The Institute of Directors Centre for Corporate Governance (IoDCCG) recently paid a courtesy visit to the National Insurance Commission (NAICOM) at its headquarters in Abuja, marking a significant milestone in their joint commitment to strengthening Corporate Governance practices in the insurance sector.
Led by Chairman Urum Kalu Eke, the IoDCCG team congratulated Olusegun Ayo Omosehin on his appointment as the new Commissioner for Insurance (CFI) and the Deputy Commissioners on their well-deserved appointments.
Eke expressed confidence in their capabilities and leadership abilities in deepening insurance penetration and making the insurance sector more globally competitive.
During the visit, Eke outlined the purpose of the visit, which included congratulating the new leadership, providing an update on IoDCCG’s activities, and proposing collaboration on Corporate Governance initiatives.
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 Center.
Eke emphasized the importance of capacity building through training initiatives and the establishment of minimum expectations for the insurance sector leadership to raise the bar of governance.
He requested that IoDCCG be invited to every quarterly meeting of all insurance practitioners and NAICOM for governance conversations to begin.
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.
Eke charged NAICOM to enforce sanctions on regulatory offenders and entities who fail to attain the requisite Certification through dedicated capacity-building sessions.
This call to action aims to promote better financial reporting and Corporate Governance within the industry, while also strengthening the insurance sector to be globally competitive.
The Chairman introduced the Ethics 1st Platform, which prepares organizations on how to conduct business ethically and places businesses on a sustainable growth trajectory by linking entities to the global business community.
IoDCCG partners with the Centre for International Private Enterprise (CIPE), USA, to raise awareness about Corporate Governance and Business Integrity Standards and the Value of listing on the Ethics 1st Platform at no cost.
NAICOM was advised to mobilize entities under her purview to be listed on the Ethics 1st Platform by undergoing capacity-building and technical support in an efficient and affordable way.
This would enable them to develop the internal framework and management systems that endure growth.
The Chairman extended an invitation to NAICOM to join the Centre’s Institutional membership, citing organizations such as AMCON, CBN, CSCS, NIPC, FRCN, MOFI, as members, in addition to foundational members which include CAC, SEC, and CIoD Nigeria.
In response, Olusegun Ayo Omosehin, the Commissioner for Insurance (CFI), warmly welcomed the IoDCCG delegation, emphasizing the longstanding partnership between NAICOM and the Centre.
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.
The CFI agreed that strong Corporate Governance is a prerequisite for proper valuation of entities seeking to raise capital and attract investors.
He emphasized that the Commission is working tenaciously to standardize governance practices in the sector by partnering with organizations like IoDCCG to create a strong Corporate Governance culture that will drive sustainability and penetration in the insurance industry.
Consequently, he accepted the proposal to create a platform for the Centre to address the industry leaders during their quarterly meetings with the Commission.
He also promised to review the request for institutional membership of NAICOM with the Centre, noting the strategic nature of the partnership.
The CFI admitted that the delay in replacing the Commission’s Director on the Board of IoDCCG was an oversight and promised to act on the request swiftly.
The courtesy visit marked a significant milestone in their joint commitment to strengthening Corporate Governance practices in the insurance sector.
This collaboration promises to foster a transparent, accountable, and efficient business environment within the private and public sectors.
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