NIA Generates Over N1.5 Billion From Tax Refunds, Members Contributions

L-R: Controller, InfoTech, Research & Statistics, Nigerian Insurers’ Association (NIA), Mrs Bola Omole; Director General, NIA, Mrs. Yetunde Ilori, and Chairman, NIA, Eddie Efekoha at the event.

By LOVETH AZODO, Lagos

Nigeria Insurance Association (NIA) has secured a tax refund of over N1 Billion in the year, 2017.

Also, members of the association, comprising of all the operating insurance in Nigeria made a total contributions of over N500 million within the period under review.

The outgoing Chairman of the association, Eddie Efekoha, disclosed the figures while making a valedictory press briefing during which he gave account of his stewardship within his two years tenure.

He said the fund realised from tax refunds and contributions from members amounting to N1.5 billion is being ploughed into the construction of NIA Towers.

According to Efekoha, construction has commenced for the seven storey new secretariat building and it will cost the association a total of N1.5billion to complete in the next two years.

“We are delighted that the building construction has taken off. We will continue to work hard to make sure the building is completed in the next two years. I thank members for their support morally and financially in making the building realizable.”

On how the fund was realized he said the association got a tax refund of N1billion in 2017 and N500milloon was contributed by all member companies

Eddie pointed out that the two years of his leadership with the theme “Sustainable “Market Development Through Stakeholders engagement.” have been very productive and four critical areas in line with the theme was significantly addressed.

According to him, the theme was strategically chosen to address the observed information gap that exists between the insurance profession/industry and the insuring public/other stakeholders.

Speaking on achievements Eddie said: “In the last two years we have been able to engaged stakeholders constructively. We have productive relationships with the regulator, the National Insurance Commission and I will continue to appreciate the commissioner for insurance for his support in the past two years and for making my tenure more productive.

“We engaged the Commission in the area of corporate governance issues and policy issues as it affect the industry.

“We also engaged the National Assembly as regard some bills being proposed by some members of the house. We were able to engaged them by educating them on how the insurance industry works.”

He said his tenure was able to engaged the Federal ministry of finance and Federal Inland Revenue Sevices (FIRS) to see how the tax regulation details can be worked out.

“We have equally reached some level of understanding with the leadership of FIRS to reduce the friction between them and some of our members.

“Our target is to seek amendment of the necessary tax laws to avoid multiple taxation which affects what accrues to our stakeholders. We need to tackle it to enable us to make profit and remain in business,” he stated.

On insurance rebranding project he assured interested stakeholders that the association is committed to the rebranding project, which he said the industry hope to use to reposition the industry.

He said: “We are on course. Most member companies are still contributing towards the rebranding project. NAICOM has already paid its own portion. The rebranding has commenced and am optimistic that this is just the beginning for the Industry.”

The NIA chairman also said the body under his tenure engaged the services of KPMG to develop a 10-year agenda for rapid and sustainable development of the insurance industry in Nigeria in harmony with the various segments of the market.

He applauded members of the association,media and other stakeholders for the supports given to his administration.