The Nigerian Council of Registered Insurance Brokers (NCRIB) said some erring members of the Council have been fined between N13 million and N106 million for infractions.
Its President and Chairman Governing Board, Prince Babatunde Oguntade, hence therefore advised other members to be professional and follow the ethics of the profession in the discharge of their duties.
He also urged members to uphold professionalism and ethics in the discharge of their duties else they will be thrown out of business.
Oguntade spoke in Abuja at the Investiture and Gala Night Ceremony of the 13th Area Committee Chairman in Abuja.
He said: “We expect you to please attend the training, read the guidelines, and please follow them to avoid sanctions or fines that may throw you out of business.
“A few brokers have received some minor fines, ranging from N13 million to N106 million. They must pay if they want to remain in business. If they don’t pay, they will just close the shop. If you don’t want that to be your portion, it’s not about praying that this may not be your portion. If you are not diligent, of course that should be what will happen.”
He further admonished the members to ensure proper profiling of their clients before transaction, adding that law enforcement agents are on their watch.
“The era of jumping into accounts midway is over. You are supposed to profile your clients critically because the Nigerian Financial Intelligence Unit (NFIU) is watching you. They see the insurance broker as the weakest link in the financial sector, which obviously is due to the way some of us parade themselves.
“I have said at events, and I repeated yesterday, and I will make bold to say here, that please do not be caught, even if you are my friend. Even if we are born of the same mother, you will not be spared, professional integrity is the watchword,” he said.
Oguntade admonished the Abuja Committee Chairman to take the bull by the horn and ensure all bottlenecks and issues in the council are resolved.
He said: “Recently, we have had a series of demands on the broker profession. We cannot afford to lag behind. We have to continue to prove our mettle. And it is your duty as your leaders to lead the way, encourage them.”
Also speaking, the 13th Area Committee Chairman, Abuja Area Committee, Ojo Richard pledged to encourage members of the council to live up to the trust that has been imposed on them by their clients.
He said: “As an insurance practitioner, the major thing that our industry thrives on is trust. So the only thing I’m going to do in the next few years is just for me to encourage my members to ensure that the trust that has been reposed in them by their teaming customers and more importantly by their clients is that they live up to it.
“I assure you that our insurance brokers will continue to operate with the best of integrity and the trust of their teaming clients and customers at all times.”
