Insurance World

CIIN Applauds Approval Of African Trade Insurance Agency

Sir Muftau Oyegunle, CIIN President

The President of Chartered Insurance Institute of Nigeria, Sir Muftau Oyegunle has applauded the signing of the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency by President Muhammadu Buhari.

Reacting to statement credited to The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, that President Muhammadu Buhari has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency, Oyegunle stated that the Government under the leadership of President Muhammed Buhari had demonstrated first-hand its commitment to the growth of the Insurance industry in Nigeria.

He added that “ATI is a Pan-African institution that provides political risk insurance to companies, investors, and lenders interested in doing business in Africa. Its deep African roots have positioned the organization to understand and assess the risks synonymous with the region and to help mitigate them. Its reputation as well as its credibility, financial strength, underwriting capacity, its robust risk solutions and risk assessment have ensured that it is credibly rated by Clients.”

Sir Oyegunle stated that the growth of the Agency would go a long way in creating an enabling platform for foreign trade and equally engender economic activity within the sector that would ensure improved contribution of the insurance sector to the Nation’s G.D.P.

A memorandum from the Attorney General and Minister of Justice Abubakar Malami SA, equally stated that the request for the President’s signature on the agreement was sequel to the directive of the Federal Executive Council, that the instrument be prepared and forwarded for execution.

The ratification was adopted at Grand Bay in the Republic of Mauritius on the Eighteenth Day of May, 2000 and the purpose of the Agency is to provide, facilitate, encourage and otherwise develop the provision of, or the support for, insurance, including coinsurance and reinsurance, guarantees, and other financial instruments and services, for purposes of trade, investment and other productive activities in African States to supplement those that may be offered by the public or private sector, or in cooperation with the public or private sector.

Highlighting the timely nature of the Act, Oyegunle stated that it was coming at a time when the Insurance industry was in need of all the benefits that the Act would bring to the fore. He stated that the signing of the Act by President Muhammadu Buhari would inspire confidence in foreign entities and investors who have an eye on the Nigerian Market and this would result in more partnerships as well exchange of ideas and technology. Oyegunle urged the Presidency to retain the faith in the industry and goodwill that has extended in recent times stating that the Industry would repay with significant contributions to the growth of the economy.

He said “it is heartwarming to see that President Muhammad Buhari is actively promoting the growth of the Insurance industry. As one of the four pillars of financial inclusion, this Act signed by the President for the take-off of the Africa Trade Insurance Agency is a worthy enabler for the industry to boost growth and improve the economic fortunes of the Country. It is a much welcome development for the industry and we are excited about all the positives that it will bring. We have not scratched the surface in terms of what Insurance can bring to the table and the emergence of this Agency along with credible initiatives being implemented by our Regulator, NAICOM, will help to significantly harness the potentials inherent within the Nigerian Insurance Industry.”

He also commended the Commissioner for Insurance Mr Sunday Thomas for his stewardship of the National Insurance Commission ( NAICOM) so far, while noting that this development is an indicator that the Insurance industry is on an upward curve. He called for Insurance professionals to continue to uphold the values of professionalism in line with the code of ethics and professional conduct as stipulated by the Institute to ensure the industry sustains its growth.

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