The president and chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade, has urged insurance brokers to uphold professional standards and ethical conduct—or risk being pushed out of business.
Speaking at the investiture and Gala Night ceremony of the 13th Chairman of the Abuja Area Committee of the NCRIB, Prince Oguntade emphasised the importance of professionalism amid growing scrutiny from regulatory and law enforcement agencies.
“We expect you to attend trainings, read the guidelines, and follow them to avoid sanctions or fines that may shut down your operations,” Oguntade warned. “Some brokers have already been fined between ₦13 million and ₦106 million. They must pay if they want to remain in business. If they don’t, they’ll have no choice but to close shop.”
Highlighting the increasing oversight of the Nigerian Financial Intelligence Unit (NFIU) on the insurance sector, he added, “The era of jumping into accounts midway is over. Proper client profiling is now mandatory. Brokers are increasingly seen as the weakest link in the financial sector due to the conduct of a few.”
Oguntade stressed that professional misconduct would not be tolerated—even from close associates. “Even if you are my friend or sibling, if you are caught breaching the law, you won’t be spared. Professional integrity is non-negotiable,” he declared.
He also pointed to upcoming regulatory changes, including the need for compliance with data protection and InsurTech guidelines.
He informed members that, by June 30, all insurance brokers must register with the Nigeria Data Protection Commission, as new cybersecurity insurance protocols take effect.
The newly inducted 13th Chairman of the Abuja Area Committee, Mr. Ojo Richard, pledged to foster trust and uphold the council’s values.
He underscored the vital role of trust in the insurance profession.
“We sell a promise, not a product. What we offer is intangible, so it is our integrity that must stand firm. My focus is to ensure that our members live up to the trust placed in them by clients,” Richard stated. “We are not risk bearers, but we represent our clients. We must use our technical knowledge in their best interest.”
