Industry Chieftains Praise Ex-commissioner
Ebere Nwoji
Insurance industry chieftains have lauded the achievements of the immediate past Commissioner for Insurance, Mr. Fola Daniel, saying he positively changed the public perception of Nigerian insurance industry and its players.
The insurance industry chieftains who eulogised the former commissioner at a farewell dinner organised on his honour by Continental Reinsurance Plc, said Daniel was a role model and a colleague who understands Nigerian insurance industry terrain better.
Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji said the insurance sector experienced remarkable growth under the leadership of the former Commissioner
“We have come to celebrate with a friend, who has developed the insurance sector and made the industry proud when he was the commissioner,” he said.
The Group Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa presented a gift on behalf of Continental Re, Cornerstone and Niger Insurance to Daniel.
Guest Speaker at the event, Prof. Joe Irukwu described Daniel as a descent and humane Nigerian citizen who understands the system and its values, as well as a team player who related well with his colleagues.
Irukwu, who said he had been actively involved in the Nigerian insurance industry for over 50 years said the sector witnessed both development and growth challenges.
“Before Daniel became commissioner, the industry was going through instability and disunity in the sense that things had deteriorated to the point that minor disagreements led to protracted litigations in the court between the regulated and regulator but these litigations were amicably resolved soon after he became commissioner,” he said.
According to him, the maturity, wisdom and sound judgment that Daniel and his team brought into the regulatory system contributed immensely to the public perception of the business of insurance in Nigeria.
“He made a positive impact in the overall result of the insurance industry during his two tenures adding that he is leaving the industry a lot better than it was when he became commissioner.
Deputy Commissioner (Finance & Administration), National Insurance Commission, Mr. George Onekhena said his ex boss gained international recognition for the sector which had been drawing international investors into the local insurance market. According to him, Daniel was able to facilitate the signing of a memorandum of understanding between NAICOM and the National Association of Insurance Commissioners in United States of America which has provided a lot of opportunities that would also increase benefit to both insurance and entire business environment. Chairman, Cornerstone Insurance Plc, Mr. Adedotun Suleiman said the former commissioner brought sanity and growth to the sector which had made the industry stronger and disciplined.
According to him, the enforcement of No premium no cover law by him solved problem of premium collection for the industry.
“He is a strong supporter of innovations, he supported our ideas and product innovations,” Suleiman said.
The Association of Investment Advisers and Portfolio Managers (IAPM), on Monday stressed the need for the Nigerian government to intensify efforts aimed at diversifying the economy for a sustainable growth.
IAPM, formerly known as Association of Pension Funds and Investment Managers, was formed in 1981 by corporate bodies including portfolio/asset managers, trust corporation, pension fund managers, banks, insurance organisations among other related organisations. The aim of the association is to promote professionalism in the practice and administration of investment management advisory in Nigeria.
Speaking in Lagos ahead of its Members Forum, which is slated to hold in Lagos on