By Sola Alabadan
The Governing Board of the National Insurance Commission (NAICOM), at its meeting held on June 21 in Abuja, approved the promotion of five staff to the grade of Director following the promotion exercise conducted on 27th March 27, 2024.
The new Directors are: Mr. Ajibola Bankole – Director, Inspectorate, Mr. Ahmad Ibrahim Adamu – Director, Innovation & Regulation, Dr. Talmiz Usman – Director, Legal, Enforcement & Market Development, Mr. Kamaludeen Barde – Director, Finance & Accounts and Mr. Rasaaq Salami – Director, Human Resources & Administration.
According to a statement issued by the commission, the Governing Board also approved the updated organisational structure of the commission to enhance its efficiency, effectiveness, and adaptability.
This restructuring ensures that the organisational structure aligns with the commission’s strategic goals and objectives, aiding the executive management in achieving its mandate.
Consequently, the new directorates are: Inspectorate, Supervision, Market Conduct & Complaint Bureau, Innovation and Regulation, Legal, Enforcement & Market Development, Human Resources & Administration, Finance & Accounts, as well as Technology, Strategy & Research.
The mandate of the commission as specified in the enabling law (NAICOM Act 1997) is to establish standards for the conduct of insurance business in Nigeria; approve rates of insurance premiums to be paid in respect of all classes of insurance business.
NAICOM is also saddled with the responsibility to ensure adequate protection of strategic government assets and other properties; regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria, while equally acting as adviser to the Federal Government on all insurance related matters; among other functions.
