Tope Adaramola

Constant practice turns talent to skill. Luciano Pavaroti was born with a wonderful voice, but he still took singing lessons. Repetition is the mother of skill!

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Many like to join others to celebrate great men, but they find it difficult copying them

Only secured leaders delegate authority

This is a reality unseen by many!

"I will live up to my expectations as Insurance Brokers' Fellow and Brand Ambassador"
-OBJ

"Insurance is like the army, only a few think they need them until there is threat to their lives and property"
-OBJ

SUNDAY THOMAS: PUTTING MIDAS TOUCH TO INSURANCE REGULATION

Tope Adaramola

Leadership often requires making unpopular decisions, but a skilled leader is also sympathetic to the feelings of others and takes care to avoid unduly upsetting or alienating anyone. Of course, this requires maturity, restraint and the exercise of imagination and good judgement on the part of the leader. This apt words of Alan Axelrod in his celebrated book “Elizabeth I CEO” could not have better describe the leadership style of the Acting Commissioner for Insurance in Nigeria, Mr. Sunday Olorundare Thomas, in handling regulation of the insurance industry in the last couple of months.

It makes no news that the Nigerian Insurance Industry has been finding it difficult to get its rhythm amongst the financial services players in the nation’s economy, little thanks to multifarious reasons, among them, recessive economy, noxious traditional belief system, unethical practices by operators, poor image and, of course, ineffective regulation. These bogging factors have limited the scope of insurance growth in the country as compared to its peers in other climes where the industry is the pivot of economic growth and social stabilization.

Although the industry’s players and the regulator appeared to have put their fingers on these militating factors against its growth, the pathway for surmounting the challenges seem to have been strewn with some difficulties. Many operators, made up of insurance underwriters, Brokers, Loss Adjusters, Reinsurers and Agents have had a convergence of views about their expectations of better regulation from the government regulatory agency- the National Insurance Commission (NAICOM). This expectation could not be said to be out of place, going by the dissonance between the regulator and some of the operators in recent times. Some argued that what the industry had witnessed before the advent of the present leadership was something akin to a grave yard silence, due to what they regarded as “harsh regulatory prescription” occasioning icy relationship between the operators and NAICOM. For instance, on the Insurance Brokers side, many of the operators have had to contend with huge fines and penalties for minor infractions, warranting the Nigerian Council of Registered Insurance Brokers (NCRIB) to invent a mediatory platform to reduce the life threatening policies towards its members. Also, insurance underwriters have their tale of woes to tell from similar fines and penalties from the Commission. Much as it is necessary to sanitise the industry and heal it of its impurities, operators held the view that regulations should be with a better human face to have desired effect. The frosty relationship between the regulator and the operators was quite evident in the contemplated legal cases intended at some point by the NCRIB against the Commission on the proposed implementation of the States Insurance Providers (SIP) perceived by Brokers as a death knell to their already fragile existence. Also, the insurance underwriters under an anonymous group challenged the decision of the Commission on its directive on the Tier-based capitalization in court. These situations besmirched the reputation of the industry more in the eyes of the public as an industry that is not at peace with itself and compounded its challenges of better appeal from the public. Happily today, the environment in the industry has become more clement, with the hope of more steady progress based on understanding and consensus building under the current leadership of the Commission. In recent times, the Commission has been involved in more friendly and pragmatic regulations devoid of the usual “headmaster-pupil relationship” that it was noted for. Consultation seems to have now become the norm between the regulators and the operators for a better industry. Even though the industry, particularly underwriters had been on the heat concerning the need for them to meet the deadline for recapitalization initially set for

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June 30, 2020, a circular from the Commission indicated that “following a review of recapitalisation plans by the operators and various levels of the compliance observed” there was the shifting of the deadline to December 31, 2020, a step that has received laud plaudits from cross session of operators, financial services experts and shareholders. Many were of the view that the initial June 31, 2020 deadline had put the underwriters on the edge because they perceived it could lead to loss of operational profits, giving more minuses to the already fragile state of the insurance industry. On another thought, some are of the opinion that the postponement should be taken with more seriousness by operators to avoid losing steam with the drive for funds, only to be cut up with the new date suddenly. But while the breeze of hope was blowing across the underwriters divide, the Insurance Brokers and Loss Adjusters are also coasting in on the euphoria of the extension of their practicing license renewal with the Commission to two years as against the yearly exercise. It is believed that the new regime would remove the drudgery involved in the renewal process which often impede their concentration on the core task of growing their businesses and act as a disincentive to their professional practice.
While the challenges of growing the insurance industry through diligent prosecution of the law on compulsory insurance and ensuring financial inclusion across for the industry is squarely facing the Commission, the present style of leadership of the Commission is likely to take the industry to its desired destination. As a practical step to achieving sectoral embrace of insurance, it is heartening that NAICOM had in recent times been engaging critical stakeholders such as the Lagos Chambers of Commerce and Industry (LCCI), held meetings with Insurance Directors on a regular basis and diverse insurance consumers across the country.
Since it is often said that the buck rests on leadership, whether positively or negatively, substantial credits has to go the Acting Commissioner for Insurance, Mr. Sunday Thomas for applying the Midas touch towards regulating the industry in the past few months of his ascension. Suffice it to state that Thomas has been properly seasoned for the task on hand, having served in the Commission for close to three decades and rose steadily to become the Director Technical, a position from which he retired with infallible track records of achievements in his trail. Definitely, his appointment as the Director-General of the Nigerian Insurers Association (NIA) after leaving NAICOM gave him more penetrative insight into the activities of the Association, regarded as one of the critical cornerstones of the insurance industry in Nigeria, before providence railed him back to NAICOM as the Deputy Commissioner in charge of Technical before his present position.
There is no doubt that if the present environment of amity, consensus building and empathy that have characterized the operations and disposition of NAICOM towards insurance operators persists, it would just be a matter of time for the insurance industry to experience the much desired sustainable growth, for which great credits would go to the present leadership of the Commission under Sunday Thomas and his dynamic team.

Tope Adaramola is the Assistant Executive Secretary of
The Nigerian Council of Registered Insurance Brokers

REINHARD BONNKE: WHEN THE GOOD MAN DEPARTS!

The news media is awash with the painful exit of one of the world acclaimed evangelist, REINHARD BONKE. He departed this mortal plane a fulfiled man at age 79, spending almost the whole of his years serving the Lord as a purveyor of the good news of the Lord Jesus Christ. He was one of the God's Generals of our time and an irritant to the devil and his cohots. He was particularly interested in the salvation of Africans where he often held several crusades with positive results in soul winning. We are all left to mourn this iconic evangelist who has joined the saint triumphant watching how we shall also breast the tape someday soon. At a time when many failed to adhere to God's purpose and indulged in wordliness, Bonnke spend and was spent for the gospel. His was a case of the man who gave all and ensured he is leaving the world empty. Surely, as we are mourning him here, the saints and the heavenly hosts are rejoicing over the successful return of one of those who did not allow the world to taint their garment of grace and holiness. While joining others across the world to mourn Bonnke, I also pray like Balam did that God should help me also to die the death of the righteous and my end be like his. I will also finish well in Jesus name. Amen.

Expectedly, age should travel with wisdom, but in most cases it travels alone!

NOW THAT GOV DAPO ABIODUN HAS BEEN AFFIRMED, WORK SHOULD COMMENCE FULL BLAST!

THE ISSUE IS NOT ABOUT NIGERIANS TRAVELING OUT, IT'S ABOUT GOING WITH RIGHT MINDSET

EVEN IF LAMIDO SANUSI IS DOWN NOW, THIS CICILIA IBRU’S JIBE WOULD NOT WORK
I bet you, Nigeria remains a great theatre of absurdities. In his famous inaugural lecture at the Unilag in 1972, Late Dr. Nnamdi Azikwe said that Nigerians have a tendency of remembering nothing, and forgetting everything! This painful fact seem to have been living with us ever since. From few days back, the news media has been awash with analysis and news of the former Banking amazon and MD of defunct Oceanic Bank Plc, Mrs. Cecilia Ibru throwing jibes at “the beleaguered Emir of Kano, Dr. Lamido Sanusi saying that all the travails she suffered during the tenure of the emir as Governor of CBN was mere vendetta and calculated attempt to humiliate and demean her then rising profile. She was also reported to have said that Sanusi was uneasy with the feelers he got that she was being considered for his post as CBN Governor. For me, coming at this time, I could see the hands of some spin doctors urging the once woman of fame to take advantage of the troubles of Sanusi and his seeming slide into the precipice to throw deadly retaliatory punches at the emir, for the purpose of rebuilding her besmirched reputation. It is a case of the proverbial ordeal of a sickly elephant being struck by every opportunistic ants in the jungle. Yes, Sanusi may not have been perfect while he held sway as CBN Governor, but I think the advisers of Madam Cecilia Ibru should ask her to recant on her mission to take a retaliatory black painting of the emir, as it may not land well on the good side of highly reasonable Nigerians who have a good recall of history. Some of us were around when these great men and women of power held sway in the banks and the sheer recklessness that characterized their leadership of those public entities. It was a period of “voodoo banking” and cosmetic display of affluence by the actors who held sway over the financial institutions. Then, it was a graphic case of adorning the sepulchers in white paints to give impression all was well with the dead buried in there! Before the “Sanusi tsunami” shareholders were roundly shortchanged through fraudulent public offers, while the banks’ top managers took advantage of their shares to build humongous personal entities, sometimes through money laundering. The banks including the Oceanic Bank Cecilia presided over, grossly flouted corporate governance norms, including crude insiders trading that manifested in the likes of mama Ibru leasing out properties built personally all over the country to the bank at exorbitant rates. They established property companies to facilitate this in- to -in transactions. Loans were given to friends and cronies without collateral and every modicum of risk management which ideally should be the pivot of sound banking culture was thrown overboard. It only took the bravery and sagacity of Sanusi to rescue the situation and helped the hapless shareholders. He set up institutions like AMCOM to take custody of properties illegally acquired by the lords of the manor in the financial ecosystem. To prove her culpability, Madam Ibru from whom no fewer than 104 properties were seized was sentenced to jail, for which she pleaded guilty to corruption charges leveled against her before judgement was passed. I have heard that Mama Ibru is putting up a book to put the records straight and absorb herself of crimes she pleaded guilty to some years back. I think the book idea would be nice. But for me, the literary exercise would make more profound meaning and be a timeless resource only if the content is objective, by presenting the gospel truth about what really transpired so that current and would be bankers and corporate managers could glean some timeless wisdom on life and be more informed about risk management, financial prudence, corporate governance, and generally how not to manage a bank or any corporate entity for that matter. The book should also be riddle with penitence, giving birth to apologies to Nigerians for disappointing all those who saw and related to her as an epitome of ideal womanhood and trustworthy manager of note. Anything short of this would be tantamount to robbing dry pepper on the sensibilities of Nigerians and particularly the mass of shareholders and workers who were shortchange during the days of the locust. Anything short of this, I see Madam Ibru’s jibe not really hitting the target, but turning around to open the bitter memories of sensible Nigerians about an inglorious chapter we have gone through in the hands of ill-motived leaders that once managed our collective destinies. If she continues, I see Sanusi being re-vindicated on decisions taken on Ibru’s matter as more revelations would be thrown up in the course of this diatribe to validate his position. We shall be waiting to see the next step to be taken by Madam Ibru as she rouses the sleeping dog back to life

If you find it difficult changing Nigeria, just change yourself first

The way our politicians are appearing on Facebook now, I hope they sustain it after winning our votes. If not, then they are a confirmed pack of hypocrites and deceivers!