By LOVETH AZODO, Lagos
The President of Nigerian Council Of Registered Insurance Brokers (NCRIB), Mr. Shola Tinubu, has applauded the Federal Government’s initiative on Voluntary Assets and Income Declaration Scheme (VAIDS), advising however that the government should live up to the expected fiscal responsibility.
He noted that no nation thrives well without exploring taxation as key revenue option, but as the confidence level is enhanced among the people, tax payment compliance would no longer be seen as burden.
He spoke during the NCRIB quarterly media briefing held at Insurance Brokers House, Lagos, to give updates on reforms of the Council and developments within the insurance sector.
He said: “Permit me to use this medium to identify with this lofty idea of government on the VAIDS. We are all aware that there is no nation that could attain economic buoyancy without exploring taxation as a key revenue option of government.
“Most modern economies are buoyed on effective taxation and ours cannot be an exception. However, it would be appropriate to stress that it behoves government to live more to its fiscal responsibility when adequate compliance is received from the people and institutions.
“When the confidence level is enhanced, payment of taxes would no longer be seen as a burden but a cardinal responsibility to be discharged by the citizenry.”
On the repositioning of the Council, he said that the Executive Secretary, Fatai Adegbenro, is the Executive Head of Secretariat and the face of the Council before the general public and strategic stakeholders.
He further noted that the Executive Secretary and his team have continued to measure up to expectations in terms of speed of delivery and efficiency which has given the Council more respect in the comity of professions that does it right.
On fortification of NCRIB Committee members, Shola said: “In line with the desire of the present team to make Standing Committees of the Council the driving force for NCRIB activities, there has been a significant rejig of membership of many of the Committees for effectiveness.
“In an unprecedented move, the inauguration of all the Committees was held same day (January 12, 2018) with all members taking their oath of office, simultaneously. All the Committees were provided with their terms of reference and the Board approved schedule of meetings. They have all started working and positive results are being envisaged.
“It will be recalled that one of the cardinal focus of this administration is self regulation. This is the reason why we coined the “Self Regulation for Self Respect” slogan which will continue to be our guide. In our bid to give necessary impetus, the Council has published nuggets on compliance issues for members. We shall sustain this publication to add value to members and simplify their operations”
The NCRIB President observed that there is prevailing healthy relationship between the Council and the National Insurance Commission (NAICOM), citing the various visitations to the Commission.
He said: “We have visited the Commission twice. It will interest you that some Past President of the Council volunteered to be in attendance to ensure a very smooth relationship with the leadership of the Commission. The meetings were remarkably successful as the Commission gave assurance of support to the Council.
” We used the opportunity to raise crucial matters bordering on contemporary issues on regulation of Brokers, fines and penalties etcetera. The Commissioned expressed support and showed positive inclination to cooperate with the regime for the benefit of Brokers.
” The promise of the Commission has started manifesting in their subsequent dealings with the Council as the Commissioner and a team of top management of NAICOM have found time to attend some of our events to shed light on regulatory issues to the delight of members.”
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