By Favour Nnabugwu

The National Insurance Commission (NAICOM) has said it is determined to fund Nigerian universities with sellable programmes as it presently partners six varsities from the geo-political zones. NAICOM has also sponsored two PhD undergraduates  to study Risk Management and Insurance in  Utara University, Malaysia.  Section 19c of

NAICOM Act 1997 stipulates that the regulatory body must spend a portion of its resources to empower educational institution offering insurance in the country.

For instance, the Commission spent N93 million to set up a digital centre for Ahmadu Bello University, Zaria while five other varsities are currently receiving funding including the Lagos State University, LASU. Commissioner for Insurance, Mr. Fola Daniel, confirmed in Benin, Edo State, that one of the responsibilities of the Commission is to empower educational institutions in the country that are offering insurance.

He said the gesture is also to fulfill government’s quest to deepen insurance penetration, acceptance and awareness in Nigeria. The Commissioner admitted that the Insurance Faculty at the ABU is one of the oldest faculties that has churned out many graduates that are now employees of NAICOM. He said the aim of the Commission was not only to provide infrastructure but also an enabling environment for pursuance of academic excellence in insurance.

Daniel assures that NAICOM has the resources, willingness and support of its Governing Board to continue to fund the worthy projects of tertiary institutions as the Commission’s decision to collaborate with ABU is tandem with President Goodluck Jonathan’s vision to boost financial literacy. He explained that the Commission will continue to provide a platform for better academic environment for the insurance students in tertiary institutions.

According to him, “It is a fulfillment of our constitutional provision and also in line with the support of the President’s transformation agenda. We are not done with ABU; we are ready to appropriate more money in 2015 to any other project that is being executed by the ABU. I want to assure you that we are going to give the institution the maximum cooperation that it needs.