Quest for New NAICOM Commissioner Begins

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…Seat becomes Vacant on May 2, 2020

Five individuals presently eyeing position

 By NIYI JACOBS

There are indications that the quest for the position of Commissioner for Insurance by interested parties has continued to increased, as Sunday Thomas, who was appointed to the seat on May 2, 2020 is expected to finished his first tenure this month of April.

BusinessNG gathered that about five individuals are presently eyeing the position, even as they are leveraging their political connections to get the attention of the presidency.

Sources told this medium that aside the current Commissioner who may also be interested in doing another four years, there are three major contenders, of which one is a woman who is fighting to become the first female insurance commissioner.

According to sources, some stakeholders are of the belief that the Commissioner for Insurance Sunday Thomas, should be allowed another four years to enable him consolidate some achievements recorded during his four years on the saddle.

They said his efforts has brought relative peace in the industry, paving the way for the the industry to attained the long expected N1 trillion gross premium written.

They also remarked that his foresightness, which led to increase in motor insurance premium and liability, helped hedged the sector amid the soaring inflation.

They were also quick to identify his establishment of insurance industry’s committee, that has helped to placed the regulator and insurance practitioners on the same page.

They also applauded him for his commitments to technology, which led to the NAICOM’s Portal, a digital platform, which has helped bridged the gap between the regulator and operators.For those seeking fresh air in the industry, they believed the coming in of a new commissioner will help bring a new wine on the table.

They are of the opinion that the industry has the potential to do more and impacts the economy positively.