By Rosemary Onuoha
President Goodluck Ebele Jonathan has renewed the tenure of Mr. Fola Daniel as Commissioner for Insurance for another term of four years beginning from August this year.
In a statement made available to Vanguard, Daniel, who is an underwriter and administrator with experience spanning over 30 years, studied Insurance in Nigeria and the United Kingdom.
He is a Fellow of the Chartered Insurance Institute, London and the Chartered Insurance Institute of Nigeria as well as the British Institute of Management. He is also a visiting lecturer and a member of the Governing Board of the West African Insurance Institute, Banjul, the Gambia as well as the Chartered Insurance Institute of Nigeria.
The statement noted that Daniel was first appointed Commissioner for Insurance in August 2007 at the peak of the crisis that engulfed the Nigerian Insurance Industry following the poor handling of the insurance industry recapitalization exercise. “It was also at a time when NAICOM was at its lowest ebb, when its technical capacity was below internationally accepted regulatory indices, with core technical staff capacity of less than 20 to a proportion of 153 poorly trained auxiliary staff.
This was further compounded with low staff morale owing to poor working condition/environment and poor remuneration. The internal schism amongst Management and Staff of the Commission culminated in the setting up of a Presidential Panel to review the Recapitalization Exercise and Management of the Commission as a whole.
“Several litigations were also instituted against the Commission by major trade arms of the Insurance Industry. Some of the suits included the NIA Recapitalization suit and the NCRIB suit to name a few.
These problems, amongst others, rendered the Commission virtually incapable of discharging its regulatory oversight. This somewhat created a regulatory vacuum, pervasive poor corporate governance and management challenges in the insurance industry. This eventually culminated in a drop in the Industry’s contribution to the nation’s GDP. However, in the last four years, all of these have been addressed to the admiration of all stakeholders,” the statement added.