The President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, has restated the institute’s commitment to building a more robust and prosperous insurance industry in Nigeria. Speaking during the CIIN’s 54th Annual General Meeting, held at the Insurers House in Lagos on Wednesday, Ilori highlighted the critical role of insurance in protecting assets and supporting business growth nationwide.
In her address, Mrs. Ilori emphasized that the development of technical expertise within the industry remains central to the institute’s mission. She stressed the need for practitioners to maintain high standards of professionalism in underwriting, claims management, and risk assessment.
“Insurance plays a vital role in economic growth, and we are committed to equipping our members with the right skills and knowledge,” said Ilori, who assumed leadership of the institute as its 52nd president last year. Her administration operates under the theme “Igniting the Bedrock of Our Envisioned Industry,” with a strategic focus built around the EPIC agenda — Education, Professionalism, Institutional Recognition, and Capacity Building.
Expanding Insurance Awareness and Youth Engagement
One of the institute’s notable initiatives during the year under review was its participation in the Insure Youth NG project, a nationwide campaign to engage and empower Nigerian youth through insurance education and skills development. The project, spearheaded by the Federal Ministry of Youth Development in collaboration with the National Insurance Commission (NAICOM) and technical partner Sapphital Academy, aims to tackle youth unemployment while improving insurance awareness and penetration across the country.
“We are proud to be part of this transformative initiative that targets millions of Nigerian youths,” Ilori said.
Growing Professional Membership and Education Partnerships
In line with its commitment to professional development, CIIN inducted 165 new Associate Members and 18 Fellows in the past year, significantly expanding its membership base. The institute also strengthened its partnerships with educational institutions such as the College of Insurance and Financial Management and Lagos Business School, to foster the growth of a new generation of insurance professionals.
CIIN’s educational outreach extended to secondary and tertiary institutions, including the University of Lagos and Lagos State University, as well as Lagos State Education Districts 3, 4, and 6. The institute’s regional chapters also received support to ensure the nationwide spread of insurance education.
First Insurance Week a Success
Mrs. Ilori also commended members for their active participation in the institute’s maiden Insurance Week, a multi-city public awareness campaign held simultaneously in Lagos, Port Harcourt, Kano, Abuja, and Ibadan. The initiative was designed to raise awareness about the importance of insurance and its role in national development.
Maintaining Integrity and Financial Health
In her report to the AGM, CIIN Registrar Mrs. Abimbola Tiamiyu reiterated the institute’s commitment to upholding integrity in its examination processes. She emphasized a “zero-tolerance” policy for malpractice, ensuring that all certified professionals meet the institute’s high standards of competence and ethics.
Treasurer Mrs. Adetutu Arusiuka presented the institute’s financial report for the year ended December 31, 2024. CIIN recorded a total revenue of ₦1.409 billion, marking a 36% increase over the ₦1.038 billion reported in 2023. Expenditure stood at ₦611.28 million, up from ₦480.87 million the previous year. The institute closed the year with a surplus of ₦459.76 million, representing an 88% growth from the ₦244.68 million surplus in 2023.
New Council Members Elected
A key highlight of the AGM was the election of five new members to the institute’s Governing Council. The newly elected council members are:
- Mr. Adeniran Aderinoye
- Mrs. Adetutu Arusiuka
- Mr. Bode Opadokun
- Mr. Ademola Abidogun
- Mrs. Adeyinka Adekoya
Their election signals the institute’s ongoing drive to infuse new ideas and leadership into its operations as it continues to advance the future of Nigeria’s insurance industry.
The CIIN remains the premier professional body responsible for setting standards and promoting excellence within the Nigerian insurance industry.
