NCRIB President Calls for Greater Collaboration to Elevate Insurance Awareness and Industry Growth in Nigeria”

At the press conference held on January 16, 2025, in Lagos, Prince Babatunde Adeleke Oguntade, FIIN, FCIB, the 22nd President and Chairman Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), delivered a speech that served as both a reflection on the council’s achievements and a call to action for industry stakeholders and journalists.

Oguntade, who has led the council under the guiding principle of “Breaking New Grounds, Sustaining Legacies,” recounted how strategic initiatives and stakeholder engagements have propelled the insurance industry forward over the past year. Among these were visits to key government officials and influential leaders such as the Honorable Minister of Finance, Mr. Wale Edun, and the Ooni of Ife, Oba Enitan Adewusi. These engagements aimed to foster trust, strengthen relationships, and open new opportunities for insurance brokers.

A landmark moment under his leadership was the foundation-laying ceremony of the NCRIB Annex, the Olola Olabode Ogunlana House, a five-floor project designed to bolster the council’s operations and create additional revenue streams. Oguntade emphasized the importance of such initiatives in building a sustainable future for the council and its members.

Reflecting on the state of Nigeria’s insurance industry, Oguntade highlighted the low penetration rate despite a population exceeding 200 million. He attributed this to a lack of awareness and called on journalists to use their platforms to educate the public about the critical role insurance plays in mitigating risks and driving economic growth.

“Our collaboration with housing developers and government agencies to create affordable insurance products has received considerable boosts,” Oguntade noted, referencing the council’s participation in the 18th Africa International Housing Fair and other seminars. He also celebrated the commitment of the Nigeria Film and Video Censors Board to integrating insurance into the creative industry.

Looking ahead, Oguntade expressed optimism about the anticipated passage of the Insurance Bill, which promises to create a more conducive business environment for the industry. He urged stakeholders to ensure that the government’s infrastructure projects are adequately insured, stressing the role of insurance in securing investments and mitigating risks.

Oguntade’s tenure has been marked by strategic collaborations, innovative projects, and relentless advocacy for the growth of the insurance sector. His speech was a reminder of the collective responsibility to elevate the industry and a rallying call for stakeholders to intensify efforts in building a more inclusive and impactful insurance landscape.

“Together, we can ensure that insurance becomes a household name in Nigeria, empowering individuals and businesses to navigate uncertainties with confidence,” Oguntade concluded, reaffirming his commitment to the council’s mission.