PRESIDENT'S ACCEPTANCE SPEECH
1.0 PROTOCOL
I have had many occasions in my life to give thanks to God for various reasons. Today, however, stands out clearly as one of the greatest days for which I thank God for His infinite Grace on me as an Insurance practitioner. May His name be glorified. For those He has used in making today possible both along the Insurance pathway and in the larger traffic lanes of life.
My entry into the profession of Insurance was both by chance and divine intervention.
I studied Biology at the University of Lagos. On graduation, I was persuaded to try my hands on Insurance. I started my career in Oct 1980 at NICON, as a graduate Trainee during the regime of Mr. Olayinka Lijadu. I am particularly grateful to Mr. Lijadu who introduced the graduate recruitment scheme in 1977 through which graduates in any field of study were employed and trained to become insurance practitioners. I appreciate various past Managing Directors of NICON for the opportunities given to me in my 26 years career at the corporation to attend various training programmes both locally and internationally.
I recognize the awesome responsibility and challenge the Presidency of the Chartered Insurance Institute of Nigeria places on me especially at this time of changes in the Global Economy, and the resultant effect on National Economies. The effect of the global economic recession places more responsibilities on Professionals, to find a lasting solution to the lingering economic crisis in the world.
We are empowered by our statute to determine the standards of knowledge and set the standard for skills to be acquired by insurance practitioners and to review such standards from time to time.
2.0 MY PROGRAMME
As I assume the Presidency of this great Institute today, my resolve is to continue from where our predecessors and founding fathers stopped. We shall build on this solid foundation.
I pray that God Almighty will help us to move our noble profession and institute to the next higher level.
The task before us, though may be daunting but they are achievable.
I appreciate the efforts of our past leaders and we will continue to carry out the policies of Council in a way that will ensure the continued growth of the Institute.
No nation can develop without embracing modern insurance. Our golden jubilee anniversary lecture had as its theme insurance as a vehicle for national development. It is a known fact that Africa generates only about 1% of the World Insurance Premium while South Africa and North Africa accounts for 84% of that 1%. The rest of the African countries including Nigeria share the remaining 16% of 1%.
In my years of exposure to Insurance as a Profession, and as a business, I have come to realize that the major impediment to the penetration of Insurance in Nigeria is lack of Awareness, coupled with the culture and attitude of our people. It is therefore my desire to make an impact in the area of Awareness creation for the Industry.
The theme and focus of my tenure will therefore be ?CHANGING INSURANCE PERCEPTION IN NIGERIA FOR GLOBAL COMPETITION?. This will be pursued from the following fronts:
2.1 AWARENESS
The awareness programme would place emphasis on mass education on the various aspects of insurance and the value of Insurance to individuals, businesses, small, medium and large enterprises and the nation?s economy as a whole.
The programme will be driven using the mass media to explain the values of Insurance and its principles. This would be done on the pages of newspapers, radio and television, campaigns at public places and possibly using markets, churches/mosques and collaboration with various Government agencies.
To achieve this lofty idea therefore, a Nation-wide Radio programme will be embarked upon which will have wide coverage and reach out to the grass root. Special focus will be on Insurance as an agent of development even in the rural areas. Some aspect of the radio programme will be translated into the major Nigerian languages and will be broadcast at regular intervals for effect.
As the programme progresses, members of the public will be encouraged to phone-in and ask questions on Insurance.
In addition to this Radio programme, the Print media will be effectively utilized to further drive this awareness campaign. Insurance companies etc will be encouraged to partner with the institute in this mass awareness project. The net effect is that we believe it will impact positively on the performance of the insurance sector and improve our contribution to the Gross domestic product which today is about 1%.
2.2 NATIONAL ESSAY COMPETITION
Students in tertiary and secondary schools nation wide would be encouraged to participate in a yearly national essay competition at the end of which prizes would be awarded to the best three (3) students in different categories.
The Federal Ministry of Education and the state Ministries of Education will be fully involved in packaging this programme
2.3 MENTORING
Most of us Professionals seated here tonight were directly or indirectly encouraged by some people to choose our profession.
It is my desire that we set in motion, a system whereby, an Insurance Professional mentors at least two young persons, with a view to making him/her become a thorough bred Insurance Professional within a period of 3years.
This is one way we can attract younger people into the profession and give back something to our profession.
The Operation 5000 graduates project will be given full attention in order to drive home this point. Insurance companies should continuously review their manpower requirement and adopt a proactive approach to continuously recruit new entrants into the industry and the entrants encouraged to pursue their professional examinations.
2.4 COLLABORATION WITH OTHER PROFESSIONAL BODIES
We have invited to this occasion all the professional bodies in the financial sector. The aim is to begin to build bridges and explore areas of collaboration and cooperation to generate ideas that will enhance our relationship with other institutes.
2.5 WIDER ACCEPTANCE FOR THE INSTITUTE?S DIPLOMA CERTIFICATE
I am happy at the current acceptance rate of the Institute?s Diploma to the generality of organizations in Nigeria. However, during my tenure, effort would be intensified through the already existing forum with the Federal Ministry of Education to accredit the Institute?s Diploma Certificate. This would enable our colleagues to be admitted for post-graduate studies using our Diploma in the Nations universities.
We shall endeavour to partner with other African, and West African States in particular, to make our Diploma certificate acceptable in all the countries in the continent. This will increase the mobility of our members within the continent. Presently many insurance companies have established subsidiaries in some African Countries and posted personnels from here. With our certificates duly accredited, they may not have to take any examination before practicing in those countries.
2.6 ENCOURAGING BRANCHES OF THE INSTITUTE TO CREATE AWARENESS IN THEIR AREA OF JURISDICTION
There are fourteen (14) branches of the Institute located in all the geographical zones of the country.
We will strive to harness the potentials of these branches, to enable them perform their functions which include:
? Membership drive
? Awareness creation
? Enlightenment programmes for Insurance consumers in Motor parks and other public places
? Career guidance and counseling for Secondary School Students.
An annual award for the best branch will be instituted to encourage performance.
2.7 ABUJA LIAISON OFFICE
The need to get closer to Government cannot be over emphasized.
To this effect, we shall establish a liaison office in Abuja, to partner with the Abuja branch in facilitating close relationship with the Federal Government. The branch would serve our members located in Abuja and the surrounding states.
The plot of land allocated to us in Abuja will be developed as a matter of priority project to contribute our own little effort towards the building of the capital city.
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