The Chairman Board of Governors, IoD, Centre for Corporate Governance (IoDCCG), Urum Kalu Eke and his team visited the National Insurance Commission, (NAICOM), at its Headquarters in Abuja.
Expectedly, the visit marked a great moment for fostering collaboration and advancing Corporate Governance practices in Nigeria, with special focus on the insurance sector.
During the visit, U.K Eke outlined the purpose of the visit, which encompassed several important objectives.
Firstly, he congratulated Olusegun Ayo Omosehin his appointment as the new Commissioner for Insurance (CFI) and the Deputy Commissioners on their well-deserved appointments, expressing confidence in their capabilities and leadership abilities in deepening insurance penetration and making the insurance sector more globally competitive.
Eke provided an update on the governing body of IoDCCG and its activities over the years. He shared valuable insights on the recently held strategic retreat, during which a comprehensive 20-point action initiative was developed to reset and recalibrate the Center.
The IoDCCG also proposed the implementation of Certification training for the leadership and Directors in the insurance sector, expressing confidence that the Certification would ensure they remain updated on current developments within the Ethical and Corporate Governance landscape.
He emphasized the importance of capacity building through training initiatives and the establishment of minimum expectations for the insurance sector leadership in order to raise the bar of governance. Eke requested that IoDCCG be invited at every quarterly meeting of all insurance practitioners and NAICOM for governance conversations to begin.
He charged NAICOM to enforce sanctions on regulatory offenders and entities who fail to attain the requisite Certification through dedicated capacity-building sessions.
This call to action is aimed at promoting better financial reporting and Corporate Governance within the industry, while also strengthening the insurance sector to be globally competitive, even as a new capital raise for the sector has become imperative.
Eke informed the CFI that as a strategic partner, NAICOM has a seat on the Centre’s Board, which has remained vacant following the exit of Leo Akah, who until his retirement from the Commission brought his wealth of experience and expertise on the Board. He made a special request for a replacement of Mr. Leo Akah, on the Centre’s Board of Governors.
The Chairman also introduced Ethics 1st Platform which prepare organisations on how to conduct business ethically and place businesses on a sustainable growth trajectory by linking entities to global business community.
Finally, the Chairman extended an invitation to NAICOM to join the Centre’s Institutional membership, citing organisations such as AMCON, CBN, CSCS, NIPC, FRCN, MOFI, as members, in addition to foundational members which include CAC, SEC and CIoD Nigeria.
In response, Olusegun Ayo Omosehin, the Commissioner for Insurance (CFI), warmly welcomed the IoDCCG delegation, emphasizing the longstanding partnership between NAICOM and the Centre noting the importance of continuity despite leadership change.
He underscored the Institute’s credibility as a valuable partner for discussions on Corporate Governance practices and admitted that the various issues raised at the meeting are very germane.
The CFI agreed that strong Corporate Governance is a prerequisite for proper valuation of entities seeking to raise capital and attract investors, emphasizing that the Commission is working tenaciously to standardize governance practices in the sector by partnering with organisations like the IoDCCG to create a strong Corporate Governance culture that will drive sustainability and penetration in the insurance industry.
Consequently, he accepted the proposal to create a platform for the Centre to address the industry leaders during their quarterly meetings with the Commission, during which the Centre can use the opportunity to sensitize practitioners on the Ethics 1st platform which he finds very interesting and useful for the insurance industry.
Finally, he promised to review the request for institutional membership of NAICOM with the Centre, noting the strategic nature of the partnership which will continue to add value to the Commission. The CFI also admitted that the delay in replacing the Commission’s Director on the Board of IoDCCG was an oversight and promised to act on the request swiftly
