of Nigeria (ILAN) and Finterate Project Nigeria, Ekerete Ola Gam-Ikon.
Although they rated NCRIB high in terms of performance in the past 60th years, the stakeholders also enjoined the leadership and members of the Council to collaborate more with insurers; other intermediaries and professional institutions in ensuring best-in-class insurance products and services are developed for customers.
While urging the Council to raise the tempo of insurance education and awareness in the country, they also implored them to maintain a high level of professionalism amongst members.
Charging the upcoming members of the Council to know that being part of NCRIB will enhance their position, the stakeholders enjoined the intending members of the profession to always see membership of NCRIB as a necessary investment.
According to Joyce Ojemudia, NCRIB has made a lot of impact in our industry and I can only wish them all the best on this 60th anniversary. Moreover, as the current MD/CEO of African Alliance Insurance PLC, our shared heritage with NCRIB makes it a logical duty to fete the body of brokers.
“As you may know, our first Managing Director/CEO, Chief Talabi Braithwaite was the first President of the NCRIB, so for us, NCRIB is not just another professional association but one with whom our histories proudly overlap,” she revealed.
She said the Council has come a very long way to become the go-to in the industry from the days it was just a professional association to one backed by law.
Ojemudia commended the efforts of Hon Lanre Laoshe, for sponsoring the bill that gave rise to the NCRIB Act and the body of brokers on how it keeps reinventing itself to remain relevant.
She noted that the council is peopled by men and women of matchless experience and a passion for our industry and as such, they know that the continuous growth of our industry and especially the broker-insurer relationship is critical to helping the insurance penetration we all clamour for.
African Alliance MD/CEO urged the NCRIB to keep doing the most for the collective good, stating that the quality of the council and the diversity of the membership makes for a perfect balance of youth and experience, of wisdom and strength, and this can be a most potent combination to drive the overall penetration of insurance in our country.
Mrs Joyce Ojemudia, MD/CEO, African Alliance Insurance Plc
The Director-General, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Abimbola Tiamiyu, while felicitating with the Council said “The Governing Council, Management and Staff Members of the Chartered Insurance Institute of Nigeria (CIIN), felicitate with the Nigeria Council of Registered Insurance Brokers (NCRIB) as it celebrates its Diamond Jubilee with a track record of notable contributions to the Insurance Industry. The CIIN only wishes that they expand their coasts and help deepen insurance penetration through their activities.
“The NCRIB has indeed come a long way, the Council that started out as Nigerian Corporation of Insurance Brokers (NCIB) in 1962, has today metamorphosed into a vital part of the insurance marketing chain. The Council which established operations with few members has risen to fame with over 500 members spread across the nation.
“Truly, the growth is commendable and we are proud of it. This means that insurance is growing in Nigeria,” she posited.
While calling on NCRIB to do more in order to expand the Nigerian insurance market, CIIN DG said, “Well, it is said that the reward for success is more success. So, my expectation is more landslide feats for the Council especially, in expanding the Nigerian Insurance market. Brokers are a pivotal value chain in the insurance distribution channel, without them the gospel of insurance will not adequately reach the nooks and crannies of the country. They are the intermediaries between the insuring public and the insurers, so more work needs to be done on their parts to propagate insurance awareness which will eventually convert to adoption by Nigerians and in the end, help boost the insurance penetration we all desire in the country.”
Mrs Tiamiyu while suggesting what the Council should do to ensure that every Nigerian imbibes insurance culture said “I advise the Council leaders to keep up the amazing work they are doing as they continue to be a guiding light to the members. For members, they should not relent in their efforts to see the common goal of the industry; which is to see that every Nigerian imbibes the insurance culture, is achieved.
Mrs Abimbola Tiamiyu, DG, CIIN
Speaking to the effect of the 60th-anniversary celebration of NCRIB, the President, the Institute of Loss Adjusters of Nigeria (ILAN), Mr. Reginald Egbuniwe lauded the performance of the Council even as he commended the founding fathers.
“We cannot mention the Nigerian Council of Registered Insurance Brokers (NCRIB), without first acknowledging the individual efforts of its founding fathers viz Mr. T. A. Braithwaite, Chief J. Akin George, & Mr. Femi Johnson. Actually, Femi Johnson was the person who popularized the Brokerage Industry. These gentlemen saw the need to establish a body to cater for the interest of Insurance Brokerage firms and the welfare of its members.
“The desire to develop and expand the Insurance Profession and training of personnel in brokerage business was thus initiated.
“ILAN wishes that the Nigerian Council of Registered Insurance Brokers (NCRIB), grows in leaps and bounds, breaking new frontiers. Under the watch of the current Council leadership, NCRIB will attain greater heights.”
Commenting on the leadership style of the executive council he said ‘’the evolution of the executive council has been very encouraging, essentially by the democratic election of executive members over the years.’’
On public awareness, ILAN boss said the Council has a lot to do in educating and promoting public awareness of Insurance Products and their services to the generality of Nigerians.
He noted that in London (Britain), the acceptability of Insurance services is due to the vigorous enlightenment programs sponsored by various Technical Committees of the BIBA coupled with compulsory legislation.
ILAN called on NCRIB to run an open, all-inclusive administration, and that all bottlenecks and bureaucracy be brought to it barest minimum.
Mr. Reginald Egbuniwe, ILAN President
In his contribution, the Founder/CEO, of Finterate Project Nigeria, Ekerete Ola Gam-Ikon, commended NCRIB for maintaining one spirit; one professional outlook which he said has propelled the Council to where it is today.
Ekerete who is also a business and economic analyst called on NCRIB to ‘’develop a well-articulated plan for its next 60 years liaising with the last generation to ensure proper transfer of knowledge to the next generation. I encourage this current leadership to start work on this and consult widely across the world to produce the plan. This will become the blueprint for successive leaders in NCRIB.’’
‘’I certainly believe NCRIB has done excellently well to promote professionalism within it and across the insurance industry in Nigeria and Africa. However, what I will like to see is more collaboration with other arms of the insurance industry to ensure their professional posture rubs off on others.
‘’I will like to see more meetings and discussions between NCRIB and NIA on topical development issues concerning the industry’s future; same with Loss Adjusters and even Agents. To achieve increased insurance penetration will take collaborative and collective actions of all arms,’’ he stated.
For new members, he said ‘’Becoming part of NCRIB is considered expensive and made to look like a body for elite professionals. However, if one has obtained an insurance broking licence from NAICOM, it should be considered that being part of NCRIB will enhance your position. Always plan that membership in NCRIB is a necessary investment.
Ekerete called on NCRIB to work in a collaborative manner with other intermediaries and Institutions, adding that ‘’taking action on what “outsiders” suggest or advise will make a lot of difference with what we are currently doing. ’If our solo efforts are producing the current results, imagine if we were working together as one.
‘’Let’s have a collective discourse on the problems of the poor contribution of insurance to Nigeria’s GDP and how we can overcome it.
While emphasizing the need for the broking profession to work hand in hand with other intermediaries for the growth of the industry Ekerete said: “Climate Change and Cybercrime are the next big challenges for insurance. One arm of the insurance industry in Nigeria cannot be ready and the other is not, so together, the discussions must be ongoing now. We should see one insurance industry despite our respective positions,’’ he advised.
Ekerete Ola Gam-Ikon, Founder/CEO Finterate Project Nigeria
The NCRIB President, Mr Rotimi Edu, speaking during a press parley to make the unveiling of the anniversary mascot and the commencement of the celebration, highlighted what NCRIB plans to achieve with the 60th-anniversary celebration.
He said the Council’s main intention for the 60th-anniversary celebration is aimed at boosting insurance relevance through awareness as well as celebrating the founding fathers and past presidents of the Council.
“NCRIB as a great institution shall be using the opportunity of the anniversary to promote the brand of the Council as a leading professional body in Nigeria to the delight of all its members.
“The event will serve as an avenue to foster a relationship between the Council and its strategic stakeholders in the course of the various commemorative events that would mark the event as well as an avenue for professional exchange of ideas and enhancement of knowledge,” Edu explained.
He said in a bid to encourage the study of insurance in our schools, the Council has instituted Insurance Awards in schools.
Other initiatives introduced aimed at driving insurance growth in Nigeria, according to him, are Insurance Walk; Insurance Open Day For Selected Secondary Schools; Corporate Social Responsibility and Sporting Competition.
Edu said in spite of the teething challenges at inception, the Council has risen to the position of prominence amongst its peers nationwide, producing 21 Presidents and about 500 Members spread across the nooks and crannies of the country.
He said the name of the 60th anniversary Mascot is ‘OKIN’ which stands for ‘Optimizing Insurance Knowledge in Nigeria.’
Below are the past Presidents who piloted the ship of the Council from its inception in 1962 till date and the period of their reign.
Throughout the celebrations, the names of these great men and women of accomplishment will continually be mentioned.
NCRIB President, Rotimi Edu
Late (Mr.) Talabi Adebayo Braithwaite, CON; FCIB; FIIN; ACII (1963 – 30th June, 1979)
Late (Chief) John Akinwunmi-George, OFR; FCIB; FIIN; ACII (30th June, 1979 – 30th June, 1986)
Late (Mr.) Femi Johnson, FCIB (30th June, 1986 – 18th October, 1987)
Chief Joshua Oladosu Esan, FCIB; ACII; LL.B; BL (18th October, 1987 – 29th March, 1989)
Late (Mr.) Femi Elugbaju, FCIB (29th March, 1989 – 7th August, 1991)
Mr. Adesiyan A. Oyebadejo, FCIB; ACII (7th August, 1991 – 7th April, 1994)
Alhaji Lukmon O. Baruwa-Etti, FCIB; ACII; FIIN; ACIS (7th April, 1994 – 30th August, 1996)
Alhaji Mohammed H. Koguna, FCIB; FIIN (30th August, 1996 – 31st October, 1997)
Rev. (Dr.) Elisha A. Fabiyi, FCIB; ACII; MA (31st October, 1997 – 29th October, 1999)
Chief (Dr.) Micheal Olawale-Cole, FCIB (29th October, 1999 – 23rd November, 2001)
Mr. Prosper C. Okpue, FCIB (23rd november, 2001 – 22nd october, 2003)
Prince (Dr.) Feyisayo Soyewo, FCIB (22nd October, 2003 – 20th October, 2005)
Chief. B. A Olatunde – Agbeja, FCIB (20th October, 2005 – 18th October, 2007)
Late (Chief) Dede O. Ijere, FCIB (18th October, 2007 – 15th October, 2009)
Dr. Teslim A. Sanusi, FCIB (15th October, 2009 – 13th October, 2011)
Barr. (Mrs) ‘Laide Osijo, FCIB (13th October, 2011 – 24th October, 2013)
Mr Ayodapo Soderu, HND, MBA, ACII, FCIB, FIIN (24th October, 2013 – 15th October, 2015)
Mr Emmanuel K. Okunoren, FCII, FIIN, FCIB (15th October, 2015 – 19th October, 2017)
Mr. Shola Tinubu, B.SC, ACII, FCIB (19th October, 2017 – 30th October, 2019)
Dr. Mrs. Bola Onigbogi, FCIB (30th, October 2019 – 21st November, 2021)
Barr. Rotimi Edu, mni, (incumbent).
