By Favour Nnabugwu
Federal Government has assured the National Insurance Commission (NAICOM) of its support in executing its mandate on existing and prospective operators in the insurance industry.
The Minister of Finance, Zainab Shamsuna Ahmed, said the Federal Government will strengthen the Commission to purge the sector of weak operators.
Ahmed gave the assurance in Abuja when she received in audience the Governing Board of NAICOM led by the Chairman, Chief Emmanuel Jideoffor Nwosu, in Abuja.
Addressing the board, she said, “Government will reengineer the insurance industry with a view to support NAICOM as regulators to get the best out of existing and prospective operators in the insurance sub-sector. Mr President had directed that the financial insurance sub-sector find their rightful place in the Finance sector.”
Speaking to the choice of the members for the board position, Ahmed stated: “The President had a choice of 180 million Nigerians to choose from and he settled for you. To have chosen you, proves the confidence he has in you, which should not be taken lightly.
“ I wish to reiterate the support of the Federal Ministry of Finance and the Federal Government in carrying out your duties,” she added.
Members of the Governing Board comprises the Commissioner for Insurance, Mohammed Kari; the Deputy Commissioner Technical, Sunday Thomas; the Deputy Commissioner, Finance and Administration, George Oneknena; Prof. Musa Balarabe from the North-West; Awwal Hamza from the North-East; and Otunba Akinniranye from the South-West.
Other members on the board are representatives of the Federal Ministry of Finance; Ministry of Trade and Investment; Central Bank of Nigeria and Chartered Insurance Institute of Nigeria.