The President of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, has urged board members of insurance companies to take decisive actions to embed corporate governance as a bedrock of their organizations. Ilori made the call during the 2024 Insurance Directors’ Conference, held by the College of Insurance and Financial Management in Lagos.
Themed “Governance, Risk, and Compliance: Cornerstones for Industry Sustainability,” the conference focused on transforming corporate governance to secure the industry’s long-term viability and bolster public trust.
Addressing the attendees, Ilori emphasized the vital role of board members in redefining the narrative of the insurance sector. She stated, “Our governance, risk assessment, and compliance practices must go beyond ticking boxes—they must be rooted in our values and our vision. Public trust is our currency, and as Board Members, we hold the responsibility of ensuring that trust is unwavering.”
She urged directors to reflect critically on their governance approaches, asking, “What kind of industry are we building? Are our governance practices where they need to be? Professionalism is non-negotiable, and the tone for excellence starts with us.”
Ilori called for heightened accountability from management teams, transparency in operations, and a steadfast commitment to making the insurance industry a key pillar of Nigeria’s economy.
Leadership for the Future
The conference also featured a keynote address by Prof. Chris Ogbechie, Dean of Lagos Business School, who delivered a paper titled Board Strategic Leadership & Principles for Performance. Prof. Ogbechie encouraged directors to adopt forward-looking strategies that anticipate future trends and challenges.
“Boards must lead with vision. Spend less time on routine tasks like quarterly reports and budgets, and more on defining the strategic direction that will ensure long-term growth and resilience,” he advised.
Ogbechie urged directors to foster innovation, closely monitor market dynamics, and make bold, long-term investments to future-proof their organizations. He highlighted the need for robust performance management systems, emphasizing, “Clear key performance indices and metrics are essential for evaluating progress and achieving flawless execution.”
Charting the Way Forward
The 2024 Insurance Directors’ Conference underscored the necessity of aligning governance practices with broader industry goals. With calls for enhanced professionalism and visionary leadership, the event provided a platform for stakeholders to exchange ideas and set a renewed agenda for the insurance sector’s growth and sustainability.
The insurance industry in Nigeria, already recognized as a critical component of the nation’s financial architecture, stands poised for transformation as leaders commit to reshaping its governance framework.
