• Sunday, March 03, 2024
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Firms join to celebrate Fola Daniel’s contribution to insurance industry


Fola Daniel, who was insurance commissioner between 2007 and 2015 before his tenure ended last month, has been described as a true leader who brought unity and development in the nation’s insurance industry, and coming at a time when the industry was highly distorted.

Continental Re, Nigeria Insurance and Cornerstone Insurance during a well attended Dinner weekend expressed their appreciation for Daniel’s leadership, which they said changed the face of insurance. Femi Oyetunji, group managing director, Continental Reinsurance plc said in the opening remark that the insurance sector experienced remarkable growth under the leadership of former Commissioner for Insurance, Fola Daniel..

“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.

Ganiyu Musa, group managing director, Cornerstone Insurance Plc, presented a gift on behalf of Continental Re, Cornerstone and Niger Insurance to Daniel.

Guest Speaker at the event, Joe Irukwu, a professor and incon of the industry described Daniel as a descent and humble 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 developments and growth.

“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 because he is leaving the industry a lot better than it was when he became commissioner,” he said.

Deputy Commissioner (Finance & Administration), National Insurance Commission, 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, 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 problems of premium payment.

“He is a strong supporter of innovations, he supported our ideas and product innovations,” Suleiman said.

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