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Tag: Brokers

  • Fed Govt promises support for brokers

    Fed Govt promises support for brokers

    The Federal Government has expressed its readiness to partner some professional bodies to entrench economic policies that would boost the economy and guarantee the nation’s development.

    Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated this when the delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) visited him in Abuja.

    According to Edun, the Bola Tinubu administration was giving primacy to getting the economy out of the woods through pragmatic reforms by getting hold of government revenue and monitoring effective outcomes of government policies.

    The Minister said the government realised the need to collaborate with reputable professional institutions which are believed to bring value to the government’s policy direction. As a result, he said, the government was stretching its hands of fellowship to notable bodies like the NCRIB, to put them, especially in its economic task force team.

    Earlier, the President of NCRIB, Prince Babatunde Oguntade, applauded the ministry for anchoring the reforms of the administration, adding that it was already putting the country on the path of sustainable recovery.

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    He stated that the government needed to place greater emphasis on insurance as one of the economic reforms’ strategies, bearing in mind  the risks in every endeavour of the government, coupled with the need to preserve its huge resources against unforeseen circumstances.

    Specifically, Oguntade advocated  more commitment of the government to the enforcement of the laws on compulsory insurances. He noted it would buoy the solvency of the industry as well as guarantee the required peace of mind of the people and, more importantly, inflate the economy.

    Advocating the involvement of registered brokers in government insurance accounts, Oguntade frowned at the practice of virement in yearly budgeted expenditure for insurances by the government, saying that the accounting practice had deprived the industry of its revenue. The NCRIB chief called for the removal of the National Insurance Commission (NAICOM) from the revenue-generating agencies of government, which led to the government deducting 50 per cent upfront of its revenue or income and that this could affect the effective legislative oversight of the regulatory body.

  • Beta Glass, brokers pay tributes to Ogunbanjo

    Beta Glass, brokers pay tributes to Ogunbanjo

    Capital market operators yesterday paid tributes to Chairman of Beta Glass and former Group Chairman of Nigerian Exchange Group (NGX Group) Plc, Chief Abimbola Ogunbanjo.

    Ogunbanjo died at the weekend in a helicopter crash in United States of America, alongside Access Holdings’ Group Chief Executive, Dr. Herbert Wigwe, his wife and son.

    The board of Beta Glass, a subsidiary of Frigoglass Group, which Ogunbanjo chaired until his death, said it was shocked by the passing of the chairman who had led the company with thoughtfulness and commitment.

    Chairman of Frigoglass Group Board of Director and Managing Director of Tetrad Capital Partners, Gagik Apkarian, said the group received the devastating news with great sadness.

    “Otunba Ogunbanjo served as Chairman of Beta Glass for eight years with unrelenting commitment. We are grateful for his numerous contributions, thoughtful leadership of the Beta Glass Board, and are extremely shocked that his time was cut short,” Apkarian stated.

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    According to the company, throughout his long and successful tenure on the board of Beta Glass, Ogunbanjo’s leadership has been instrumental in driving the company’s growth to become the largest manufacturer of glass containers and packaging solutions in West and Central Africa.

    Chief Executive Officer, Beta Glass Plc, Darren Bennett-Voci, said the late Ogunbanjo left enduring marks at the company.

    “I had the honor of working closely with him, and the news of his sudden and tragic passing has shocked us all deeply. Abi’s leadership and unwavering dedication leaves an enduring mark on Beta Glass, shaping our journey and inspiring us to continue to strive for excellence. We shall honor his legacy by continuing to uphold the values and vision he instilled in our organisation,” Bennett-Voci stated.

    The company stated that in due time, Beta Glass and the Frigoglass Group will communicate the board’s succession plan.

    “In the interim, the company will continue to receive support from its board of directors,” the company stated.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Oluwole Adeosun, said Ogunbanjo’s sudden death was a great loss to the capital market ecosystem.

    “He was an accomplished corporate lawyer. He played pivotal role during the demutualisation of the former Nigerian Stock Exchange. He was a cerebral corporate lawyer with robust industry experience. His contributions to market development cannot be glossed over. He shall be sorely missed,” Adeosun said.

  • GTI Capital seeks to empower brokers on value creation

    GTI Capital Group has launched a development scheme to empower stockbrokers with the requisite resources to widen the scope of their operations and become the main catalysts for the investment market.

    The inaugural edition of the GTI Associate Brokers Scheme was launched at a ceremony at the Marina, Lagos head-office of GTI Capital Group. The GTI Associate Brokers Scheme seeks to retool stockbrokers with the requisite knowledge, technologies, know-hows, ideas, networking and opportunities to fully explore the full value-chain of the investment market. The GTI Associate Brokers Scheme is endorsed by the Chartered Institute of Stockbrokers (CIS).

    Speaking at the launch, GTI Capital Limited Group Managing Director, Mr. Abubakar Lawal said stockbrokers have important roles to play in the development of the  economy as they provide essential services upon which the economic foundation is built.

    According to him, the economic development of any nation, including the wealth of individuals in it, is built on value creation and stockbrokers, by training and functions, are supposed to be at the forefront of value creation.

    He called for a new generation of goal-driven stockbrokers with a global worldview beyond the limited function of stock trading noting that the GTI Associate Brokers Scheme is designed to empower brokers to unlock the vast economic potential of Nigeria and the African continent.

    “The essence of this programme is to open our minds to the fact that we need to transit from trading value into value creation. In every market, we have three types of players- people that create value, people that trade value and people that watch and tell the story. People that create values are the game changers. Look around in Nigeria and globally, you will see that people that create values are the bedrocks of the economy,” Lawal said.

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    He emphasised that brokers must look beyond immediate marginal gains to long-term value creation by providing innovative financial solutions and ideas to help the development of businesses and public infrastructure.

    He noted that the training and capacity building scheme is part of the corporate social responsibility programmes of GTI Capital aimed at stimulating the natural endowments of the Nigerian to enable the country attain its pride of place in the comity of nations.

    “We can make Nigeria great again, so it is all in your hands, your calling is to create, we have so many funds sitting down in the Central Bank of Nigeria (CBN), have you ever thought of moving them without using gun, or are they not meant for you? How do we change the narrative from being a poverty-stricken country to being an independent and highly productive nation? That is what this programme is meant to achieve,” Lawal said.

    He added that the programme would also support the continuous development programme of the CIS by bridging observed gaps in the transitional phases of enrollment, qualification and practice of the stockbroking profession.

    He commended the leadership of the CIS for its support on the programme assuring that GTI Capital Group would always be ready to collaborate with the institute in its drive to expand the frontiers of the profession.

    experiences and ideas on how to navigate the dark water of the markets and see beyond the immediate narrow scope into global horizon of opportunities.

    “For us at GTI, ours is to enable people to see as widely as possible and to explore the opportunities that will bring them to realisation of what they have destined themselves to be,” Ike-Muonso said.

  • ‘Brokers are ailing’

    •NCRIB: problem not peculiar to us

    brokers are ailing and need healing, Commissioner for Insurance, National Insurance Commission (NAICOM), Mohammed Kari has said.

    He spoke at the  Nigerian Council of Registered Insurance Brokers’ (NCRIB) Chief Executive Officers’ Retreat in Uyo, the Akwa Ibom State capital.

    The event had:  “The future broker”as theme.

    Kari, who was the guest speaker,  said many brokers are untrained, adding that as a result, they lack  confidence  and adventurist spirit  of a professional.

    He added that because many brokers are not proud of their work, they allowed their profession to be hijacked by quacks.

    Noting that the theme was apt, he said it could lead to a rebirth  of the subsector.

    He said: “It is pertinent for me to advise that in discussing ‘The future broker’, it is imperative to, first and foremost, x-ray the past and present broker to ascertain his sound state of health. I say this because it is until you are able to diagnose the specific ailment inhibiting the good health of the broker, it might be difficult to give the accurate prescription and dosage for the future broker of your dream.

    “Suffice it to say then that the place of ‘The future broker’ in the  insurance sector is, without doubt, hinged on the successful and accurate diagnosis of the ailment of the broker and the administration of the right prescription or dosage, else your exercise here would be in futility. You should be able to honestly identify what must change in the prevailing structure and resolve to walk the talk.

    “From a regulatory perspective, I can give you a few diagnostic analysis which your retreat could find the real ailment for and then, hopefully, would prescribe the appropriate medication for an immediate cure.”

    Kari  noted that NAICOM’s approach to regulation had been interactive as the commission encouraged self-regulation where  possible, lamented that this was  misconstrued as a licence for statutory independence.

    “This is a misnomer in any clime; we urge the working together of all arms of our sector to ensure synergy; that too is ignored by the ‘we’ll do it alone’tendencies we observe in most market initiatives, especially from your council members. This is not healthy. The ‘future broker’ must address it and find a way to be part of the future market.

    “To address gaps in the regulation and supervision of the  sector, NAICOM would issue new and supplementary guidelines to plug such gaps. To this end and to supplement the tweakings in the distribution channels, we would very soon expose specific drafts of guidelines directed to each sector of the industry. When the brokers’ guideline is released, you would see our idea of ‘the future broker’. This, we believe, would complement the excellent effort of this retreat. We are sure there would be in it, prescriptions of the appropriate medication needed to cure some of the illnesses inhibiting a broker.  This would speed up the realisation of ‘the future broker’. It is crucial for stakeholders to evolve strategies for exploiting the retail end of the market. It is no gainsaying that the future of the industry will depend more on retail rather than corporate businesses.

    “For the ‘future broker’, it is imperative to note that the prospects for achieving your important objectives will be more than ever before, enhanced by technology and harmonisation of global best practices. To continue to remain relevant in the insurance value-chain, the ‘future broker’ must be prepared to change its old toga for a new one that is innovative and technology-driven.You must evolve new ways of accessing prospective insurance consumers while at the same time keeping and maintaining existing ones, ensuring their protection and satisfaction. This is a proven way to guarantee repeat businesses,” he said.

    NCRIB President, Shola Tinubu agreed no less with the NAICOM chief. He however said  it was not only brokers that were sick, but rather the entire industry.

    “Some of the things said about brokers in the industry are that brokers are ailing. But we should realise that anytime you talk about the Nigerian Police Force, Customs, insurers, etc, you can’t talk about them in a vacuum. “Many things in Nigeria in terms of structure have diminished. Therefore, there is no way the people that are in various sectors in the country would not have diminished with them.The question for us all is: how can we get the momentum to build the critical mass in a positive direction, such that generations to come will wonder why were we all talking about life so difficult?

    “In broking, many of the complaints are that it is an ailing industry. If you look at the turnover of the industry in the past few years, it has been flat, so who, then, is excelling? Who else is not ailing if everywhere is flat? The industry number has not grown very well over time. We are in the industry as well, so it is true that we are ailing.

    “But brokers are indeed agents of change. What we have done at the Council is to look at how we can empower over 500 of our members  with knowledge about their business to act as the engine that will take the industry forward,” he added.

  • Brokers seek different commission rates

    Brokers seek different commission rates

    There must be a difference in commission rates and other benefits that accrue to brokers from other intermediaries in insurance transactions, Nigerian Council Of Registered Insurance Brokers President, Shola Tinubu, has said.

    He said this would justify the remarkable differentiation in their competencies and experience compared to other intermediaries.

    Insurance intermediaries facilitate the placement and purchase of insurance, and provide services to insurance companies and consumers that complement the insurance placement process.  Traditionally, insurance intermediaries have been categorised as either insurance agents brokers. The distinction between the two relates to the manner in which they function in the marketplace.

    Tinubu, who spoke at the December Edition of the Members’ Evening of the Council, hosted by AIICO Insurance Plc in Lagos, said the differential must be made if at all, underwriters would transact business with other intermediaries in the industry.

    He said the Council’s relationship with the National Insurance Commission (NAICOM) is progressive to create a more harmonious professional and business environment for their members.

    He said: “The issue of timely response to mails, both by NAICOM and Brokers to ensure that issues were resolved timeously, were highlighted. Furthermore, collaboration by the two bodies in training of Brokers, particularly in regulatory compliance to mitigate fees and penalties often slammed on them, was extensively discussed.

    “It is my desire that we continue to parley NAICOM for our members and continually put in place  strategies to promote self-regulation by the Council. We greatly covet the support of all members in this regards. Our slogan is: self regulation for self respect

    Our team will assiduously work on effective collaboration with the relevant publics and stakeholders, especially those whose activities have significant impact on the operations and image of the Broker.

    He said agitation of members in this regard is not wrongly placed, considering the challenges they face on all ends, adding that this has necessitated  immediate collective solution from the Council.

    “In addressing this, our team would be quite strategic in first identifying, in clear terms the immediate and future challenges threatening brokers.

  • ‘Brokers can generate S1m in Lagos’

    ‘Brokers can generate S1m in Lagos’

    Brokers can make about $1 million yearly in Lagos State, Mr. Gboyega Olanbiwoninu, Head, Business Development, Scib Nigeria & Co. Limited, a firm of Insurance Brokers, has said.

    A report from the National Insurance Commission (NIACOM) said   insurance premium stood at N318 billion (or $1.1 million) last year.

    He spoke on the sideline of a summit on insurance companies by the Lagos Chamber of Commerce & Industry (LCCI) and the Lagos State Safety Commission to keep Lagos safe and grow the insurance sector.

    Olanbiwoninu underscored the role of insurance in developed economies, noting that in most developed economies, every aspect of life is insured. He recalled his experience in Switzerland where a compulsory students’ insurance was undertaken.

    The modest premium of about $1 million, observers say, is as a result of the non-compliance with Insurance Act 2003 by the over 22 population in Lagos and the non-implementation of the relevant aspects of the law by the government.

    He noted that that compliance with the law would grow the sector.

    Olanbiwoninu said the the 2003 Insurance Act covers third party motor insurance liability, occupiers liability, health insurance, protection of life against building collapse and fire outbreak.

    He advised Lagos to take advantage of her huge population and encourage the growth of the sector. He commended the state government for empowering the state Safety Commission to ensure the safety of lives and property by insisting that all aspect of existence in the state is henceforth insured.

    According to him, about 60 car accidents happen daily in Lagos and on several occasions people resort to fisticuffs because they have no insurstate to go ahead with the planned implementation of the compulsory insurance scheme stressing that it will ensure the state is enlisted as one of the safest cities to live in the world as almost every aspect of every residents life will be insured.

    Olanbiwoninu also said the implementation will further help to grow the industries contribution to GDP which is currently at an abysmal level of about 0.8 per cent.

    He said: “The low contribution of insurance GDP may not be unconnected with the apathy shown to Insurance products by the insuring public whilst other reasons adduced to this include lack of awareness and demonstrated value. The compulsory Insurances have the potential of increasing the current gross income of the Insurance Industry by about 52 per cent at full implementation

    “It is instructive to note that the joint task force between NIA and NCRIB set up towards the implementation of the Compulsory Insurance have put in place marketing campaigns to enlighten the Insuring public as well as present value in terms of records of claims payment, he added”.

     

  • NAICOM to sack insurance CEOs, brokers for non-payment of claims

    NAICOM to sack insurance CEOs, brokers for non-payment of claims

    The National Insurance Commission (NAICOM) will remove the chief executive of any insurance and broking firm who fails to pay genuine claims, the Commissioner for Insurance, Mohammed Kari, has said.

    He gave the warning at the  Professional Forum of the Chartered Insurance Institute of Nigeria (CIIN) held in Abeokuta,  the Ogun State capital.

    Kari listed other issues for which CEOs could be sanctioned to include their companies’ inability or refusal to settle inter-company balances.

    These, according to him, have risen to an unacceptable level where the commission is required to withdraw the self-regulation option given operators to apply the big stick.

    He said the commission was alarmed by the incessant complaints of failure of insurance companies to settle genuine and discharged claims to policy holders.

    He said the commission had  received requests from claimants to apply the companies’ statutory deposit to settle discharged claims as stated by law, and that the process had started.

    Kari said: “And as a punitive measure, we have agreed to also publicise any company whose deposit is so applied and to have the chief executive of such company discharged.

    ‘’For all intermediaries who are brokers and insurance agents that hold back clients’ and companies’ money or collude to steal or corruptly operate, such actions being criminal, would be forwarded to the appropriate law enforcement agencies.’’

    He said the commission’s visit and meeting with the Economic and Financial Crimes Commission (EFCC) would enable them to establish a joint taskforce to, among other things, ensure corruption is weeded out of the insurance sector.

    CIIN President Mrs. Funmi Babington-Ashaye, while speaking on the theme of the forum, “Solvency, stability and growth-exploring possibilities,”  chosen to draw attention to some of the critical challenges facing the industry, said they could evolve strategic solutions for the industry.

  • Brokers to enhance regulatory compliance with software

    To enhance brokers’ compliance with regulatory requirements of the National Insurance Commission (NAICOM), the governing board of the Nigerian Council of Registered Insurance Brokers (NCRIB) has approved the proposal for a shared service agreement where a software will be designed to assist members.

    Its President, Kayode Okunoren made this known at the last month’s edition of NCRIB Members’ Evening hosted by Zenith-Prudential Life Assurance Limited.

    Okunoren, whose tenure  will end soon, said the programme would further assist members avoid penalties from NAICOM.

    He said the task of leading the Council, sustaining the legacy of the founding fathers, making the profession worth the while and leaving good legacy behind for upcoming professionals had been enormous.

    He said: “It is almost two years now that this administration came on board, I must confess that it has been two years of assiduous work and I like to appreciate the staunch support that I got from the Board and all members, without which, these modest achievements would not have been possible. I am persuaded beyond reasonable doubts that the herculean tasks of ensuring that our vocation becomes an enviable profession has been sustained, even though, we are not yet there, but we are no more where we used to be.”

    Zenith-Prudential Life Assurance Managing Director, Mr. Ebelechukwu Nwachukwu, said the company, which started business in 2006,  has grown to be among the top 10 insurance companies.

  • FBNInsurance Brokers appoints Ibidapo CEO

    FBNInsurance Brokers appoints Ibidapo CEO

    FBNInsurance Brokers, an FBNHoldings company, has  appointed Mr. Olumide Ibidapo as its new Managing Director and Chief Executive Officer.

    In a statement signed by the Head Corporate affairs of the FBN Insurance, Elizabeth Agugoh, Ibidapo started his career with IBN/Marsh Brokers in 1990 and rose through the ranks before joining FBNInsurance Brokers in 2006.

    Following FBNInsurance’s acquisition of Oasis Insurance, Ibidapo was appointed Head, Technical of the new company, FBN General Insurance.

    Under his management, the company established itself as a growing force in the general insurance terrain in Nigeria.

    Ibidapo holds a Bachelor in Sociology from the University of Ibadan and a Masters in Business Administration from Ladoke Akintola University of Technology, Ogbomosho.

    With over 25 years experience in Insurance and Risk Management, Ibidapo has established a reputation as a professional in commercial insurance programme structuring, special risks portfolio handling and claims management.

    Ibidapo is an Associate of the Chartered Insurance Institute of Nigeria (CIIN). He is widely travelled and happily married with children.

  • FRC stops fines on brokers

    The Financial Reporting Council (FRC) has agreed that the Nigerian Council of Registered Insurance Brokers (NCRIB) should henceforth undertake the submission of its members’approved accounts and that no fine would be imposed on the members, the President, Mr Kayode Okunoren, has said.
    He made this known at the April Edition of NCRIB Members’ Evening, in Lagos.
    He said this was the outcome of a meeting with the FRC Chairman, Mr. Dotun Sulaimon, and a delegation of the NCRIB that paid a courtesy visit on the financial Council.
    He said it was agreed that the accounts submitted would be reviewed by FRC based on the concerns raised by the regulators and that the FRC would collaborate with the NCRIB to organise enlightenment programmes for brokers.
    He said it was agreed that no fine would be imposed on brokers for for non-compliance with the FRC Act.
    He said, however, that NCRIB members must register their CEOs and CFOs with the FRC, as well as update their membership.
    On the Code of Corporate Governance, Okunoren said the meeting affirmed that most broking firms are small entities and that the Code had been suspended and was being review.
    He said: “It was agreed that the new code would take cognizance of the peculiarities of different sectors and that the exposure draft would be made available in due course for review by the public before it coming into force.
    ‘’It was most good that the FRC Management promised that the FRC would be pro-business and pro-development. It is my hope that members would take advantage of the concessions and continue to live up to the responsibilities by registering with the Council and submitting their audited accounts, timeously.’’