Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association (NIA) says our target is to seek amendment of the necessary tax laws to avoid multiple taxation which affects what accrues to our stakeholders.
Chairman made the statement during the interactive session with the press on Friday in Lagos
On the issue of multiple taxation of the insurance industry, Efekoha said: “We are trying to intervene on behalf of our members that have one or two issues with the Federal Inland Revenue Service (FIRS) to avoid disruption of their day-to-day operations. We have equally reached some level of understanding with the leadership of FIRS to reduce the friction between them and some of our members.”
Going forward, the NIA chairman added: “We need to tackle it to enable us to make profit and remain in business. We are also working with the firm of KPMG on the taxation issue.”
The NIA chairman also said the body has engaged the services of KPMG to develop a 10-year agenda forrapid and sustainable development of the insurance industry in Nigeria in harmony with the various segments of the market.
He disclosed that the Association has raised over N500 million as initial funding towards the construction of the 7-storey NIA Tower, a new secretariat building for the body.
Efekoha said the Association is sourcing funding for the building project through compulsory levy on member companies and soft loans to ensure immediate commencement of the project which is expected to be completed in a period of two years.
NIA Boss assured interested stakeholders that the insurance rebranding project will take off very soon.
“We are on course. Member companies are still contributing towards the rebranding project. The National Insurance Commission (NAICOM) has already paid its own portion. We are ready for the rebranding project. Very soon, we shall commence the process.
