Insurance stakeholders seek Buhari’s intervention in industry



An insurance expert, Mr Mufutau Oyegunle, said  the insurance industry required the intervention of President Muhammadu Buhari to save it from present economic difficulties.

He said this in an interview with News agency of Nigeria on Wednesday in Lagos.

Oyegunle, who is Chairman, Planning committee for 2019 National Insurance Conference (NIC), explained that it was to draw the President ‘s attention to the industry that he was chosen as the Guest of Honour at the 2019 NIC Conference.

“The insurance industry needs the federal government’s attention.

“There is urgent need for operators in the industry to draw the attention of the President to the industry,” he emphasised.

He said operators needed the President more closely to the industry to support its growth for the benefit of Nigeria economy.

NAN reports that the theme of the conference is “Disruption, Innovation and Business Growth” and would hold from June 30 to July 2, at Transcorp Hotel, Abuja.

Oyegunle expressed worry that the industry continued to contribute less than one per cent to the nation’s Gross Domestic Product (GDP).

He said the challenge must be urgently arrested through proactive steps of the forthcoming conference.

Oyegunle said “it was such pragmatic thinking that spurred the planning committee to conceive the main paper  to be delivered at the conference should handled by one of the most savvy and iconic bankers in Nigeria, Mr Herbert Wigwe.

Wigwe is the Managing Director and Chief Executive Officer (CEO), Access Bank Plc.

““It is believed that Wigwe will lend delegates some of the practical strategies that makes the bank stay above waters in the financial ecosystem in view of the challenging environment,” Oyegunle said.

He said the topic ‘Transforming Insurance Business through inclusive Insurance” would be handled by Mrs Eme Essien Lore, while “Regulations, Innovation and Business Growth would be delivered by Dr Doyin Salami.

“Also, issues relating to regulations and business growth would be handled by the Commissioner for Insurance (CFI), Alhaji Mohammed Kari.”

Oyegunle said highly resourceful professionals such as Prof. Fabian Ajogu and Chief Anthony Idigbe would be the chairmen of sessions.

NAN reports that the NIC planning committee was constituted by the Insurance Industry Consultative Council, (IICC).

“IICC is the amalgam of all the constituent arms of the insurance industry, namely, The Chartered Insurance Institute of Nigeria (CIIN), The Nigerian Insurers Association (NIA); The Nigerian Council of Registered Insurance Brokers (NCRIB), The Institute of Loss Adjusters of Nigeria (ILAN).

“”The National Insurance Commission (NAICOM) serves as the coordinating arm.

““The idea behind the formation of the IICC was to give a unified and cohesive voice to the Nigerian Insurance Industry with a view to making the industry accelerate its impact and contributions to the nation’s economy,” he added.

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