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    Thursday, May 26, 2022

    FG Inaugurates Insurance Industry Committee on AfCFTA

    To ensure that the Nigerian insurance industry not only respond appropriately to developments in the larger society, the federal government Wednesday inaugurated the Nigerian Insurance Industry Committee on African Continental Free Trade Area (AfCFTA).

    In his remarks at the inauguration in Abuja the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Sunday Thomas recalled that sequel to the need to enhance involvement of the Nigerian insurance industry in the activities of the National Action Committee on African Continental Free Trade Area (NAC AfCFTA), “it was resolved at the 9th Meeting of the Insurers’ Committee held on 1st of July 2021 that each arm of the Nigerian insurance industry should nominate experienced representatives to participate on the relevant Workstream of the National Action Committee on AfCFTA (NAC-AfCFTA).”

    According to him, the terms of reference of the committee include the following:

    i) Coordinate and articulate the Nigerian insurance industry’s response to AfCFTA Agreement and its implementation.

    ii)    Develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA.

    iii)Develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.

    iv)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, among others.

    v) Lead bilateral negotiations with any interested State Party regarding the Nigerian insurance sector.

    vi) Regularly consult with relevant stakeholders to ensure that positions or views canvassed are reflective of the interest of the Nigerin insurance industry.

    vii) Attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA.

    viii) Submit regular updates/reports regarding developments on AfCFTA and activities of the Committee to NAICOM.

    ix) Carry out such other relevant activity(s) that the Committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation.

    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, he said.

    “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.

    “It is noteworthy to restate that your appointment into this Committee is in recognition of your vast experience, track record of selfless service and dedication to the cause of the Nigerian insurance industry, which the Industry believes will aid attainment of the mandate of the Committee which is to ensure beneficial implementation of the AfCFTA.

    The 15-man committee is chaired by Mrs. Ekeoma Esther Ezeibe with Mr. Lanre Ojuola as secretary.

    Other 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).

    The rest are, 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).

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