Barring any unforseen circumstances, Edwin Igbiti will be inaugurated as the 51st President/Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos on July 15.
He will be succeeding Sir (Dr.) Muftau Oyegunle.
In his quest for knowledge, Igbiti obtained an Advanced Diploma in Management from the Department of Business Administration, University of Lagos in 1996 and a Master’s Degree in Business Administration (MBA) from the University of Ado Ekiti, in 2005.
Similarly, he has garnered professional certifications both within and outside Nigeria such as Executive Leadership Programme of Howard University School of Business and Chief Executive and Directors Programme from the Management School in London.
Igbiti is a Certified Insurance practitioner with the Chartered Insurance Institute of London (CII), a Fellow of the Chartered Insurance Institute of Nigeria (FIIN), a Fellow of the Risk Managers Society of Nigeria (RIMSON), Associate of the Nigerian Council of Registered Insurance Brokers (NCRIB) and a Fellow of the Risk Surveyors Association of Nigeria (RISAN).
He is a seasoned professional with depth and wealth of technical expertise having worked in various capacities, including underwriting, sales and claims management in the insurance industry.
He started his professional sojourn at Phoenix Insurance Company as an Underwriting Trainee before moving to AIICO Insurance Plc where he worked for several years and provided managerial, strategic and operational leadership in uniquely challenging situations with verifiable evidence of achieving revenue, profit and business growth objectives.
He served as the General Manager, Non-Life Underwriting at AIICO Insurance Plc between January 2010 to September 2013. During this period, he was responsible for the overall performance of the General Insurance Division. He rose to the position of the Group Managing Director/Chief Executive Officer, AIICO Insurance Plc in Year 2013 where he was responsible for running and supervising the affairs of the Company and its subsidiaries (AIICO Pension, AIICO Capital and AIICO Multishield). In the years he served as the GMD of AIICO, he recorded giant strides which contributed hugely to the company’s overall growth.
Mr. Igbiti also served briefly as the Managing Director of Niger Insurance Plc before moving to Quicklink Insurance Brokers Limited as a top management staff where he is active till date.
Aside from being an insurance professional, Edwin is a chartered member of the Nigerian Institute of Management, a certified Business Continuity Systems Lead Auditor from the British Institute, UK and an alumnus of the Howard University Business School, U.S.A. He is a Member of the Institute of Directors (IoD), and was once a Council member of the Nigerian Insurers Association (NIA). He is the immediate past Chairman of the Governing Board of the College of Insurance and Financial Management and he currently seats as the Deputy President on the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN) where he has meteorically risen to the 51st President of the Institute.
Igbiti is a devoted Christian and actively involved in the service of the Lord. He has a Diploma in Theology from the Redeemed Christian Church of God Bible College.
He is happily married and blessed with children.
NAICOM Counsels Edo Government, Residents, To Embrace Insurance
Elumelu Charges Insurance Brokers To Lead War Against Unethical Practices
By Sola Alabadan
The Chairman of Heirs Holdings, Tony Elumelu, has charged the Nigerian Council Of Registered Insurance Brokers (NCRIB) to lead the war against unethical practices, such as: premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, that have been the bane of the nation’s insurance industry for years.
Elumelu, who gave this charge during the 60th Anniversary celebration of NCRIB in Lagos on Thursday, listed other unethical practices to include:
fraudulent claims, collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, among others.
While the National Insurance Commission (NAICOM) continues to play its role as the industry regulator, he said the NCRIB, as a body, must ensure that appropriate sanctions are imposed on any of its members found engaging in unethical practices.
He also advocated for the recapitalisation of the brokerage industry in our country, saying the minimum capital base should be increased to N50 million, noting that N5 million is not enough as capital base.
In the area of Governance, he said the industry need to enforce strict adherence to corporate governance by all NCRIB members, while weeding out non-registered and non-compliant members from its fold.
He said the non-registered brokers are the ones tarnishing the image of the broking profession and the industry at large.
Elumelu called on the insurance operators to create more awareness about insurance and showcase the value of insurance to the public, promoting participation, most especially in the retail space.
Insurance brokers, he added, need to participate fully in this drive to bridge the insurance knowledge gap if the industry is desirous to make insurance attractive to Nigerians.
As the insurance brokers have been recognised as corporate insurance specialists, he stated that “It is high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. Brokers have the capacity to lead in this area.”
While pointing out that innovation and disruptive practices cannot occur if the operators do not broaden their thinking, he said “Trying to make profits from existing lines is not going to deepen insurance penetration, rather we must look at the blue ocean opportunities.
“This is something I task the management of the insurance companies to constantly think of in product development and deployment.”
To remain relevant in the modern business arena, the insurance broker community and, by extension, the entire Nigerian insurance industry, must embrace technology fully, he further advised.
Besides, he said there is urgent need to develop the next generation of talent to serve the Nigerian insurance industry.
He emphasised that the broker community should rally and become the hub for the education and training of our youths to get qualified talent for the next phase of the industry, adding that “We need to raise the profile of our insurance professionals, make it attractive for the younger generation.”
Leadway Graduate Trainee Programme Graduates 30 Young Professionals
Leadway Assurance Company Limited has graduated 34 young professionals following their successful completion of the company’s 2022 Graduate Trainee Programme, and the successful trainees have been inducted into its diverse business portfolios.
The six-month programme equips young graduates with the relevant skill set required to thrive in the dynamic and ever-evolving workforce.
The training modules dealt with problem-solving, networking, technical and soft skills, workplace culture, digital proficiency for self-development, and professional capabilities preparing the trainees to serve in different departments across the diverse verticals of the business.
Speaking at the graduation ceremony recently, Managing Director of Leadway Assurance, Tunde Hassan-Odukale, stated that the Graduate Trainee programme aligns with the organisation’s corporate twin mandate of providing career opportunities and upskilling Nigeria’s growing young, vibrant and productive population. The programme also strengthens its workforce with the right talent pool for its ambitious growth objectives.
“Our people are the centre-point of our continued marketplace performance and at the core of the organisation’s value creation. So, it is pertinent that we house the best talents in the industry to drive our objectives within the frames of our values and in alignment with the company’s vision and leadership position in the African insurance marketplace.
The Leadway Graduate Trainee Programme is designed to achieve a sustained pool of the required elite skills and talents by initiating young, promising, dynamic, future-centric minds into a comprehensive upskilling process that tunes them towards actualising the mandate of advancing our esteemed ethos.
“We are optimistic that the skills, innovation, and creativity that this programme unleashes satisfy the expectations of our cultural, strategic and operational requirements. We are confident that the training and onboarding of these young professionals further validates our profile as a youth-oriented and future-forward organisation.
“I would like to congratulate and celebrate the 2022 Leadway Graduate Trainees. Their successful induction is a testament to the tenacity, hard work, and commitment deployed during the six-month rigorous tutelage”, he added.