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AFCFTA: NAICOM Inaugurates 15-man Insurance Industry Committee

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By LOVETH AZODO, Lagos

The Commissioner for Insurance, Mr Sunday Thomas has inaugurated a 15-man committee on the African Intercontinental Free Trade Agreement (AFCFTA).

NAICOM Boss revealed at the inauguration that setting up the committee was sequel to the need to enhance involvement of the Nigerian insurance industry in the activities of the National Action Committee on African Continental Free Trade Area (NAC AfCFTA).

He reiterated that it was resolved at the 9th Meeting of the Insurers’ Committee held on 1st of July 2021 that each arm of the Nigerian insurance industry should nominate experienced representatives to participate on the relevant Workstream of the National Action Committee on AfCFTA (NAC-AfCFTA).

“To give effect to this resolution, the different arms of the Nigerian Insurance Industry were requested to nominate/provide representatives that would work/liaise with the NAC-AfCFTA.

According to him, despite the fact that nominations were subsequently conveyed to NAC-AfCFTA, there has been no effective engagements between NAC-AfCFTA and the representatives.

“Nonetheless, implementation of the AfCFTA agreement has gained tremendous traction,” he said.

Thomas revealed that the Commission has recently been requested by the Nigerian Office for Trade Negotiations (NOTN) to participate in several meetings including to receive/verify final Schedule of Specific Commitment, for onward transmission to the Senior Trade Officials.

Speaking on the nomination of the committee members, he said in order to avoid duplication of committees and save time, it was resolved that the earlier representatives/nominees of NIA, NCRIB and ILAN, that were forwarded to NAC-AfCFTA, be transformed into a Standing Committee of the Nigerian Insurance Industry that will deal with matters relating to AfCFTA, adding that the NIA, NCRIB and ILAN were thus consulted to reaffirm or update their nominees while NAICOM also designated some of its staff as members of the Committee.

Members of the Committee are: Mrs. Ekeoma Esther Ezeibe, the Chairman. Other members of the Committee include Mr. Tunde Hassan-Odukale, Mrs. Funmi Omo, Mrs. Yetunde Ilori, Mr. Shola Ajibade, Mr. Sina Elusakin, Mr. Eric Omozejele, Mrs. Bimbo Onakomaiya, and Mr. Bola Temowo, Pst. Ikechukwu Udobi, Chief LebiOmoboyowa, Mr. Usman Jankara, Mr. Taiwo Adeoye, Mr. Ahmed Metteden and Mr. LanreOjuola from NIA who will act as Secretary.

The NAICOM boss stated further their appointment into the Committee was in recognition of their vast experience, track record of selfless service and dedication to the cause of the Nigerian insurance industry, which the Industry believes will aid attainment of the mandate of the Committee which is to ensure beneficial implementation of the AfCFTA.

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