NCRIB gives reason for issuing operational licence
On May 9, 2012 · In Business

The Nigerian Council of registered Insurance Brokers, NCRIB, has said that an insurance broker seeking operational licence to establish a broking firm in the insurance sector must have ACII qualification as well as five years operational experience.

The NCRIB made the assertion in response to an investor, Mr. Koya Olateru-Olagbegi, who claimed that NCRIB has refused to give him operational licence to operate in the Nigerian insurance market.

Head of Corporate Affairs of the NCRIB Mr. Tope Adaramola told Vanguard that the NCRIB will not deliberately deprive any investor of doing genuine business in the sector.

Olateru-Olagbegi has alleged that he has been outside the country for quite some time but came back to start a broking firm, however, some bureaucratic bottlenecks in the NCRIB has made that impossible.

However, the NCRIB has said that it is not deliberating refusing to issue operational license to Olateru-Olagbegi rather they are waiting for the Chartered Insurance Institute of Nigeria, CIIN, to certify if he has the right qualification.

According to Adaramola, the NCRIB will give Olateru-Olagbegi operational licence to operate if the CIIN attest that the document submitted by him is equivalent to ACII and that he is fit and proper mentally, morally as well as ethically to operate in the Nigerian market.

Adaramola however revealed that the CIIN has considered the documents of Olateru-Olagbegi but made a non-committal statement regarding his documents, hence operational licence cannot be issued to him on such obscure basis.

Adaramola therefore called on the CIIN to come up with specific pronouncement on the qualification or otherwise of Olateru-Olagbegi.

Meanwhile, Olateru-Olagbegi has appealed to the National Insurance Commission, NAICOM, to avail foreign investors more opportunity to come into the Nigerian broking market.

Olateru-Olagbegi said that he has been practicing as an insurance broker in Atlanta, Georgia for over 20 years even as he is the first Nigerian that started insurance brokerage there.

He said that allowing genuine investors who have practiced abroad for a long time to come and do business in the country will help in building the economy of the country.

While revealing his ordeal in the process of trying to establish a broking firm in the country, Olateru-Olagbegi said “I have a plan to start an insurance broking firm in the last ten years, but the Nigerian insurance brokerage system has not been favourable to Americans.   For one reason or the other they don’t want us to come in. And the reason according to them is that they don’t know how to evaluate American education compared to London and India which they are familiar with.”

Olateru-Olagbegi alleged that the NCRIB has been sitting on his folder for the past ten years and even when the matter was taken to NAICOM, he was referred back to NCRIB.

Olateru-Olagbegi who said that he is trying to come into the Nigerian insurance sector to share knowledge with Nigerians said “I have been to NCRIB so many times and they have held my file for a long time. I have been to their seminars, workshops and even attended everything they have done. But for one reason or the other, they said that it is the Chartered Insurance Institute of Nigeria, CIIN that will certify if I am qualified.”

He said that he has provided all necessary information to check if he is really qualified but for one reason or the other the NCRIB choose to do things the way they are doing. Having waited so long, Olateru-Olagbegi said that his next line of action is to buy into an existing broking firm.

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