NAICOM Inaugurates 15-Man Insurance Industry Committee on AfCFTA

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BY KEHINDE IBRAHIM, LAGOS

THE National Insurance Commission (NAICOM) has inaugurated a fifteen-man Insurance industry committee on African Continental FreeTrade Area (AfCFTA).

Members of the committee are drawn from the Professional Reinsurers Association of Nigeria (PRAN); Nigerian Insurers Association of Nigeria (NIA); Nigerian Council of Registered Insurance Brokers (NCRIB); Institute of Loss Adjusters of Nigeria (ILAN) and NAICOM.

The Chairman of the Committee is Mrs. Ekeoma Esther Ezeibe (NCRIB) while Mr. Lanre Ojuola (NIA) will serve as Secretary. Others who are to serve as members include Mr. Tunde Hassan-Odukale (NIA); Mrs. Funmi Omo (NIA); Mrs. Yetunde Ilori (NIA); Mr. Shola Ajibade (PRAN); Mr. Sina Elusakin (NCRIB); Mr. Eric Omozejele (NCRIB) and Mrs. Bimbo Onakomaiya (NCRIB).

Mr. Bola Temowo (ILAN); Pst. Ikechukwu Udobi (ILAN); Chief Lebi Omoboyowa (ILAN); Mr. Usman Jankara (NAICOM); Mr. Taiwo Adeoye (NAICOM) and Mr. Ahmed Metteden (NAICOM) are also members of the committee.

The Committee which is to coordinate the Nigerian insurance industry’s strategic response to the African Continental Free Trade Area (AfCFTA) as well as to liaise with relevant agencies of government and other bodies on the implementation of the AfCFTA agreement in the Nigerian insurance industry has the following as terms of reference: coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation; develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA; Develop and ensure implementation of  measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA; engage and/or liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body.

Speaking at the inauguration, the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, the setting up of the committee is part of the Commission’s efforts to effectively exploit the benefits of AfCFTA.

He said  the Commission has already informed the National Action Committee on AfCFTA of the constitution of the committee including the membership and terms of reference of the Committee.

‘’We have also enjoined the National Action Committee on AfCFTA to collaborate with the Committee on matters relating to the implementation of the AfCFTA Agreement in order to ensure that it is done in the overall interest of the Nigerian insurance industry.’’ Thomas said.