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NAICOM Inaugurates 15-Man Insurance Industry Committee On AfCFTA

The National Insurance Commission (NAICOM) today in Abuja inaugurated a fifteen-man Insurance industry committee on African Continental Free Trade Area (AfCFTA).

Members of the committee are drawn from the Professional Reinsurers Association of Nigeria (PRAN); Nigerian Insurers Association of Nigeria (NIA); Nigerian Council of Registered Insurance Brokers (NCRIB); Institute of Loss Adjusters of Nigeria (ILAN) and NAICOM.

The Chairman of the Committee is Mrs. Ekeoma Esther Ezeibe (NCRIB) while Mr. Lanre Ojuola (NIA) will serve as Secretary.

Others who are to serve as members include Mr. Tunde Hassan-Odukale (NIA); Mrs. Funmi Omo (NIA); Mrs. Yetunde Ilori (NIA); Mr. Shola Ajibade (PRAN); Mr. Sina Elusakin (NCRIB); Mr. Eric Omozejele (NCRIB) and Mrs. Bimbo Onakomaiya (NCRIB).

Mr. Bola Temowo (ILAN); Pst. Ikechukwu Udobi (ILAN); Chief Lebi Omoboyowa (ILAN); Mr. Usman Jankara (NAICOM); Mr. Taiwo Adeoye (NAICOM) and Mr. Ahmed Metteden (NAICOM) are also members of the
committee.

The Committee which is to coordinate the Nigerian insurance industry’s strategic response to the African Continental Free Trade Area (AfCFTA) as well as to liaise with relevant agencies of government and other
bodies on the implementation of the AfCFTA agreement in the Nigerian insurance industry has the following as terms of reference: coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation; develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA; Develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA; engage and/or liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body.

The Terms of reference also include to lead bilateral negotiations with any interested State Party regarding the Nigerian insurance sector; regularly consult with relevant stakeholders to ensure that
positions or views canvassed are reflective of the interest of the Nigerian insurance industry; Attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA; Submit regular updates/reports regarding developments on AfCFTA and activities of the Committee to NAICOM as well as to carry out such other relevant activity(s) that the Committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation.

Speaking at the inauguration, the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, said the Commission has already informed the National Action Committee on AfCFTA of the constitution of the committee including the membership and terms of reference of the Committee.

‘’We have also enjoined the National Action Committee on AfCFTA to collaborate with the Committee on matters relating to the implementation of the AfCFTA Agreement in order to ensure that it is done in the overall interest of the Nigerian insurance industry.’’ Thomas said.

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