Relocate operational departments to Lagos, expert tells NAICOM

An insurance expert and lead director at the Transparent Protection Ltd/GTE, Dr. Sam Chukwuka Onyeka, has urged the new management of the National Insurance Commission to relocate its operational and technical departments to Lagos in order to improve its regulatory operations. 

Daily Trust reports that President Bola Ahmed Tinubu recently appointed Mr. Olusegun Ayo Omosehin as the new Commissioner for Insurance, taking over from Mr. Sunday Thomas.

Speaking in Abuja on Friday at a press conference, Dr. Onyeka said the commission is currently affected by the 50 percent deduction for revenue generation agency, which has crippled its activities, hence the need to devise means to remain effective.

“I will urge the new management of NAICOM to relocate its current operational and technical departments to Lagos because virtually all the insurance companies are in Lagos, only about two or three are here in Abuja.

“Secondly, there is a need to have a risk-based supervision by the NAICOM to save the industry from imminent collapse and the only way NAICOM can do that is to rationalize operations and leverage on technology to drive its processes,” he explained.

He further urged the insurance regulator to make its complaint bureau a department headed by a director so as to speedily address the mirage of complaints by Nigerians and boost efficiency.