The Commissioner for Insurance & CEO NAICOM, Mr. Olusegun Ayo Omosehin
The Nigerian insurance industry witnessed a defining moment in leadership and gender inclusion as the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, delivered an inspiring address at the investiture of Mrs. Ekeoma Esther Ezeibe as the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB).
The colorful ceremony, held at the Landmark Centre, Victoria Island, Lagos, drew the crème de la crème of Nigeria’s insurance and financial sectors, including top regulators, brokers, underwriters, and industry stakeholders who gathered to celebrate Mrs. Ezeibe’s ascension as the third female president in the Council’s 63-year history.
Omosehin’s message was both celebratory and directional — a call for renewed professionalism, digital transformation, and inclusive growth that will define the next phase of Nigeria’s insurance evolution.
“Today, we celebrate not just a new chapter for the NCRIB but the remarkable journey of a woman whose career embodies excellence, resilience, and visionary leadership,” the Commissioner said.
Appreciation for Outgoing President and Salute to Broking Excellence
Mr. Omosehin began his address with deep appreciation to the immediate past NCRIB President, Prince Babatunde Oguntade, whose tenure, he said, was marked by “integrity, foresight, and unwavering commitment to advancing the standards of the broking profession.”
He extended gratitude to all registered brokers across the country for their enduring professionalism, noting that their commitment to ethical conduct and client-centric service remains the foundation of the industry’s success.
“To every broker who continues to uphold the core values of professionalism, integrity, and client service — I thank you. Your dedication sustains the credibility of our market,” he noted.
Celebrating a Trailblazer: Ekeoma Ezeibe’s Strategic Leadership
The Commissioner hailed Mrs. Ezeibe’s rise as a beacon of inclusion and transformation, describing her as a leader whose strategic depth and innovative mindset have already left a mark on the insurance ecosystem.
As Chairperson of the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA), Mrs. Ezeibe played a key role in positioning the Nigerian insurance sector to leverage opportunities under the African Continental Free Trade Area (AfCFTA) through policy advocacy, capacity building, and awareness campaigns.
“Her emergence as NCRIB President is not only a symbol of progress but a testament to her strategic impact in advancing the industry’s continental agenda,” Omosehin emphasized.
Leadership Imperatives for the Future
Mr. Omosehin used the occasion to outline critical leadership imperatives that, in his view, must define the next phase of the NCRIB’s journey and the broader insurance landscape:
- Education: Strengthening the knowledge base of practitioners through professional development and stakeholder enlightenment.
- Ethics: Upholding transparency, honesty, and integrity as the cornerstone of every insurance transaction.
- Public Confidence: Building trust through consistency, accountability, and fairness in service delivery.
He stressed that the insurance industry thrives on trust, noting that “in insurance, perception and performance are inseparable — trust grows only when our actions meet stakeholder expectations.”
The Changing Risk Landscape: The Broker’s Role in a New Era
In a world of emerging risks — from cyber threats to climate change — brokers must evolve to meet clients’ changing needs, the Commissioner observed.
He called for a shift from product-driven sales to client-first advisory services, emphasizing that brokers must ensure clarity in policy wordings, adopt data-driven approaches to claims handling, and promote affordable microinsurance products for the informal and low-income sectors.
“The reputation of our market is inseparable from the reputation of its brokers,” Omosehin warned. “Professionalization through training, peer review, and ethical accountability will determine how far we go.”
NAICOM’s Regulatory Agenda: Trust, Technology, and Transformation
Reiterating the National Insurance Commission (NAICOM)’s priorities, Omosehin reaffirmed the regulator’s commitment to fostering innovation, protecting policyholders, and building public trust through effective supervision and collaboration with industry bodies like the NCRIB.
He highlighted five focus areas shaping NAICOM’s future engagement with brokers and operators:
- Risk-Based Supervision: Aligning financial requirements with business realities.
- Market Conduct Oversight: Ensuring transparency, fairness, and suitability in all broker-client engagements.
- Data and Reporting: Enhancing placement quality and performance measurement.
- Technology Enablement: Supporting digital Know Your Customer (KYC) systems, API-enabled transactions, and seamless claims platforms.
- Inclusive Insurance Models: Expanding access through broker-led microinsurance and takaful solutions.
Omosehin further reaffirmed NAICOM’s guiding principle:
“Deliver only what you can support, and support everything you deliver. Clear promises and prompt service build trust — and trust drives penetration.”
He called on the NCRIB to work closely with the Commission in implementing the Nigeria Insurance Industry Regulatory Architecture (NIIRA) 2025, which seeks to harmonize the roles and responsibilities of all stakeholders in the sector.
A Charge to Lead with Vision, Courage, and Empathy
Concluding his remarks, Mr. Omosehin charged Mrs. Ezeibe to lead with the qualities that define great reformers — professionalism, innovation, inclusion, and trust.
“Let your tenure be defined by bold decisions, ethical leadership, and transformative impact. The future of our industry depends on visionary leaders like you,” he declared.
The event concluded amid thunderous applause, with industry leaders expressing optimism that Mrs. Ezeibe’s presidency, in partnership with NAICOM’s regulatory drive, would usher in a new era of trust, inclusivity, and digital transformation for Nigeria’s insurance ecosystem.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has charged NCRIB’s new President, Mrs. Ekeoma Ezeibe, to lead Nigeria’s insurance brokers with integrity, innovation, and inclusion. Speaking at her investiture in Lagos, Omosehin reaffirmed NAICOM’s commitment to trust, technology, and market transformation under the NIIRA 2025 framework.
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