The New York, America-based, Institute of Finance has indicated its readiness to partner the Nigerian insurance regulator, National Insurance Commission (NAICOM) in the area of training and human capacity development.

The institute disclosed this intention when the Managing Director, Mr. Patrick Fitzgerald, and Registrar, Mr. Currie Marcia, came on a working visit to the commission in Abuja recently. They were accompanied by the former President of the Chartered Institute of Stockbrokers, Nigeria (CIS) Mr. Mike Itegboje.

The New York Institute of Finance is the training arm of the New York Stock Exchange in the US.

According to Fitzgerald, the team came to showcase its services to the commission and discuss possible areas of collaboration and cooperation between the two organisations, particularly in training and manpower development.
The institute’s boss observed that students of the institute turn out better informed, educated and connected at the end of each programme because participants usually come from diverse backgrounds and explore mutually-beneficial cross-border relationships and contacts.

He expressed the belief that the commission would benefit from the institute’s hands-on and practical approach to learning. “The importance of insurance is growing at a great speed across the globe and thought Nigeria could take advantage of the institute’s learning programmes to remain at the same level like its contemporaries in other jurisdictions,” he said.

Responding, the Deputy Commissioner in charge of Finance and Administration at the commission, Mr. George Onekhena, briefed the visitors on the commission’s activities and the Nigerian insurance industry

He said the commission remains committed to training and development of its manpower because this is necessary for the effective supervision of the insurance industry and alignment with international best practices.

The commission, according to him, was pleased to hear that the institute is focusing on Africa and assured the team of NAICOM’s readiness to collaborate with the institute.

“The commission will be interested in what kind of services you are ready to offer and how such services would impact positively on our operations. Of course we have need for equipping our staff members with a lot of skills, especially in the areas of financial analysis which is very important to us and Risk Management. The learning need in these areas is very huge so, we shall need as much assistance as we could get,” Onekhena said.

Source: Thisday (by Nnamdi Duru)