The President of Nigerian Corporation of Registered Insurance Brokers, Prince Babatunde Oguntade, is fixed that the fair and squared implementation of the Nigerian Insurance Industry Reforms Act 2025, remains the best intentional instrument “in taking the insurance industry out of the blighted imagery.”
Rolling out his speech at the National Insurance Brokers Conference and Exhibition in Lagos Thursday, October 24, 2025, Oguntade, was clear, “Our industry can no longer remain the shadow of itself.”
Content that the conference provides the platform to share knowledge, explore innovative solutions, and forge strategic partnerships that will propel the industry forward, had cause to reassess the situation and said, “We have been undervalued for too long, as it concerns our relevance to national development. No nation develops beyond its level of insurance appreciation, as the bedrock of its economy.”
Recounting how insurance works for developed spheres and its lack in the nation, NCRIB President bares his mind, “The insurance industry is the major source of investible funds in other national economies and in fact own banks, but this is not the case in Nigeria as the industry is at the backwaters of the various economic considerations of government.”
Looking at the industry from positive angle, he said, “I want to specifically appreciate the various initiatives of the present administration in rejigging the insurance industry, especially through a more favourable legislation. It is hoped that with NIIRA 2025, the situation will change.
To the insurance brokers, Oguntade who leaves office the day after said, “I would like to acknowledge the tireless efforts of our members, whose dedication and professionalism have been instrumental in shaping the insurance landscape in Nigeria. Your commitment to excellence and customer satisfaction as insurance brokers and the only professional intermediary in the insurance value chain is the bedrock of our industry’s growth.”
Prying into the theme of the confab, “Cre-Novation: Thinking Value, Reimaging Solutions” he said it “reflects our focus on navigating the complexities of our industry, embracing technology, and capitalising on emerging opportunities. We will explore topics such as cyber security and data protection; business intelligence; and talent management for business growth.”
“As we navigate the challenges and opportunities of our nation, our industry remains committed to its core values of integrity, professionalism and service. We will continue to advocate for policies and regulations that promote a level playing field, enhance consumer protection, and foster sustainable growth,” he declared.
