Category: ciin-editorials

In fulfillment of its commitment to enhancing the profitability and productivity of
insurance practitioners, the Chartered Insurance Institute of Nigeria (CIIN) tailored its
2021 Business Outlook seminar on how key stakeholders in the underwriting business
could maximize the opportunities inherent in government policies.
 
President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) Sir.
Muftau Oyegunle, at the event which held virtually, said the theme of the 2021 edition of
the Business Outlook, “The 2021 Budget: Effects on the Economy & Insurance
Industry”, was significant considering the fact that the outbreak of the Covid-19
Pandemic had completed disrupted the business landscape and life in general.
 
Oyegunle pointed out that Nigeria has continued to record a fragile growth with
significant revenue challenges which were further worsened by insecurity and the
devastating effect of the Covid-19 pandemic. “This has resulted in increased borrowing
and higher deficit than budgeted. The biggest challenge in 2021 would be how to
restore confidence in the economy and attract private sector investments which would
boost local production for inclusive and sustained economic development.  It is our hope
that this year will bring better results for us all,” he said. He expressed deep
appreciation to the Commissioner for Insurance, Sunday Thomas, for his passionate
and continuous support towards the Institute’s programmes.
 
Commissioner for Insurance, Mr. Sunday Thomas, who spoke on leveraging on
government policies to deepen insurance penetration in Nigeria stated that the
commission would be doubling its effort to increase insurance penetration nationwide in
order for the sector to contribute more to the nation’s GDP. He pointed out that the
challenges facing the industry were enormous and that the outbreak of the Covid-19
Pandemic had done nothing to alleviate matters. Thomas urged operators not to lose
focus as they ride the tide.

The event also featured the MD/CEO of FIITC, Mrs. Chizor Malize, who was the theme
speaker of the event. The CIIN Business outlook is an annual program put together by
the Institute to review the National budget for the year in view and the policy thrusts of
the government to establish points of progress and concern for the insurance industry.

The College of Insurance and Financial Management (CIFM) has commissioned its
1500 seating capacity multipurpose auditorium located in the College Premises along
Lagos/Ibadan Expressway, Asese, Ogun State. The auditorium named NAICOM Hall
was commissioned by the Commissioner for Insurance Mr. Sunday Thomas in an event
witnessed by a host of notable industry stakeholders.
 
 
In his opening address, an elated President of the Chartered Insurance Institute of
Nigeria, Sir Muftau Oyegunle, appreciated NAICOM for its support towards the
completion of the college auditorium. Oyegunle commended the commissioner for
insurance for his unrelenting passion to promote insurance education and grow the
industry. He also expressed gratitude to all stakeholders for supporting the College and
showered encomiums on the Rector of the College of Financial Management and
Insurance, Dr. (Mrs.) Yeside Oyetayo for her dedication to the completion of the project.
 
“We must acknowledge the unwavering dedication of the rector, Dr. Oyetayo who
ensured that the project is successfully completed in record time. This project is not just
the outcome of our financial commitment but also the passion with which the rector
continues to drive the CIFM vision.”
 
                          
The Commissioner for Insurance Mr. Sunday Thomas noted that commissioning of the
College’s Auditorium was the outcome of a carefully thought-out need of the college by
CIIN. He maintained in his address that The auditorium would perform so many
functions that promote insurance education and awareness for the insurance industry.
 
“The completion of this 1,500-seating capacity multipurpose auditorium will undoubtedly
be a value-addition not only to the college but the entire insurance sector. This edifice
will facilitate mass quality training of insurance professionals/agents and as well provide
adequate facilities for conducting the CIIN professional examinations. The commission
is thus elated at its completion and the expected service it will deliver to the industry and
the public. It is my firm belief that you will put this infrastructure to good use for the
benefit of all stakeholders.”
 
Mr. Thomas, at the event, equally solicited the assistance of insurance’ operators and
stakeholders for the completion of the Institute’s office building at Victoria Island. He
said the CIIN’s office building whose foundation was laid over 30 years ago was due for
completion. According to him, the same commitment that delivered CIFM with its
infrastructure can ensure the Institute can have a befitting home that will be the pride of
professionals.
The Rector of the College of Insurance and Financial Management, Dr. Yeside Oyetayo
assured industry stakeholders that the facility would be put to judicious use.  She lauded
the Institute, NAICOM, Governing Council of the college, and other stakeholders for
their contributions to building the auditorium.
 

The well-attended event had a lot of industry stakeholders in attendance. Present were
Prof. Musa Balarabe who represented NAICOM board chairman Chief Emmanuel
Nwosu, NAICOM board members, Otunba Akinneraiye, Mrs. Abimbola Tiamiyu,
Chairman Governing Board CIFM, Mr. Edwin Igbiti, Immediate Past President CIIN, Mr.
Eddie Efekoha, Mr. Segun Balogun, Mr. Rotimi Edu, Deputy President NCRIB, Council
members of the Institute amongst others.