The President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers, Prince Babatunde Oguntade, has charged members of the council to uphold professionalism and ethics in the discharge of their duties, warning that failure to do so would attract sanctions that could potentially throw them out of business.
Oguntade gave this warning at the Investiture and Gala Night Ceremony of the 13th Area Committee Chairman, Ojo Richard, in Abuja recently, noting that some erring members had already been fined for unprofessional conduct.
He advised members to attend training sessions, read guidelines, and follow them to avoid sanctions or fines.
“We expect you to attend trainings, read the guidelines, and follow them to avoid sanctions or fines that may throw you out of business,” Oguntade said. “A few brokers have received fines ranging from N13m to N106m. They must pay if they want to remain in business. If they don’t pay, they will be shut down.”
The NCRIB president also emphasised the importance of proper client profiling before transactions, warning that law enforcement agents, including the Nigerian Financial Intelligence Unit, were closely monitoring their activities.
“The era of jumping into accounts midway is over. You are supposed to profile your clients critically because the NFIU is watching you,” he said.
Oguntade assured members that professional integrity would be the guiding principle for the council, stating, “Even if you are my friend, even if we are born of the same mother, you will not be spared if you compromise professional integrity.”
In his response, the 13th Area Committee Chairman, Abuja Area Committee, Ojo Richard, promised to encourage members to live up to the trust reposed in them by their clients, emphasising that trust was the bedrock of the insurance industry.
“As an insurance practitioner, the major thing that our industry thrives on is trust. I will encourage my members to ensure that the trust that has been reposed in them by their clients is upheld at all times,” he said.
