By David Akinmola
The leadership of the Nigerian Council of Registered Insurance Brokers (NCRIB), has called on the Federal government to ensure that 50 to 75 per cent of its assets are adequately protected through the 2025 budget with the insurance firms across the country.
The President/ Chairman Governing Board of the Nigeria Council, Prince Babatunde Adeleke, revealed at a media briefing organised council, saying that the government is committed to developing Nigeria’s infrastructure highways, and railways in the New Year’s budget but adequate insurance cover is needed to mitigate against any form of risk.
Oguntade also disclosed plans to engage more agencies to stress the need to insure government assets and projects.
He expressed optimism that these efforts could result in the insurance industry securing a significant portion—between 50 to 75 per cent of the national budget for asset protection and risk management.
Reflecting on his tenure as the 22nd President of the NCRIB, Oguntade, highlighted achievements made under his ‘Breaking New Grounds, Sustaining Legacies’ agenda.
His administration has embarked on extensive engagements with key stakeholders, including visits to influential figures such as the Minister of Finance, the Minister of Budget and Economic Planning, and the Governor of Osun State.
The Council has also fostered relationships with leaders from agencies like the National Health Insurance Authority (NHIA) and the Nigeria Social Insurance Trust Fund (NSITF), among others, to advocate for the growth of the insurance sector and enhance its credibility.
Oguntade also outlined the Council’s efforts to promote affordable insurance products through collaborations with housing developers and its participation in industry events like the Africa International Housing Fair.
Additionally, the Council has engaged with the creative industry, leveraging its vast network to explore opportunities for members in areas such as film, music, and design.
In his outlook for 2025, Oguntade highlighted the challenges the industry faces, such as the low insurance coverage observed during incidents like the Ibadan explosions last year.
He stressed the Council’s commitment to increasing insurance awareness, providing businesses with sound risk management advice, and promoting the insurability of government projects to safeguard national investments.
Other achievements include the ongoing construction of the NCRIB annex, a five-story building designed to generate income and reduce the Council’s reliance on member subscriptions. He also lauded the National Insurance Commission (NAICOM) for its planned enforcement of insurance compliance for vehicles, which is expected to boost revenue and create greater awareness.
While acknowledging the strides made, Oguntade urged stakeholders to support efforts to address the low insurance penetration rate in Nigeria.
He reaffirmed NCRIB’s commitment to advancing the industry and ensuring a more resilient and inclusive insurance sector for the future.
