The IoD Centre for Corporate Governance (IoDCCG) and the National Insurance Commission (NAICOM) have agreed on the need for corporate governance in building strong institutions for the benefit of stakeholders.
Urum Kalu Eke, chairman of IoDCCG a courtesy call to NAICOM at its headquarters in Abuja said the visit marked a great moment for fostering collaboration and advancing Corporate Governance practices in Nigeria, with a special focus on the insurance sector.
Eke proposed the implementation of Certification training for the leadership and Directors in the insurance sector, expressing confidence that the Certification would ensure they remain updated on current developments within the Ethical and Corporate Governance landscape.
He emphasized the importance of capacity building through training initiatives and the establishment of minimum expectations for the insurance sector leadership in order to raise the bar of governance.
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Eke requested that IoDCCG be invited at every quarterly meeting of all insurance practitioners and NAICOM for governance conversations to begin.
He charged NAICOM to enforce sanctions on regulatory offenders and entities who fail to attain the requisite Certification through dedicated capacity-building sessions. This call to action is aimed at promoting better financial reporting and Corporate Governance within the industry, while also strengthening the insurance sector to be globally competitive, even as a new capital raise for the sector has become imperative.
Olusegun Ayo Omosehin, commissioner for Insurance (CFI), warmly welcomed the IoDCCG delegation, emphasizing the longstanding partnership between NAICOM and the Centre noting the importance of continuity despite leadership change.
He underscored the Institute’s credibility as a valuable partner for discussions on Corporate Governance practices and admitted that the various issues raised at the meeting are very germane.
The CFI agreed that strong Corporate Governance is a prerequisite for proper valuation of entities seeking to raise capital and attract investors, emphasizing that the Commission is working tenaciously to standardize governance practices in the sector by partnering with organisations like the IoDCCG to create a strong Corporate Governance culture that will drive sustainability and penetration in the insurance industry.
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