NCRIB enjoins politicians against overheating polity

August 22nd, 2018

From Edet Udoh, Lagos

The President, Nigerian Council of Registered Insurance Brokers (NCRIB), Shola Tinubu, has enjoined politicians not to overheat the polity in view of its negative effect on the socio-economic development of the nation.

Tinubu who made the NCRIB’s stance known at the 3rd quarterly NCRIB press briefing in Lagos, charged politicians to make the welfare of the people and progress of the nation their priority.

He said the nation needs political stability and a conducive environment for investment and business to grow even as he charged the government to make insurance a priority.

According to him, “As we are all aware, the country’s political process is gathering momentum towards the 2019 General elections, though as a professional body, we must stay above party politics but are duty bound to positively impact on our political environment as it must not elude us that economy and politics are inextricably woven.

“The Council would like to use this medium to enjoin politicians to endeavour not to overheat the polity in view of the potential negative effects of such actions on the socio-economic development of the nation. There is no better catalyst for investment in any economy than stability of the polity. Therefore, enjoined our politicians to make the welfare and progress of the nation and its people their primary agenda and the focus of their noted actions”.

On Federal Government’s rent to own houses, where it recently announced that N197 billion has been spent on the construction of 26,002 houses and 13,953 homes across the country renovated, NCRIB President enjoined the government to ensure insurance is given its rightful place in this laudable project citing relevant laws to support it.

“The Council wishes to enjoin the Federal Government, to ensure that in embarking on this laudable feat, insurance should be given its rightful place. Section 64 & 65 of Insurance Act 2003 stipulates a Compulsory Insurance for ongoing construction projects. It therefore behooves the Federal Government to insist that appropriate insurance policies be in place for these houses at the construction stage, and for the win-win benefits the project holds for government, the allottees and their families.”

On the recently unveiled tier-based minimum solvency capital requirement for insurance industry, where firms will be classified into first, second and third according to their solvency margin, he enjoined the companies that while contemplating on various options to meet the requirements should “focus on how to grow the insurance industry as well as how to make insurance an imperative,” he added.

He hinted that the Council in respect of the latest industry development, has set relevant Committees in motion to see the extent to which this new policy thrust would affect it members.

He said as the industry evolves, insurance brokers will continue to “guide clients to the best affordable security,” adding that “The NCRIB will support her members through these emerging challenges.”

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