Avoid Sanctions to Remain in Business-NCRIB President counsels members

OMOARELOJIE Ernest, Abuja. 

The President and Chairman Governing Board, Nigerian Council of Registered Insurance Brokers, NCRIB, Prince Oguntade, has called on members of the council to uphold professionalism and ethics in the discharge of their duties. Doing otherwise, he counsels, will have defaulters thrown out of business. Oguntade gave this charge in Abuja at the Investiture and Gala Night Ceremony of the 13th Area Committee Chairman.

According to him, some erring members of the council have been fined, a reason why it became imperative for other members to be professional by following the ethics of the profession in the discharge of their duties.

"We expect you to please attend the trainings, read the guidelines and please follow them to avoid sanctions or fines that may throw you out of business. "A few brokers have received some minor fines, ranging from 13 million to 106 million. They must pay if they want to remain in business. If they don't pay, they will just close shop. If you don't want that to be your portion, it's not about praying that this may not be your portion. If you are not diligent, of course that should be what will happen," counseled. Oguntade further admonished the members to ensure proper profiling of their clients before going into business transaction, adding that law enforcement agents are on their watch.

"The era of jumping into accounts midway is over. You are supposed to profile your clients critically because the Nigerian Financial Intelligence Unit, NFIU, is watching you. They see the insurance broker as the weakest link in the financial sector, which obviously is due to the way some of us parade themselves. "I have said at TV site events, and I repeated yesterday, and I will make bold to say here today, that please do not be caught, even if you are my friend. Even if we are born of the same mother, you will not be spared. Professional integrity is the watchword," he added.

He however encouraged the Abuja Committee Chairman to take the bull by the horn and ensure all bottlenecks and issues in the council are resolved.

"Recently, we have had a series of demands on the broker profession. We cannot afford to lag behind.

"We have to continue to prove our mettle. And it is your duty as your leaders to lead the way, encourage them." Also speaking at the event, Abuja Area Committee Chairman, Ojo Richard, promised to encourage members of the council to live up to the trust that has been imposed on them by their clients.

"As an insurance practitioner, the major thing that our industry thrives on is on trust. So the only thing I'm going to do in the next few years is just for me to encourage my members to ensure that they maintain the trust that has been reposed in them by their teaming customers. They must live up to it.

"I assure you that our insurance brokers will continue to operate with the best of integrity and the trust of their teaming clients and customers at all times," he added