The newly appointed Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Olusegun Omosehin, on Friday resumed in office with a pledge to lead the industry to contribute to President Bola Tinubu’s drive to build a $1 trillion economy.
Omosehin, who arrived the NAICOM’s Headquarters, Abuja to a rousing welcome by staff members, said he was ready to learn from the experience of his predecessor to enable him move the industry to the next level.
During an interactive session with management and staff of the Commission, the new CFI said his management would be committed to midwife a safe, sound and stable insurance sector capable of upholding public trust, and promoting public interest and confidence.
“We will work to enhance our processes, leverage technology in our operations and foster a culture of excellence. The experience and dedication of every staff will be crucial for our success. The
Insurance is not only a business, but also a safety net. We will strive to ensure this safety net is available to all Nigerians.
“We will overhaul our internal processes to respond a lot more efficiently to the public and be able to engage more constructively to all external stakeholders”, the CFI said.
He expressed appreciation to the staff for the warm welcome accorded him, describing his appointment and those of his deputies as a rare privilege by the president to contribute their quota to the development of the insurance sector and the economy at large.
The appointment, he said, not only imposed a weight of trust on them, but also a heavy burden to deliver what the insurance is expected to contribute to the aspiration of the present administration to build a $1trillion economy by 2026.
While thanking his predecessor in office for his contributions in getting the Commission to the level it has attained today, Omosehin said from the briefings received so far, he was
keenly aware of the responsibilities on the shoulders of the new management, bearing in mind the agenda of the present administration, which the insurance sector, as an integral part of the financial services sector, was expected to contribute a significant part.
He appealed to every staff to embrace the new chapter with optimism to sustain the momentum of achievements of his predecessor.
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Earlier, the former CFI, Olorundare Sunday Thomas, described himself as one of the luckiest CEOs to have headed the Commission, considering that he was handing over to a familiar person as his successor, whom he praised as tested and found to possess the qualities to take NAICOM to the next level.
Thomas who said his exit marked the end of a successful career that spanned 43 years, out of which he served for 24 years as a regulator in the industry.
He thanked the entire staff for their cooperation and support during his tenure, pointing out that he would not have been able to achieve his goals and objectives without their help.
Assuring that he would continue to pray for his successor to improve on whatever achievements he recorded by him and his team, which included creating a conducive environment for the insurance industry to thrive; establishment of the regulatory institution to undertake the training of the regulatory staff as well as enhancing the automation of the Commission’s operational processes.
Other achievements, he said, included establishing partnerships with key institutions and agencies in the industry, such as the College of Insurance Supervisors, that allowed for seamless interaction with the West African sub-regional institutions and avoid regulatory arbitrage.
Also, he said he was able to establish the Insurance Academy, which, although unable to achieve all its plans, was able to set a solid foundation that could be built upon by his successor to make it the first major regulatory insurance academy in Africa,to provide opportunity for regulators training the West African region and beyond, to ensure regulators training would no longer be conscripted into the operators training.
Besides,he said his administration was able to ensure the reissue of insurance licenses, the first after 32 years,while another license for underwriting insurance company took about ten years.
Beyond all these achievements, he said his management was able to issue several operational guidelines to regulate the industry operations, adding that as far as FRA compliance was concerned, NAICOM, under him, was ahead of all other insurance institutions in Africa.
Thomas ended his farewell speech on an emotional note, when he said: “We have come; we have seen; we have done our best,and we are leaving. We want to continue to have sweet memories of this Commission. I want to hear about great things happening to this Commission.
I apologise to all those I may have offended in the course of my leadership. I have also forgiven those who offended me. It was nothing personal, but all for the sake of the job,“ he said.
He urged the staff to extend the same cooperation he ebjoyed to his successor to enable him succeed.