Insurance brokers ready for local content challenge - NCRIB boss

By Sulaimon Adesina

Chief Dede Ijere, President, Nigerian Council of
Registered Insurance Brokers (middle),
introducing the new Chairman of the Western
Area chapter of the council, Emmanuel Akinbode
(left), while the immediate past chairman of the
council, Samuel Akinmuda, watches, at the
2007\2008 Brokers Night and Investiture ceremony
of the Western Area chapter of NCRIB, held at the
NUJ press centre, Iyaganku, Ibadan recently.

President, Nigerian Council of Registered Insurance Brokers (NCRIB), Chief Dede Ijere, has stressed that the determination of insurance brokers in the country to ensure that the local content bill, currently before the National Assembly received a positive nod on time for the maximum benefits of the local brokers.

Ijere said this at the 2007\2008 Brokers Night and investiture of new executives of the Western Area chapter of the council held at the NUJ Press Centre, Iyaganku, Ibadan recently. According to Ijere, the professional brokers in the country are now more determined to wither the hindrances that had prevented them from underwriting of oil and gas businesses. He said, “the local content bill aims to bring Nigerian brokers into the mainstream of oil and gas and we are poised to make sure the bill is passed to law so that brokers do not lack again.

For years, the challenge has been there for local brokers to do business in oil and gas. We have, for long, been faced with the problems of poor human capacity in this perspective. There is no better time to overcome the challenge than now. This has prompted us to liaise with the ministries of education and finance and also some foreign partners who have been forthcoming in training our members on the strategies involved in brokerage of oil and gas business. Such training has already commenced and we are continuing with the process till our aim is achieved.”

The NCRIB boss then charged local insurance brokers to rise up to the occasion and avail themselves of the opportunities in the training. Ijere also commended the efforts of the Western Area chapter of the council for its activities, which, he said had helped brought insurance to the reach of the people, noting that the chapter has continued to grow in strenght

The new chairman of the Western Area Chapter of NCRIB, Emmanuel Akinbode, promised an era of increased information to the public on the activities of the brokers in particular and insurance generally. It has become necessary, said Akinbode, that the public became well enlightened on the subject of insurance for them to increase their patronage of insurance companies, especially with the increased volume of activities at the stock exchange. “If people are aware of our activities, they will certainly patronise us,” he said.

Akinbode praised his predecessors whose patriotism have created an enabling environment for brokers to practise. Also, the outgone chairman of the chapter, Mr. Samuel Akinmuda savoured the achievements of his executives in the last two years which include expansion of the state membership of the council and increased awareness of the activities of brokers. He then charged the new executives to build upon these and ensure that all states of the federation are represented on the board.As part of the activities, the Western Area chapter of the NCRIB also presented a gift and cash award to the best insurance student of the Polytechnic Ibadan.

Most of the insurance practitioners who graced the occasion expressed delight at the activities of the NCRIB, which had largely bridged the gap between the insurers and the general public. The brokers’ night is a biennial event of the Western Area chapter of NCRIB, which normally gathers stakeholders in the insurance sector, including companies, brokers and underwriters.

Pensions fund hits 800bn

Lanre Oyetade, Lagos

The pool of funds managed by the nation’s 25 pension fund administrators (PFAs), has grown to about N800 billion, the National Pension Commission (Pencom) stated in Lagos on Thursday. Miss Iyamba Henshaw, Commissioner in-charge of the Technical Department of PenCom, dropped the hint while fielding questions during the second retirement workshop for stakeholders in the pensions industry.

According to her, the workshop is part of the commission’s mandate to enlighten stakeholders and build capacity, since organised pension administration is just a few years old in the country. The impact of such workshops in the past, she admitted, has been felt, “because as we interact with stakeholders, we get to find out the challenges facing them, so that with the consultative approach we carry every body along.”

The commission, Henshaw added, is being careful to ensure that the system for identifying people is in place before releasing the gratuities of pensioners to the various Retirement Savings Accounts. A database, she said, has been put in place to make verification easy, adding that those already verified has been paid their pension up to February 2008.

She noted that a device is already in place since last year to track performance of the various PFAs and Pension Fund Custodians (PFCs), while enjoining employers to remit funds as appropriate. Defaulters, she warned, will be sanctioned. The commission restated that grounds for access to the RSA include retirement, either mandatory retirement of 50 to 60 years of age or attainment of maximum allowable 35 years of services in the public sector or death.

The PFAs were urged to advise retirees on the provision of necessary documents required for retirement such as passport photographs, official notice/acceptance of retirement, last pay slip, any other evidence of annual total emolument, certificate of indebtedness (private sector) as well as terms & conditions of employment of employee.

In the case of dead or missing persons, the PFAs are expected to confirm the identity of next of kin or deceased, apart from advising the next of kin to provide documents such as valid letter of administration or will admitted to probate (basic) and certificate of death/cause of death or certificate of registration or police report (if death is by accident) or burial warrant issued by a local government council or evidence of death/burial issued by religious leader or police report confirming missing person, employer’s confirmation of disappearance, newspaper publication of disappearance, employer’s confirmation that all outstanding contributions/accrued rights have been remitted to RSA.