The President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, has warned members of the council to strictly adhere to professional standards and ethics or risk being thrown out of business.
Oguntade gave this stern warning in Abuja during the Investiture and Gala Night Ceremony held in honour of Mr Ojo Richard, the newly appointed 13th Chairman of the NCRIB Abuja Area Committee. He stated clearly that the Council had already sanctioned some brokers for misconduct, with fines ranging from N13 million to N106 million.
He said the council would no longer tolerate unethical behaviour among its members. “We expect you to attend trainings, read the guidelines, and follow them to avoid sanctions or fines that may throw you out of business,” he said. “A few brokers have received 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 be shut down.”
Prince Oguntade stressed the need for insurance brokers to take client profiling seriously. According to him, enforcement agencies like the Nigerian Financial Intelligence Unit (NFIU) are monitoring transactions, and brokers must ensure full compliance with due process.
He said, “The era of jumping into accounts midway is over. You are supposed to profile your clients critically because the NFIU is watching you.” He added that professional integrity must guide all actions, and that personal relationships would not save any broker found guilty of misconduct.
“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,” he said.
The NCRIB boss also noted that the council was investing more in capacity building to help members stay compliant and updated on industry regulations. He encouraged brokers to participate in training sessions and to keep themselves informed through regular reading of guidelines and circulars from the council.
In his acceptance remarks, the new Area Committee Chairman, Mr Ojo Richard, thanked the leadership of NCRIB for the honour and pledged to lead by example. He assured stakeholders that he would work closely with members in Abuja and beyond to uphold the values of trust and professionalism in the industry.
“As an insurance practitioner, the major thing that our industry thrives on is trust,” he said. “I will encourage my members to ensure that the trust that has been reposed in them by their clients is upheld at all times.”
Mr Richard emphasised the need for continued education, collaboration, and ethical practices among brokers, especially at a time when public trust in the insurance industry remains crucial for growth and acceptance.
The event, which brought together stakeholders from across Nigeria’s insurance and financial sectors, also provided an opportunity to discuss the challenges facing insurance brokers, including regulatory pressures, reputation management, and market competition.
Many attendees praised the NCRIB leadership for taking a firm stance on professionalism and called for more industry-wide efforts to sanitise the brokerage space. They noted that as the Nigerian insurance industry grows, brokers must play their part by maintaining credibility and accountability in their dealings.
The NCRIB, as the umbrella body for registered insurance brokers in Nigeria, is charged with ensuring that brokers operate within the laws and maintain public confidence. It works with other regulatory agencies such as the National Insurance Commission (NAICOM) and the Nigerian Financial Intelligence Unit (NFIU) to enforce compliance and prevent financial crimes within the sector.
Industry watchers say the call for ethics and accountability is timely, especially as the insurance sector seeks to deepen penetration, attract foreign investment, and win back public confidence.
