IoD Centre for Corporate Governance, (IoDCCG) Pays Courtesy visit to the National Insurance Commission, (NAICOM)

From Right to Left: Mrs Olamide Oyeniyi, Board Member IoDCCG, Mr. Sabiu Bello. A, Deputy Commissioner for Insurance, NAICOM, Alh. Shuaibu Idris, mni, FIoD, Chairman Board of Governors, IoDCCG, Mr. Thomas Olorundare Sunday, Commissioner for Insurance, NAICOM, Mr. Oba Olufemi Oluniyi, Deputy Commissioner for Insurance, NAICOM, Mrs Muyisat D. PM, NAICOM and Nerus Ekezie, Ag. CEO, IoDCCG.

The Chairman, IoD Centre for Corporate Governance, Alhaji Shuaibu Idris, mni, FIoD on March 15, 2022 led Members of the Board of Governors and Management to a courtesy visit to the senior Management of National Insurance Commission (NAICOM) at its Head Quarters in Abuja. The NAICOM team that received the IoDCCG delegation was led by the Commissioner for Insurance (CFI)/CEO, Mr. Thomas Olorundare Sunday.

After an introduction of IoDCCG team by the Board Chairman, Alhaji Shuaibu Idris, mni, FIoD and the NAICOM team by the Commissioner for Insurance/CEO, Mr. Thomas Olorundare Sunday, the head of delegation of IoDCCG team, Alhaji Shuaibu Idris, mni, went ahead to inform the CFI/CEO the reason for the visit. In his presentation he expressed appreciation to the CFI/CEO for accepting to meet with IoDCCG team despite his busy schedule and thanked him for the warm welcome accorded to us upon arrival. Alhaji Shuaibu Idris, mni, stated that this goes further to demonstrate the Commission’s commitment to Corporate Governance. He recalled the Code of Corporate Governance for the Insurance Sector unveiled earlier by the Commission, which are now guidelines, after the harmonized Nigerian Code of Corporate Governance 2018 was released. The IoDCCG’s Chairman praised the CFI for his good works in making the insurance sector more resilience and professional in the discharge of their services.

He pledged that the Centre will partner with the NAICOM to reenforce her commitment towards its responsibility for oversight on the implementation of the new Code (NCCG 2018) and urged the CFI/CEO to encourage insurance organisations to adhere strictly to the provisions of the Code. He went further to give a background speech on the birth of IoDCCG by its parent organizations (IoD, SEC and CAC) after they realised the need to entrench good Corporate Governance practices in Nigeria. This need, he said led to IoDCCG we have today; an organization that has for more than fifteen years championed good Corporate Governance in Nigeria through robust services such as CG Trainings, Corporate Governance services, CG Audit, Board Induction and Evaluation and the latest being the Whistle Blower Services, all in a bid to entrench global best practices in corporate entities in Nigeria.

The Chairman said that to ensure critical stakeholders are carried along in this journey, the composition of IoDCCG Board cut across Institute of Directors (IoD) Securities & Exchange Commission (SEC) and Corporate Affairs Commission (CAC), and upon consultation, the Centre expanded the Board to have the Nigerian Stock Exchange (NSE), the Chartered Institute of Bankers (CIBN) and the Nigerian Association of Chamber of Commerce & Industry, Mines and Agriculture (NACCIMA).

Among major important issues presented to the NAICOM CFI/CEO at the meeting were;

  • The request to nominate a representative to serve on the Board of Governors of IoDCCG. The wealth of knowledge, experience and expertise of NAICOM representative will enrich deliberations and uplift the Centre’s fortunes.
  • The IoDCCG in collaboration with the Financial Reporting Council of Nigeria is planning a maiden edition of National Corporate Governance Summit and we are inviting the CFI to serve as a speaker at the Summit slated to hold on July 26 – 27, 2022 in Lagos.
  • Given the milestones already achieved the Summit preparations, we crave the indulgence of NAICOM to part sponsor the said Summit so as to assist the organisers meet up with the huge expenditure associated with such event.
  • The request for conduct of Corporate Governance Services, Board Induction and Evaluation for the Board of NAICOM and for insurance organisations under NAICOM’s purview to enlist the services of IoDCCG.
  • Invitation to NAICOM as a Corporate Institutional Member of IoDCCG.
  • The Centre publishes high quality Corporate Governance Journals and would like to leverage on the capacity of NAICOM’s Research Unit to improve on its publications through effective collaboration, syndication of materials and circulation of research findings. 

The CFI/CEO in his response praised the IoDCCG’s Chairman for the erudite presentations and the good work the Centre is doing in the propagation of principles and practices of good Corporate Governance in Nigeria. He was happy to hear and note that the Centre’s Chairman is well acquainted with the developments in the insurance sector and what NAICOM is presently doing to consolidate on the earlier gains achieved by the Commission in repositioning the insurance industry in Nigeria for greatness. He agreed totally the importance of strict adherence to Corporate Governance principles and practiced by all entities as the only option for corporate sustainability and failure reduction, and wondered why some organisations are yet to realise same.  

Regarding the Chairman’s prayers, the CFI/CEO quickly responded to some of the requests as follows;

The CFI/CEO agreed that NAICOM is ready to build a relationship with IoDCCG and partner with the Centre in all areas that will add significant value to the promotion of good Corporate Governance in Nigeria. Specifically;

  • The Commission agreed to make nomination on the Board of IoDCCG as soon as a formal request is presented.
  • NAICOM will also partner with the Centre on the forthcoming National Corporate Governance Summit, speak at the event as well as part sponsor the programme.
  • The CFI/CEO agreed on the need for a Board Evaluation/training for NAICOM Board and expressed willingness to engage the Centre for the exercise.
  • The CFI/CEO also agreed on synergy for research publications and said that the Commission is ready to partner with the Centre on the area of research and publication. He demanded a formal request in that direction.

The IoDCCG’s Chairman in a closing remark thanked the CFI/CEO for acceding to all our requests and added that the Centre will be ready to have a tripartite relationship with the FRC, NAICOM and the IoDCCG to organise a training on the NCCG 2018 in no distance time as a deliberate effort to positively impact on entities with regard to the implementation of the Code.

The visit was wrapped up with presentation of journals produced by IoDCCG as well as some formal letters.

IoDCCG Management