Nigerian Council of Registered Insurance Brokers (NCRIB) has admitted the president of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, her predecessor, Edwin Igbiti, and 48 others into its Society of Fellows.

The council also honoured the Akarigbo of Remoland, Oba Babatunde Ajayi, and Dr Onikepo Akande, for their support to NCRIB and the practice of insurance broking in Nigeria.

Speaking at the Fellowship Day, on Thursday, President of NCRIB, Babatunde Oguntade, enjoined the new entrants to demonstrate high level of professionalism and assist in taking the brokering profession to higher heights.

Mr Oguntade, in a statement, said that the process that led to the admission of the new fellows was quite stringent, as the candidates were considered on the basis of professional qualifications, integrity and leadership traits, among other criteria.

He reminded the newly inducted fellows of their responsibilities as they embark on their new roles.

Mr Oguntade said the responsibilities included protecting the council’s image, contributing to its professional growth and development, and attending NCRIB events whenever possible.

The president also highlighted contemporary issues affecting insurance broking, particularly the Nigerian Insurance Industry Reform Act (NIIRA 2025).

He said, “This legislation has opened up new opportunities for insurance growth, deepened insurance penetration, and renewed customer experience and confidence.”

He emphasised that members must be more creative and adhere to ethical and professional standards.

Mr Oguntade noted that NAICOM and FIRS laws were becoming more stringent for members, adding that it was essential to stay compliant.

Other regulatory responsibilities were also discussed, including data protection laws and compliance with the Nigerian Financial Intelligence Unit (NFIU) to enhance Nigeria’s exit from the gray list.

Also speaking at the event, Chairman, Board of Fellows, Laide Osijo, highlighted the significance of the fellowship cadre, representing the highest echelon of the council.

She added that members of the esteemed group were  experienced, seasoned, and versatile professionals who had made significant contributions to the profession.

She said, “The Fellowship cadre is not only prestigious but also comes with great responsibilities, requiring its members to rise above the ordinary level. This is in terms of professionalism, adherence to ethical standards, and possession of greater leadership skills.”

(NAN)