Yar’Adua approves two new Deputy Commissioners for NAICOM

President Umaru Yar’Adua has approved the appointment of two new deputy commissioners for the insurance industry regulator, National Insurance Commission (NAICOM).

The new appointees are Alhaji Ibrahim Hassan from Bauchi State as Deputy Commissioner (Technical Operations) and Mr. George Onekhena from Edo State as Deputy Commissioner (Finance and Administration).

The Honourable Minister of State for Finance, Mr. Remi Babalola, who confirmed the appointment at the weekend in Abuja on his return from the Sallah break, said the presidential approval was in line with Section 11 of the NAICOM Act of 2007.

NAICOM Act of 2007 provides that candidates for appointment to the position of Deputy Commissioner (Technical Operations) must have a recognised professional qualification in Insurance while the Deputy Commissioner (Finance & Administration) must possess a recognised professional qualification in Finance, Accounting and Administration.

In addition, both officers must have a minimum of twelve years cognate experience in Insurance and Finance Management and Administration respectively, of which seven years must be at senior management level.

The minister disclosed that the newly appointed deputy commissioners possessed peculiar qualities that would ensure the utilisation of the instrumentality of the insurance market in achieving the economic vision of the present Administration.

He said, “The deputy commissioners have the zeal, energy, exemplary and impeccable character coupled with high professionalism required for the huge challenges of developing the insurance market.”

He recalled that the insurance industry had suffered from periods of poor regulation that resulted in the loss of confidence in the sector.