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  • NCRIB boss launches nationwide insurance awareness

    NCRIB boss launches nationwide insurance awareness

    The Nigerian Council of Registered Insurance Brokers (NCRIB) will take advantage of the new Act, the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025) which increases compulsory insurances laws to deepen insurance penetration and promote financial protection across the country, the newly-inaugurated 23rd President of the Council, Mrs Ekeoma Ezeibe, has said.

    She made this known while unveiling her plans to expand insurance awareness nationwide during a news conference in Lagos.

    She said the initiative would begin with Abia as the pilot location for the national insurance penetration drive.

    She said her administration would leverage the NCRIB’s six area committees as frontline drivers to deepen insurance penetration and promote financial protection across the country, noting that Abia was deliberately chosen as the launchpad due to its economic vibrancy and ongoing infrastructural revival.

    Ezeibe observed that insurance awareness remains higher in the Southwest, while many commercial hubs in the Southeast, particularly Aba, remain underinsured.

    She described Aba as the commercial heartbeat of the East with its legacy as a major industrial hub hosting several multinational firms.

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    She said: “The founding fathers of NCRIB created these area committees to bring the council’s activities closer to the people. Under my tenure, they will no longer just replicate the centre’s programmes but become engines for real insurance growth across Nigeria.

    “My administration will deliberately use these committees to spread the gospel of insurance to every corner of the nation. The initiative would align with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), which expanded compulsory insurance policies and strengthened NAICOM’s enforcement powers. We intend to take advantage of the new Act, which has increased compulsory insurances and empowered NAICOM to enforce compliance effectively”.

     “Starting with all 36 states and the Federal Capital Territory at once would be unrealistic. Abia will serve as our test case. Once we achieve measurable success there, we will replicate the model across the country. Aba was once home to numerous manufacturing and export businesses, especially in leather and fashion goods. With the revival of infrastructure, energy, and markets under Governor Alex Otti, the environment is now ripe for insurance growth,” she said.

    Ezeibe commended the governor for his private-sector-friendly reforms, particularly the independent power project by Geometrics and the modernisation of Ariaria Market.

    She said the NCRIB would collaborate with the Abia government to promote compulsory insurance coverage and safeguard emerging investments.

    “When companies do well, employment rises and the economy breathe again. But without insurance, we fail to secure tomorrow’s opportunities. Partnering with Abia is the fastest route to ensuring economic sustainability,” she said.

    She reaffirmed her commitment to inclusive growth within NCRIB, assuring that no member would be left out of new business opportunities.

    She pledged collaboration with underwriters and loss adjusters to ensure swift claims settlement and build public trust in insurance.

    “In capacity building, I intend to improve on what my predecessors achieved. That’s the value members should expect from the council. I will ensure brokers comply fully with NIIRA 2025 and complete the Olola Olabode Ogunlana NCRIB Annex Building initiated by my predecessor,” she added.

  • Ezeibe becomes NCRIB President as Oguntade bows out

    Ezeibe becomes NCRIB President as Oguntade bows out

    • NAICOM calls for broker-led microinsurance, takaful

    The Nigerian Council of Registered Insurance Brokers (NCRIB), has sworn in its 23rd President and Chairman, Governing Board, Mrs. Ekeoma Ezeibe.

    Ezeibe was sworn in as the third female president of the council in its 63 years of existence. She takes over from Babatunde Oguntade, who served for two years.

    The Chairman of the occasion and doyen of insurance, Olola Olabode Ogunlana while speaking at the ceremony, called for collaboration within the sector and beyond.

    Ogunlana said that ideally, there should also be linkages across all sectors of the Nigerian financial system.

    He stated that this collaboration must extend to insurers, regulators, and governments alike.

    He said: “Up to now, we have neglected insurance education for potential insurers. We must now go out of our way to make insurance a household word. Schools, higher institutions of learning, marketplaces, work sites, and wherever potential insurers may be. We must reduce our dependence on government insurer portfolios. The current free-for-all approach neither recognises merit nor encourages innovation or skill enhancement.

    “We must stop worrying our heads and time on those with deep pockets and their collaborators. Of course, we are not giving agriculture the enthusiasm and innovation it deserves. We must prioritise settlement of claims.”

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    He charged the new NCRIB President to pursue her agenda with vigour, adding, “We shall all support you.”

    Also speaking, the Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, said the emergence of Ezeibe was a powerful statement on inclusion.

    “The emergence of Ezeibe as the third female president in the 63-year history of this council is a powerful symbol of progress and inclusion. It is of quiet strength and strategic impact, both at the NCRlB and generally within the Nigerian insurance industry. Of note is her strategic leadership as the chairperson of the Nigerian Insurance Industry Committee on AfCFTA. Under her guidance, the committee has championed industry enlightenment, capacity building and policy advocacy to ensure the Nigerian insurance industry is well positioned to harness the opportunities of the African Continental Free Trade Area,” he said.

    Omosehin went on to urge the NCRIB to work with it on microinsurance and Takaful options.

    “Inclusive insurance models also become very critical, so we would like to partner with the NCRIB to develop broker-led micro insurance and takaful solutions for our public. NAICOM’s stance is simple. Deliver only what you can support and support everything you deliver. Clear promises and prompt service build trust, and trust drives penetration.

    “We invite the NCRIB, under the leadership of Mrs. Ezeibe, to actively partner with the Commission in implementing the provisions of the Nigerian Insurance Industry Reform Act, 2025. NAICOM, therefore, remains open to dialogue and committed to harmonising the roles of all industry players.”

    Meanwhile, the immediate past President of NCRIB, Prince Babatunde Oguntade while reeling out his achievements as the president of NCRIB in the last two years said brokers have strategically partnered stakeholders including regulators, industry associations, and international organisations to deepen penetration.

    Oguntade said these partnerships opened up new opportunities for collaboration, knowledge-sharing, and business development.

    He stressed that his regime broke several new grounds with constituent bodies where insurance had never been mentioned, particularly in the entertainment and housing environment, believing his successor would sustain the tempo.

  • NCRIB joins Insurance Meets Tech 2025 as institutional partner

    NCRIB joins Insurance Meets Tech 2025 as institutional partner

    Insurance Meets Tech (IMT), West Africa’s leading platform for converging insurance and technology innovations, colloquium and discourse on policy environment and operational efficiencies has announced the Nigerian Council of Registered Insurance Brokers (NCRIB) as an institutional partner for the IMT 4.0 Conference, scheduled for Thursday, September 18, 2025, in Lagos.

    According to Convener of IMT and CEO of Modion Communications, Odion Aleobua in a statement, the collaboration marks a significant alignment between NCRIB’s long-standing legacy of professional excellence in regulating insurance brokerage and IMT’s mission to bridge traditional industry structures with emerging, technology-driven solutions.

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    He said together, both institutions aim to amplify conversations that will redefine the role of brokers in Nigeria’s fast-evolving insurance landscape.

    President and Chairman of the Governing Board of NCRIB, Prince Babatunde Oguntade who will be speaking at the conference, expressed his enthusiasm for the partnership, stating, “Insurance brokers remain the trusted bridge between insurers and the public, and in a time of rapid change, our relevance depends on how well we adapt, innovate, and lead – Insurance Meets Tech provides the strategic platform for such engagement and collaborations. As an institution, we are committed to ensuring that brokers are not only part of the conversation but are central to shaping the future of insurance in Nigeria and across Africa.”

    “By partnering with IMT 4.0, we are reinforcing our mission to deepen professionalism, transparency, and client-centered innovation in the brokerage sector.”

    Aleobua commented that NCRIB’s decision to join forces with IMT 4.0 is a statement of intent that signals to the industry that brokers are ready to lead from the front in driving the integration of technology, creativity, and consumer trust into the very fabric of Nigerian insurance.

    This partnership will ensure the broker’s voice is amplified in conversations that matter.

    NCRIB joining other critical stakeholders in the Nigerian insurance landscape, including NAICOM and CIIN, as institutional partners is pivotal step in building a truly multi-stakeholder platform for the industry, through Insurance Meets Tech, he stressed.

  • NCRIB slams N106m fine on erring members

    NCRIB slams N106m fine on erring members

    The Nigerian Council of Registered Insurance Brokers (NCRIB), said some erring members of the Council have been fined between N13 million and N106 million for infractions.

    Its President and Chairman Governing Board, Prince Babatunde Oguntade, hence therefore advised other members to be professional and follow the ethics of the profession in the discharge of their duties.

    He also urged members to uphold professionalism and ethics in the discharge of their duties else they will be thrown out of business.

    Oguntade spoke in Abuja at the Investiture and Gala Night Ceremony of the 13th Area Committee Chairman in Abuja.

    He said: “We expect you to please attend the training, read the guidelines, and please follow them to avoid sanctions or fines that may throw you out of business.

    “A few brokers have received some minor fines, ranging from N13 million to N106 million. They must pay if they want to remain in business. If they don’t pay, they will just close the shop. If you don’t want that to be your portion, it’s not about praying that this may not be your portion. If you are not diligent, of course that should be what will happen.”

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    He further admonished the members to ensure proper profiling of their clients before transaction, adding that law enforcement agents are on their watch.

    “The era of jumping into accounts midway is over. You are supposed to profile your clients critically because the Nigerian Financial Intelligence Unit (NFIU) is watching you. They see the insurance broker as the weakest link in the financial sector, which obviously is due to the way some of us parade themselves.

    “I have said at events, and I repeated yesterday, and I will make bold to say here, that please do not be caught, even if you are my friend. Even if we are born of the same mother, you will not be spared, professional integrity is the watchword,” he said.

    Oguntade admonished the Abuja Committee Chairman to take the bull by the horn and ensure all bottlenecks and issues in the council are resolved.

    He said: “Recently, we have had a series of demands on the broker profession. We cannot afford to lag behind. We have to continue to prove our mettle. And it is your duty as your leaders to lead the way, encourage them.”

    Also speaking, the 13th Area Committee Chairman, Abuja Area Committee, Ojo Richard pledged to encourage members of the council to live up to the trust that has been imposed on them by their clients.

    He said: “As an insurance practitioner, the major thing that our industry thrives on is trust. So the only thing I’m going to do in  the next few years is just for me to encourage my members to ensure that the trust that has been reposed in them by their teaming customers and more importantly by their clients is that they live up to it.

    “I assure you that our insurance brokers will continue to operate with the best of integrity and the trust of their teaming clients and customers at all times.”

  • NCRIB urged to adopt standard manual

    NCRIB urged to adopt standard manual

    Nigerian Council of Registered Insurance Brokers (NCRIB) should adopt a Standard Operating Manual (SOM) to enhance their efficiency, ensure compliance and reduce risks, a former Director Inspectorate Department, National Insurance Commission (NAICOM) Leonard Akah, has said.

    In a paper themed, ‘Code of ethics and operational standard in insurance broking firms: The regulators’ expectations ‘ he delivered at the Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB-LAC) meeting in Lagos, Akah stated that the SOM would boost training and foster growth in the industry.

    He stressed that the manual would ensure that brokers operate in a professional, efficient and compliant manner, providing high-quality services to their clients.

    He said: “It also defines the roles of key personnel within the brokerage, including their duties and reporting structures. Other importance of SOM are clients management; clients account policy; Know Your Customer compliance procedures; sales and policy management; compliance and regulatory requirements amongst others

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    “Brokers need SOM for compliance with Insurance Act; consistency; enhancement of operational efficiency by outlining clear procedures for operations; supporting consumers protection, reducing misunderstanding and disputes; and supporting business continuity, among others.”

    Chairman of NCRIB-LAC, Oluremi Oduwole stated that their choice of the theme  was timely, when many of their members were still smarting from the challenges of complying with the statutory requirement by the National Insurance Commission.

    “I must appreciate the usual intervention of the leadership of our Council, under the leadership of the President, Prince Babatunde Oguntade, in ensuring compliance by members. This effort we believe must be complemented and timeously too by our Area Committee, which hosts the largest number of practitioners of the Council.

    “In specific terms, during this meeting, members would be adequately enlightened and further educated on the compliance directive to ensure full compliance. It is my hope that everyone would take maximum advantage of this knowledge impartation session as we have it on good record that some members had to pay between N750,000 and N1 million for the training when it was broached by the Commission. But the exercise is free,” he noted.

  • NCRIB, Lasaco Assurance partner on better service

    NCRIB, Lasaco Assurance partner on better service

    Lasaco Assurance Plc has met with the Nigerian Council of Registered Insurance Brokers (NCRIB) to deliberate on how best to collaborate with brokers to serve her customers better.

    The insurance giant hosted the NCRIB President, Babatunde Oguntade, and his executive committee members during a visit.

    Managing Director, Lasaco Assurance, Razzaq Abiodun, expressed the hope that  continuous collaboration would be of much benefit to its customers.

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    Abiodun said though the economic situation posed a big challenge for insurance, he challenged insurance providers to come up with strategies on how they could survive.

    He advised practitioners to  evolve ways of protecting the interests of their customers by seeking improved productivity and customer satisfaction through collaboration and exchange of ideas that could enable them operate optimally and give consumers the needed satisfaction.

    Oguntade said his organisation chose Lasaco Assurance because of the company’s commitment to customer satisfaction and support for the council.

    CEO/Executive Secretary of the Council, Mr. Tope Adaramola promised a stronger relationship, collaboration, and partnership for better service delivery.

  • NCRIB promotes insurance in Lagos secondary schools

    NCRIB promotes insurance in Lagos secondary schools

    By Demilade Adebesin

    The Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee has advanced plans for the promotion of insurance as a subject among secondary school students in Lagos State.

    To this end, the NCRIB rewarded outstanding students from its recently held secondary schools quiz with one year School Care Insurance Policy, laptops, text books and phones.

    The Chairman, NCRIB Lagos Area Committee, Ademola Olutusin, made this known during the NCRIB-LAC 20th Anniversary, Annual General Meeting and End of Year Lecture in Lagos.

     He stated that the council is focused on increasing insurance awareness and penetration at the grassroots, especially in secondary schools.

    He said in line with this goal, they had donated insurance books, publications, and materials to some public secondary schools, and organised inter-school contest where the winners were awarded.

    He added that students in Lagos State Government schools would soon be required to take insurance as a subject in their West African  School Certificate Examination (WASC).

    He further said there were discussions between the area committee, various secondary schools, and the state government on provisions for insurance teachers.

    He stressed that this was due to the challenge posed by the shortage of professional insurance teachers.

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    Also, Olutusin mentioned that the  state government approved the establishment of insurance clubs in state secondary schools following a request by the brokers to it.

    On the quiz for students, he said: “The insurance awareness campaign and award for outstanding students will continue on a yearly basis and shall be extended to institutions of higher learning.

    “NCRIB Lagos Area Committee partnered with Insurfeel Initiative promoters of donation of free insurance policies to outstanding students and individuals in the society. The partnership would enables deserving students enjoy free insurance protection on personal accident while in school, on vacation and anywhere within Nigeria and also provides payment of school fees to the named beneficiaries of the insured parent/ guardian in event of the following occuring: Permanent disability resulting from an accident and death – whether by accident or natural means

    “The Area Committee is committed to enhancing education and safety of students. The partnership would impact lives of students, the insurance industry and by extension the nation. It would also enable the students understand and feel the touch and benefits of insurance which remains the best tools to mitigate risks. The Area Committee has adopted quiz competitions amongst schools as a means to introduce students to Insurance early in their life”, he added.

    The Promoter Insurfeel Initiative Chuks Udo Okonta, said the partnership was part of the advocacy strategy of the initiative, stressing that it entails partnering organisations, associations and groups to adopt donation of free insurance policies to the uninsured.

    He noted that Insurfeel Initiative presently donates two unique insurance policies – School Care Cover and Uni Personal Accident Cover to individuals who have never had much experience on insurance for them to feel how insurance works.

  • NCRIB honours Braithwaite, Ogunlana

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has honoured two insurance guru the late Mr Talabi Adebayo Braithwaite and Pa Olabode Ogunlana for their contributions to the industry.

    Braithwaite was the first chartered insurer in the country and the first to become a member of Lloyds in the United Kingdom. He was also NCRIB’s pioneer President.

    Ogunlana, on the other hand, is the first indigenous Managing Director of the defunct National Insurance Corporation (NICON) whose leadership paved the way for other MDs and leaders of the industry. His leadership made NICON Insurance the breeding ground for many quality insurance professionals that the country has produced till date.

    Speaking at the event titled: “Celebrating our heroes”, NCRIB President, Mr Shola Tinubu said it was the inaugural edition of celebrating leaders who had brought insurance image to the front burner of national and international reckoning.

    He believed that the initiative would serve as a tonic for the up-coming generation by invoking in them the spirit of sacrifice and conscientious devotion to duties, bearing in mind that their efforts would never be forgotten.

    Eighty-Six-year-old Ogunlana, who is also the Chairman of Scib Insurance Brokers, urged members of the Council to serve with passion.

    He said leaders of NCRIB need to pass on the torches of knowledge and skills for the good of the industry.

    He said: “You are called upon to engage in seriously tutoring – real teaching. The benefits of such tutoring will extend beyond the trainees, their companies, the insureds, the clients and the insuring public are also joint beneficiaries. The spiraling effect of the teaching is yet another good reason. You must teach and mentor constantly as well as pass on the skills and knowledge you possess to those coming after you which is what I did.

    “Unless and until you have done this, the insurance industry will not make any meaningful impact on Nigeria socially and economically. NCRIB like all the other arms of the Industry needs more actions than mere talks, meetings and conferences. Go out there, explain to Nigerians why their lives and corporate existence need insurance. Go out and sell not only to increase your profits but to improve the welfare of Nigerians and the well-being of Nigeria.

    “Brokers are not just intermediaries with the responsibility of ensuring thorough understanding of the seemingly unintelligible policy conditions by the public; in addition they are required to promote good relationship between insurers and the insuring public. They are the essential bridge between and should facilitate seamless relations within various sectors of the industry, The National Insurance Commission (NAICOM) inclusive, to ensure effective delivery of customer satisfaction,” he added.

  • NCRIB urges govt to curb building collapse

    To combat the menace of building collapse in the country, government at all levels need to be more proactive in implementing building laws, the President, Nigeria Council of Registered Insurance Brokers (NCRIB), Mr Shola Tinubu, has said.

    He spoke in an interview with reporters in Lagos.

    He also said that they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.

    He called on the government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003.

    He further advised Nigerians to, on their own, insure their personal assets in order to mitigate their losses when and if losses like building collapse occur.

    He added that every individual should ideally live up to his responsibility of care by protecting whatever is valuable to him or her, both life and property, noting that their slogan has been,” Whatever is worth having, is worth insuring”.

    Speaking on efforts to drive insurance penetration in the insurance industry, he said the council is quite aware of the desire of the National Insurance Commission (NAICOM) to drive insurance penetration in the country, noting that it is commendable.

    “While the entire industry operators are saddled with the task to make this vision come to pass, the NCRIB would soon be redoubling its efforts by making inputs into the initiative. We like to use this opportunity to appreciate NAICOM for its favourable disposition towards growing the industry and assure that our council will continue to complement the commission in this regard.”

    He further stated that the council is committed to adding greater value to its members.

    “I am most delighted that today, it is a pride for any member to belong to the NCRIB, because of the added value members are getting from the council. Through this value addition we have been able to douse the negative views and a flurry of ill fillings that was the lot of many members about two years ago. We have given value in terms of training. We have also given value in terms of information sharing, leading to facilitation of business through public bids”, he noted.

  • Inject fresh ideas, NCRIB advises Buhari

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has advised  President Muhammadu Buhari to inject fresh ideas into the running of the economy, besides sustaining  the tempo of his positive economic policies.

    NCRIB President Shola Tinubu gave the advice during the Council’s press conference and quarterly media briefing held at its office in Lagos.

    While expressing the council’s delight that the 2019 general elections have been held, throwing up new political office holders to steer the affairs of the nation for the next four years, he said it was quite heartwarming that the polity, has given new hope of stability.

    According to him, politics and economy are inextricably woven, as one negative or positive development in one would most assuredly affect the other, and vice versa.

    He observed that the stability of Nigerian political environment is an harbinger of a stable and progressive economy.

    Tinubu said: “As actors in the financial ecosystem, the NCRIB is using this platform to advise the government to inject fresh ideas into the running of the nation’s economy while at the same time sustaining the tempo of existing positive economic policies already put in place by the government. The reflation of the economy should be anchored on enhanced promotion of local capacity to reduce over dependence on foreign goods and services, and by so doing, reduce the strain on the nation’s currency vis- a-vis other foreign currencies.

    “Government must create an improved enabling environment for business and professional growth through initiation and tenacious pursuit of laws and regulatory prescriptions that would enhance economic growth.   In specific terms, urgent attention must be paid to reducing poverty, which has as its bye product, unemployment and poor standard of living.

    “While Nigerians are awaiting government to give more teeth to implementation of Oil and Gas reforms, power sector reforms and human capital development and redouble efforts in promoting agriculture, more attraction should also be given to the state of security in the country. Since insurance thrives more when the economy thrives, it is our belief that the industry will witness desired northward trend when the economy is on a sure sound footing.”

    Speaking on building collapse, he said: “In the light of recent building collapse in Lagos and Oyo states as well as other similar disasters, the NCRIB is quite touched. It is our belief that the unfortunate incidences are actually accentuated greatly by the lax of regulatory enforcement in the construction environment.

    “To combat this, government needs to be more proactive in implementing building laws. Also, they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise. While the council commiserates with the victims of the building collapse, we like to use this opportunity again to call on government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003”, he added.