By Yinka Kolawole

The National Insurance Commission (NAICOM) has harped on the urgent need to enlighten insurance directors in Nigeria on the basics of corporate governance code in furtherance of promoting the implementation of the code in the nation’s insurance industry.

To this end, NAICOM in collaboration with Excel Professional Services, Tuesday, in Lagos, held the second stream of its maiden edition of Insurance Directors’ Seminar on Corporate governance where some erudite scholars and masters of the board room were brought together to share their knowledge and experience on various topics relating to governance issues.

Commissioner for Insurance and NAICOM’s Chief Executive, Mr. Fola Daniel, in his keynote address, noted that having developed a Code of Good Corporate Governance for the insurance industry in 2009, NAICOM was aware of the need to do more to assist the operators implement the provisions of the code as a minimum standard in their governance regimes.

“To promote the implementation of the code, which is mandatory, there is an urgent need to enlighten insurance directors on the basics of corporate governance. A crucial part of this enlightenment programme is to demonstrate to them what is now widely accepted all over the world; that is, good corporate governance is good business.

“The second imperative in promoting the implementation of the code is to foster a culture of continuous education among directors of insurance companies. When such a culture takes root, insurance directors will be better equipped to handled the onerous responsibilities they shoulder in the growth and profitability of their institutions, as well as in the development of the insurance industry in Nigeria.
“The third major imperative is to create a forum for directors of insurance companies to meet regularly, interact and share experiences in an atmosphere that permits dedicated focus on governance and developmental issues of the industry. “The fourth imperative is to institute a process of reporting on the progress individual firms in the industry are making in implementing the code and to offer assistance that would permit a general rise in governance standards and the orderly growth of the industry,” Daniel stated.

The NAICOM boss asserted that the key objectives of the seminar include: enlightenment of participants on the concept, principles and basic framework of corporate governance; highlight best practices in corporate governance; examine duties and liabilities of directors under the law and; initiate a culture of continuous education among insurance directors, amongst others.

In her opening remarks, Chairman of NAICOM, Hajiya Maryam Inna Ciroma, noted that the global economic crisis has revealed that formal regulations alone can not lead to desirable robust financial systems without being complimented with self-regulation.

developed a credible Code of Corporate Governance for the sector, it has now followed that up with a programme like this designed to assist operators understand the elements of that code and appreciate what its implementation would entail,” she stated.

Facilitators listed for the seminar include: Dr. Christopher Kolade, former Nigerian High Commissioner to the UK; Mr. Gamaliel Onosode, foremost board room guru; Mr. Victor Odozi, a former CBN Deputy Governor; Dr. Konyin Ajayi, SAN and; Dr. Oladimeji Alo, Managing Director, Excel Professional Services.