Feb 1 Clampdown On Vehicles Without Insurance: NCRIB Lauds NAICOM
… List Achievements
BY NGOZI ONYEAKUSI

The President and Chairman of the governing board of the Nigeria Council of Registered Insurance Brokers (NCRIB) Prince Bàbàtunde Oguntade has commended the National Insurance Commission (NAICOM) on its plans to commence a nationwide enforcement of vehicle insurance laws starting February 1, 2025.
The commission’s initiative in collaboration with the Nigerian Police Force (NPF) is aimed to
boost compliance with existing insurance laws while prioritising the safety of lives and property.
Briefing journalists at media conference in Lagos Oguntade stated
I would like to commend NAICOM) for its efforts in promoting the growth of the insurance industry. Recently, the Commissioner for Insurance, Mr. Segun Omosehin made an official visit to the Inspector General of Police, Dr. Kayode Egbetokun, FCIB where the later made a promise to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025. This is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of Insurance and thereby created economic security and growth. We urge the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover”, he said.
Oguntade, highlighting achievements of council since his emergence as the 22nd President of the Council 14 months ago, stated, “It is worthy of note that since my emergence as the 22nd President and Chairman Governing Board of the Council, we have made conscious efforts to enhance the image of the industry leveraging our thrust of office “Breaking New Grounds, Sustaining Legacies”.
He made reference to his promise to deploy his experience and God’s given grace and strength to serve the Industry, sustaining the legacies of its forerunners and opening more vista of business opportunities for members through strategic engagements.
Oguntade noted his team has represented the Council at places of importance and made strategic visitation to people of influence as well as engaged with key stakeholders, including government officials, industry leaders, and other relevant parties,”
Notable among those visited include Honourable Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun; Honourable Minister of Budget and Economic Planning, Senator Abubarkar Bagudu; Hon Minister of Marine and Blue Economy, Alh. GboyegaOyetola, FCIB; Executive Governor of Osun State, Senator Ademola Adeleke; Ooni of Ife, Oba Enitan Adewusi, Ojaja II and Corps Marshal and Chief Executive, Federal Road Safety Commission (FRSC), Corps Marshal Mohammed Sheu.
Others include Managing Director/Chief Executive Officer, Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye; Director General/Chief Executive Office, National Health Insurance Authority, (NHIA), Dr. Kelechi Ohiri; Group Chief Executive Officer, Nigeria National Petroleum Company Limited, Mr. Mele Kolo Kyari; Director General, National Film and Video Censor Board (NFVCB), Dr. Shaibu Husseini and the Commissioner for Insurance, Mr. Segun Omosehin.
The visits according to Oguntade was aim at fostering relationships, promoting members’ interests, and advocating for the growth of the insurance sector; building bridges, addressing challenges, and exploring opportunities for collaboration.
“We took this route in our bid to build relationships and network that would benefit our Members, irrespective of their status. Our Strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the Brokers; enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership,” he stated.
NCRIB boss said that by strategically visiting influential people, the Council can effectively represent the interest of the entire industry.
On the insurance and housing sectors, he said the Council’s collaborations with housing developers and government agencies to create affordable insurance products received considerable boost through the Council participation in the 18th Africa International Housing Fair 2024, held in Abuja as well as the sixth and seventh NISH affordable housing seminar.
This, he said, “was a premier event for the housing and construction industry in Africa.”
The Council also visited the leadership of the Nigeria Film and Video Censor Board, a government agency responsible for regulating the film and video industry in Nigeria.
The essence of the visit, according to him, “was to ensure that we create the necessary opportunity for our members in the creative industry leveraging the number of practitioners in that broader sector that encompasses music, art, design, and other creative fields.”
Another milestone achievement recorded by the Council within this period is the laying of foundation for the building of the five-floor NCRIB Annex christened ‘OlolaOlabode Ogunlana House.’
“On August 1st, 2024, our Council recorded a landmark achievement towards the construction of a magnificent annex building of the Council by laying of the foundation of a five floor building, christened OlolaOlabode Ogunlana House, (NCRIB Annex). The new building project, which is progressing steadily would serve as additional beacon of excellence for our Council.
“The new building will feature additional parking facilities and modern office spaces that will be available for commercial purpose. We are confident that the building will enhance our operations as it will serve as additional income generation for our Council, and eventually, reduce dependence of Council’s activities on Members’ subscription,” Oguntade assured.
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