By LOVETH AZODO, Lagos
Outgoing President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Adeleke Oguntade, FIIN, FCIB, on Tuesday said the Council recorded the admission of over 40 new brokers during his tenure, attributing the growth to the passage of the Nigerian Insurance Industry Reforms Act (NIIRA), which he described as a turning point for the industry.
Speaking during a media parley in Lagos, Oguntade said the NIIRA has not only strengthened the operations of brokers but also expanded their presence beyond Lagos, where most of the market was previously concentrated.
According to him, brokers now control about 70 percent of Nigeria’s insurance market, a dominance that reflects their growing influence and contribution to industry development.
Oguntade said his administration, which spanned two years, was driven by the resolve to “break new ground and sustain edifices,” adding that the period witnessed key milestones in digital transformation, visibility, and regulatory collaboration.
He expressed appreciation to members of the media for their consistent reportage of the Council’s activities and support throughout his tenure.
He described the signing of the NIIRA by President Bola Ahmed Tinubu as one of the most significant developments in the sector in recent times, noting that the Council worked closely with other industry bodies to ensure its success.
He commended his deputy, Mrs Ekeoma Ezeibe, for her vital contributions to the process and said the new law had brought renewed confidence among practitioners.
“We worked assiduously with other sister bodies to ensure that we got this. I am super excited that the law came on stream during our tenure,” he said.
Oguntade said brokers had continued to play a central role in the insurance value chain, accounting for most of the business generated within the market.
He observed that while 70 percent of the market used to be domiciled in Lagos, other regions are now beginning to show strong participation as a result of the reforms and increased industry engagement.
On the issue of data availability, Oguntade admitted that although the shortage of reliable data remains a challenge, the situation is improving due to NAICOM’s willingness to provide relevant information to brokers.
He noted that the lack of accurate data had, in the past, affected pricing flexibility, saying the five percent rate for comprehensive policies was no longer realistic and should be reviewed.
“Data is still an issue, but NAICOM is always ready to avail us with a lot of data. In the years to come, it won’t be a problem,” he said.
Highlighting his administration’s digital reforms, Oguntade said the Council successfully introduced an online certificate acquisition system that allows brokers to receive certificates embedded with QR or bar codes, which they can print independently.
He said the reform initially met resistance but has now been fully embraced. “People were forced to accept it.
The time you can do things anyhow is over. NAICOM doesn’t have to come to do inspection physically anymore,” he said.
He also credited the involvement of the police in the enforcement of third-party motor insurance for improving compliance, noting that the measure has helped instil discipline through deterrence.
He expressed satisfaction with his performance, saying there was no item he set out to achieve that was left undone.
Oguntade listed other achievements of his tenure to include capacity building for members, stronger partnerships with regulators and international bodies, and the ongoing construction of the Olola Olabode Ogunlana NCRIB Annex Building, which he said is over 70 percent completed.
He added that the period also witnessed historic collaborations, including the first-ever visit of the Chief Executive of the British Insurance Brokers’ Association (BIBA), Mr. Graeme Trudgill, to Nigeria, which positioned the Council and the industry in a positive light globally.
He commended members of the media for their professionalism and balanced reportage throughout his administration and expressed optimism that the incoming leadership would sustain the gains recorded.
“Your coverage has helped to amplify our message, increase visibility, and foster better understanding of the insurance industry among stakeholders,” he said.
“We look forward to greater collaboration with my successor in office for a stronger Council and an industry we can all be proud of”.
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