- Insurance expert Dr. Onyeka suggests NAICOM relocate operational departments to Lagos to boost regulatory effectiveness in the industry
- Dr. Onyeka advises NAICOM on implementing risk-based supervision and elevating complaint bureau to enhance operational efficiency
Dr. Sam Chukwuka Onyeka, an insurance expert and lead director at Transparent Protection Ltd/GTE, has recommended that the new management of the National Insurance Commission (NAICOM) relocate its operational and technical departments to Lagos. This move, he believes, would enhance the effectiveness of regulatory operations within the insurance industry.
Dr. Onyeka made these remarks during a press conference in Abuja on Friday, following the recent appointment of Mr. Olusegun Ayo Omosehin as the new Commissioner for Insurance, succeeding Mr. Sunday Thomas.
Highlighting NAICOM’s challenges, particularly the significant reduction in revenue generation agency allocations, Dr. Onyeka emphasized the commission’s necessity to explore strategies to maintain operational efficiency.
“I urge the new management of NAICOM to consider relocating its current operational and technical departments to Lagos, given that most insurance companies are based there, with only a few operating in Abuja,” Dr. Onyeka stated.
He further advocated for the implementation of risk-based supervision by NAICOM to safeguard the industry from potential collapse, stressing the importance of streamlining operations and harnessing technology for process optimization.
In addition, Dr. Onyeka urged NAICOM to elevate its complaint bureau to a department headed by a director, aiming to expedite the resolution of Nigerians’ complaints and enhance operational efficiency within the regulatory framework.