As the Nigerian insurance industry regulatory reform towards public awareness and evolving customer expectations heighten with recapitalisation at the forefront of compliance, the importance of governance structure in the sector has been emphasised.
“At the heart of this transformation is recapitalisation, an essential step toward achieving financial solidity, institutional resilience, and global competitiveness. However, capital alone is not a guarantee of success. The strength of our governance structures will ultimately determine how well we deploy capital, manage risks, and meet our obligations to policyholders and stakeholders alike.”
These were the words of Bola Odukale, director general of the Nigerian Insurers Association (NIA) at the Annual Retreat of the Risk, Audit, And Compliance Committee (RACC) of NIA held weekend in Abeokuta with the them: ‘Insurance Industry Recapitalization: Strengthening Governance Activities For Maximum Benefits”
She said recapitalisation must go together with robust governance, strong boards, efficient internal controls, transparent audit systems, and effective compliance processes are all indispensable components of a resilient institution.
“As we deepen the recapitalization process, the critical questions we must ask ourselves include are we equipped with robust risk management frameworks to safeguard investments, are our compliance mechanisms adequately structured to ensure ethical and regulatory alignment, and; are our audit practices proactive and transparent enough to inspire trust?
According to Odukale, the answers to these questions lie not only in policies and in procedures, but also in the values we uphold and the discipline we enforce across our industry, Odukale stated.
“As professionals in audit, risk, and compliance, you are the sentinels of organisational discipline and trust. Your roles have never been more important. It is through your vigilance that the promises made by our industry are fulfilled, and it is through your diligence that capital is protected and well utilized.”
“Let us critically evaluate our systems, challenge complacency, and create a roadmap that leads to better outcomes for our institutions, our customers, and our country.”
Olugbenga Akinlalu, chairman of RACC in her welcome remarks earlier noted that recapitalization presents both a challenge and an opportunity.
Akinlalu said, it is a clarion call for us, as assurance professionals, to rise to the occasion, sharpen our tools, and position ourselves as catalysts for governance excellence.
“This retreat is more than just a conference. It is a platform for deep learning, robust dialogue, strategic networking, and professional renewal.”
