The no holds barred enforcement of approved revised Public Service Rules (PSR) by the Federal Executive Council (FEC) on the 27th September, 2021, has cut short the high voltage service of Barineka Thompson at the National Insurance Commission (NAICOM) haven spent eight years as a Director.
A memo on the Implementation of Tenure Policy from the Director Administration taken its bearing from 2021 Revised Edition of the PSR which took effect from 27th July, 2023, sealed the compulsory retirement federal deal, “Consequently, all Directors (SGL 17) who have spent eight (8) years and above on the post are by this Interna Circular directed to submit their notice of retirement in line with section 020909 of the revised PSR effective from the date stated thereof.”
Consequently, Thompson and two other Directors, Pius Agboola and Habila Amos were served the day after, Friday, 4 August 2023, by NAICOM compulsory retirement letters, pursuant to a recently issued Public Service circular on eight years and above tenure for all Federal Directors.
With the curtain dropped behind him after the compulsory retirement red flag was raised, Thompson leaves the Commission satisfied that he offered his best at the Commission. His reaction captured the past three phases of his private and public service and the phase that follows after the exit from Federal Public service, “I have done 10 years 10 months to the glory of God. It’s only the end of the 3rd phase of my career (NICON Insurance, Linkage Assurance and NAICOM) and next one has just began.”
Thompson was no doubt highly cerebral in his service at the Commission. He was wired for the job with several professional qualifications before the NAICOM hire and while still at the Commission. He is a Fellow of ICAN, associate member of ACIT, AMNIM. His niche also reigns in anti-money laundering certifications both in Nigeria and the US. He clears that he is the only Resident Nigerian with the Certified Anti-Money Laundering Specialist (CAMS) and Certified Advanced AML Audit Specialist (CAMS-AUDIT) certification to date.
According to Thompson his tentacles spread across the various projects undertaken or being undertaken by the Commission, stating unequivocally that he has been the brain behind most of the regulatory policies, supervisory initiatives and implementation of major projects of the Commission. Also in the column of the exceptions is the Tier-Based Minimum Solvency Capital (TBMSC), a Nigeria specific capital varied solvency capital application that was stopped by Court order. Thompson said he was the concept initiator and team lead of the ‘revered’ concept.
Spreading the various projects and policies on his achievement desk, he recalls that, “When the adoption and implementation of IFRS 17 Insurance Contract debuted in 2017 and with effective date of January 1, 2023, Mr. Thompson steered the way for NAICOM and the insurance industry. He served as the NAICOM/Industry Team Lead on IFRS 17 Implementation until his recent compulsory retirement and laid the foundation for seamless implementation and supervision of IFRS 17 by the insurance industry.”
His trojan service in the Commission had seen him at the moment of exit, the Director, Finance and Accounts. Before the last post, he served as Director, Supervision and also Director, Inspectorate. On the two technical positions, he covered offsite and onsite supervision and AML/CFT.
