President, CIIN, Edwin Igbiti

 

The Commissioner for Insurance, Mr. Sunday Thomas, who is ably represented by the Deputy Commissioner, Mr. O. O. Oba, distinguished delegates, esteemed colleagues, ladies and gentlemen.

I stand before you today with great honor and privilege to welcome you to the Year 2024 Business Outlook. As we gather at this prestigious conference to delve into a topic of paramount importance: “Governance and Compliance: Shaping the Financial Industry.” In a world characterized by rapid technological advancements, shifting global dynamics, evolving and ever rising consumer expectations, the need for robust governance and unwavering compliance has never been more critical.

Our financial industry serves as the backbone of economies worldwide, playing a pivotal role in fostering economic growth, stability, and innovation. It is our responsibility, as leaders, ambassadors and stewards of this industry, to ensure that our institutions are not only prosperous but also operate with the highest standards of ethics, transparency, and responsibility.

Governance, in its essence, forms the bedrock of any successful enterprise. It is about establishing a framework that promotes accountability, fosters a culture of integrity, and aligns the interests of all stakeholders.

As we navigate through an era of increasing complexity, with myriad challenges and opportunities, sound governance practices should be the compass guiding us to sustainable success through adhering to the rules and regulations that govern our industry. In an ever-evolving regulatory landscape, where changes are frequent and often unpredictable, our ability to navigate these waters with agility and precision is paramount. It is not merely about meeting the minimum requirements but striving for excellence in ethical conduct and regulatory adherence.

Therefore, to shape the financial industry for a prosperous future, we must embrace innovation while maintaining a steadfast commitment to governance and compliance. The digital revolution brings unprecedented opportunities, but with them come new risks and challenges. We must leverage technology to enhance efficiency, customer experience, and financial inclusion, while ensuring the security and privacy of our clients’ information.

No doubt, collaboration is key to our success. Hence, Governments, regulatory bodies, financial institutions, and industry stakeholders must work hand in hand to create an environment that encourages responsible innovation, safeguards the interests of all parties, and ensures the stability of the financial ecosystem.

As we embark on this journey of shaping the financial industry, let us not forget that our ultimate goal is to serve the needs of our clients and communities. A resilient and well-governed financial sector is not an end but a means to achieving broader societal goals. We must strive for financial systems that are inclusive, stable, sustainable, and contribute to the greater good.

I like to appreciate the league of speakers and discussants present here today – Mr. Akinwale Adegboyega Adedoyin, Managing Director/CEO, Thrive Insurance Brokers Limited, Dr. Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise for your time sacrificed to be here. We do not take it for granted.

In conclusion, let us seize the opportunities presented to shape a financial industry that stands the test of time and also an insurance perception that penetrates into the economy. By fostering a culture of ethical leadership, embracing technological advancements responsibly, and collaborating for the greater good, we can navigate the complexities of today and build a future where our industry is not just financially sound but also a force for positive change in the world.

May this conference be a catalyst for meaningful dialogue and transformative actions in our shared pursuit of a better financial future.

Thank you

 

Mr. Edwin Igbiti, FIIN

President/Chairman of Council