Centre, NAICOM Partner On Corporate Governance In Insurance Sector

The IoD Centre for Corporate Governance (IoDCCG) and the National Insurance Commission (NAICOM) have partnered to deepen adherence to corporate governance in the insurance industry.

To this end, the chairman, IoD, Centre for Corporate Governance (IoDCCG), Urum Kalu Eke, led his team on a courtesy visit to NAICOM at its headquarter in Abuja, in a move to foster collaboration and advancing corporate governance practices in Nigeria, with special focus on the insurance sector.

During the visit,  Eke ,while congratulating Olusegun Ayo Omosehin on his appointment as the new commissioner for Insurance (CFI) and the deputy commissioners on their well-deserved appointments, he expressed confidence in their capabilities and leadership abilities in deepening insurance penetration and making the insurance sector globally competitive.

Providing 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 centre.

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 emphasised 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 even as Eke requested that IoDCCG be invited at every quarterly meeting of all insurance practitioners and NAICOM for governance conversations to begin.

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 Mr. 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.

In response, the commissioner for Insurance, Omosehin, emphasised 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.