NAICOM partners CIFM in actuarial capacity development

By Philip Clement

The National Insurance Commission, NAICOM has begun the Actuarial Capacity Development Programme in collaboration with the College of Insurance and Financial Management, CIFM.

The programme is expected to develop 100 Certified Actuarial Analysts and possibly a minimum of five Actuaries in Nigeria by the year 2024.

According to Nigeria’s Insurance Commissioner, Sunday Thomas, the initative is an important component of the Commission’s strategic focus on capacity development.

Speaking at the commissioning of an auditorium named ‘NAICOM HALL’ at the College of Insurance and Financial Management, Thomas disclosed that the Commission is also internalizing the human capital development initiative through the effective plan of action for the takeoff of its academy.

He said the regulator will soon be requesting for assistance of erudite scholars in the industry to fill the identified Knowledge gaps in the regulatory system.

The Commissioner commendes the president and Chairman in Council of the Chartered
Insurance Institute of Nigeria (CIIN) Sir Muftau Oyegunle and members of the Council for delivering on the project within a good time.

“I want to in particular congratulate Mr. Eddie Efekoha under whose tenure as President of the CIIN, the process of actual construction of the auditorium was incepted” he said.

Thomas also commended the Deputy President of CIIN and Chairman of the Governing Council of the College Elder Edwin Egbiti, members of council of the College and the Rector, Dr. (Mrs.) Yeside Oyetayo with members of her team for the commitment, doggedness and resilience in ensuring the completion of the auditorium.

READ ALSO: NAICOM issues operational licence to 4 Insurance companies

He continued, “I Am aware a number of individuals and corporate entities rendered their support and made sacrifices to ensure the success story of today, I congratulate all of you and urge you not to relent in your drive to attract further development to the College.

This he said is a commendable feat which he expect will set the stage for more developments in the sector.
He therefore the board to take adequate steps towards completion of the CIIN office building in Victoria Island, the foundation of which was laid over 30 years ago.

The Commissioner stated that the event was the outcome of a carefully thought-out need of the College by the CIIN with the financial support of the Commission.

“NAICOM is thus elated at its completion and the expected service it will deliver to the industry and the public. The auditorium will facilitate the mass quality training of insurance professionals/agents and as well
provide adequate facility for conducting the CIIN professional examinations,”

He charged them to put the infrastructure to good use for the benefit of all stakeholders and expressed the hope that other sectors and institutions will also make use of the facility whenever occasion demands.

Thomas acknowledged the support of the Governing Board of the National Insurance Commission in the pursuit of all its initiatives including the completion of this Auditorium under the purposeful leadership of its Chairman, Chief Jeff Nwosu.

“The Commission I am aware has always and will at all-times extend her full support to not only the College and the CIIN but all deserving
stakeholders in the industry in their drive for insurance business growth and development,” he added.