President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Shola Tinubu, has charged brokers to comply with requirements of the Financial Reporting Council, FRC, to avoid sanctions.
Addressing brokers at the members evening of the NCRIB in Lagos, Tinubu said that they must be compliant on both the financial and non financial obligations of the FRC.
He stated: “While it is quite encouraging that we now have some comfort with the FRC’s approach to issues of corporate governance and allied matters, many members are not up to date in their financial obligations to the Council through payment of their dues and also for directors who sign their accounts. It is our responsibility to advise members to be compliant on both the financial and nonfinancial obligations, in other to avoid sanctions from the FRC.”
He said that NCRIB has made input into the National Insurance Commission, NAICOM, draft guidelines for brokers, adding, “The guidelines have been worked upon by our Joint Technical and Legal Committee for the Council’s input.