Prince Babatunde Oguntade, President/Chairman of Council, Nigerian Corporation of Registered Insurance Brokers NCRIB, has been in office as the 22nd for over 14 months but this is the first time he is having a media chart. It is deliberate not intended to have a haul of achievements before coming to the media but to spend time, human and financial resources to plough grounds that have been fallow or that have been resistant to accommodating insurance brokers.
Not armed with the outcome of his intentions he was confident to make the daring push and the results show in the vibrancy of insurance activities in the trail of where he had made strategic engagements visitation to people of influence. In these places where he engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote our members’ interests, and advocate for the growth of the insurance sector impact has been spiralling up. Prior to the engagement these columns of interests were doted with little or no insurance activity. The driving force force has been the thrust of office, “Breaking New Grounds, Sustaining Legacies.”
The roll call of the extensive engagement Oguntade made spans many sectors and government space. Its a tall order for the next President that would replace him by the last quarter of this year. He goes ahead to state some of these engagements that as the brokers follow after, its bound to rewrite the fortunes of insurance industry for good. “We have engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote our members’ interests, and advocate for the growth of the insurance sector. These visits have enabled us to build bridges, address challenges, and explore opportunities for collaboration. Notable among these visitations include but not limited to Honourable Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun; Honourable Minister of Budget and Economic Planning, Senator Abubarkar Bagudu; Hon Minister of Marine and Blue Economy, Alh. Gboyega Oyetola, FCIB; Executive Governor of Osun State, Senator Ademola Adeleke; Ooni of Ife, Oba Enitan Adewusi, Ojaja II and Corps Marshal and Chief Executive, Federal Road Safety Commission (FRSC), Corps Marshal Mohammed Sheu.
Others include, Managing Director/Chief Executive Officer, Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye; Director General/Chief Executive Office, National Health Insurance Authority, (NHIA), Dr. Kelechi Ohiri; Group Chief Executive Officer, Nigeria National Petroleum Company Limited, Mr. Mele Kolo Kyari; Director General, National Film and Video Censor Board (NFVCB), Dr. Shaibu Husseini and the Commissioner for Insurance, Mr. Segun Omosehin. We took this route in our bid to build relationships and network that would benefit our Members, irrespective of their status. Our Strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the Brokers; enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership. By strategically visiting influential people, the Council can effectively represent the interest of the entire industry.” he stated.
The lists of strategic engagements include, Managing Director/Chief Executive Officer, Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye; Director General/Chief Executive Office, National Health Insurance Authority, (NHIA), Dr. Kelechi Ohiri; Group Chief Executive Officer, Nigeria National Petroleum Company Limited, Mr. Mele Kolo Kyari; Director General, National Film and Video Censor Board (NFVCB), Dr. Shaibu Husseini and the Commissioner for Insurance, Mr. Segun Omosehin. Standing on the elevation of breaking new grounds he said, “We took this route in our bid to build relationships and network that would benefit our Members, irrespective of their status. Our Strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the Brokers; enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership. By strategically visiting influential people, the Council can effectively represent the interest of the entire industry.”
His term has broadened the base for insurance brokers to take business positions as quarterbacks who defend business assets as owners venture out for greater endeavours. Venturing further, Oguntade said, “our efforts on working together with other organizations to achieve common goals, in the context of the insurance and housing sectors, our Council’s collaborations with housing developers and government agencies to create affordable insurance products received considerable boost. The Council participated in the 18th Africa International Housing Fair 2024, held in Abuja as well as the sixth and seventh NISH affordable housing seminar. This was a premier event for the housing and construction industry in Africa.”
In some of these strategic engagements he said the Council procured group life cover for attendees at the 18th Africa International Housing Fair 2024, held in Abuja, but to his disappointment the cover did not make a claim call because the risk insured did not happen. The chance of it happening he cleared, would have tested and proven to the holder of the policy that insurance works. Such doings of insurance he asserted, was the proof that clears doubts about insurance and the platform for referrals.
The wave of strategic engagements also touched down at the Film and Video Censor Board. The rowing oars berthed at the “leadership of the Nigeria Film and Video Censor Board, a government agency responsible for regulating the film and video industry in Nigeria. The essence of this feat was to ensure that we create the necessary opportunity for our members in the creative industry leveraging the number of practitioners in that broader sector that encompasses music, art, design, and other creative fields.” The engagement leverages past strategic relationships of NCRIB with members of the creative arts.
Another point of success he stated, is the Nigerian Police which has entered into a strategic relationship with the brokers. Recently, the Commissioner for Insurance, Mr. Segun Omosehin made an official visit to the Inspector General of Police, Dr. Kayode Egbetokun, FCIB where the later made a promise to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025. “This is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of insurance and thereby created economic security and growth. We urge the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.”
He said the Police enforcement of third party motor cover from February 1 is a win win for the industry. He dispelled the opinion of some that it would serve the business interest of the Police Insurance Company. Such opinion he cleared is jaundiced by approved and inviolable Nigerian Insurers Association policy which is endorsed by the Regulator, National Insurance Commission, the Police insurance Company cannot underwrite more than 40% of a third party motor policy and the rest 60% is shared by the rest members of the NIA.
Nodding with optimism he said this years national budget will be followed to make sure that the insurance content in the budget gets reasonable appropriation at the end of the year. The previous practice he noted, has been Government failings to honour their insurance premium obligations leaving their assets uninsured. This year he said the Council intends to pursue delivery on budget as promised. He said brokers body will follow the budget implementation to the extent that 50 – 75% of the premium appropriated is paid to cover the risks ceded to the insurance industry.
Featured Picture: Honourary Auditor, the Nigerian Council of Registered Insurance Brokers, Mr. Wale Oshodi; President, Prince Babatunde Oguntade; Deputy President, Mrs. Ekeoma Ezeibe and Executive Secretary/CEO, Mr. Tope Adaramola at a Press Conference held in Lagos
