The Abuja chapter of the Chartered Institute of Insurance of Nigeria (CIIN), has declared its readiness to adopt secondary schools within the Federal Capital Territory, FCT, as part of its drive to re-awaken the importance of the subject in the economy.
CIIN made the declaration at the investiture of its chapter Chairman, Owolabi Abbass, AIIN, FCIB, in Abuja on Friday, 23 February, 2024.
Speaking through its President and Chairman of council, Mr Edwin Igbiti, ACII, FIIN the group explained that the initiative has become very imperative give the need to catch and bring more young talents into the country’s insurance by taking the subject into adopted secondary schools. As part of the deal, CIIN will not only equip adopted secondary schools with the right teaching aids by providing teachers of the subject, it will also donate relevant books on the subject as it is currently doing in Lagos state.
He explained further that the process will help groom the economy hence the group had to pick the new chapter chairman, whom he described as “..occupying a rightful position.”
“That is why I said Alhaji Abbas Owolabi, happens to be occupying a rightful position…he has to groom it for us. Every insurance corporate body in Abuja must adopt a school. And by so doing, we will catch them young.
“Adopt a school that I mean, lets assume every secondary school, we go there and adopt them in the sense of teaching them insurance. Inculcate insurance as a subject. That has been approved in Lagos, I don’t know of Abuja but I believe very soon. It has to be done. We go there those companies that adopt them will equip them with teachers who will be teaching the subject of insurance and we have textbooks for secondary schools that we need to donate to the secondary schools,”he explained.
Igbiti, who also spoke extensively on the state of the economy and place of insurance in it, emphasized that now is the time the country all business concerns need insurance more for risk-related issues.
“…this is the best period to have insurance. Insurance wants every business concern to go to bed and have their two eyes closed because risk is part of life. That is why I said we need to de-risk the economy. It is part of the risks a business man must go through. You must take a calculative risk and therefore transfer this risks while you run your business.
“Fire can consume where we are now and fire does not give notice. That is why as a public place, it ha to be insured because nobody knows when it will happen. When it happens, the owner should be smiling whether or not the only thing he takes away is his life. We don’t want his life to be consumed by fire. That is why insurance is in. It is this time that we need insurance.
“The government needs insurance. When anything goes wrong, government should not be looking for the money it can spend to develop the society.”
Also speaking at the event, Guest Lecturer, who is an associate Professor of Finance and Capital Markets, department of Business Administration, Nasarawa State University, Dr Abdul Adamu, note that insurance is vital to both the progress of business environment and individuals given its ability to protect the vulnerable from risks. Adamu who spoke on the Role of Insurance Professionals In Economic Development of Nigeria, emphasized that without insurance otherwise productive and viable concerns can become very vulnerable to avoidable risks capable of undoing everything they ever worked for.
“Insurance…is crucial for protecting vulnerable populations from financial shocks and reducing poverty. It serves as a tool for risk mitigation, allowing individuals to transfer the burden of unexpected events to insurance companies…,” he explained.
In his acceptance speech, the new chapter chairman noted that his administration is focused on taking the Abuja chapter to the next level by initiating new and proactive policies while also building on laudable and strategic objectives of CIIN.
According to the chairman, the chapter is already working on new initiatives, including a lecture series aimed at enhancing professional development, facilitate knowledge sharing and cultivation of of a vibrant learning environment for members of the group.
In particular, Abbass pointed out that his tenure as chairman of the chapter will embark on a collaboration with the media in order to further situate insurance of the Nigerian public. Adding that through enhanced visibility and positive narratives, the insurance sector will experience a leap forward.
“In our quest to elevate the stature and impact of the Abuja branch, we have inaugurated a lecture centre that commenced operations in January 2024. this initiative, alongside other forthcoming events, is designed to enhance professional development, facilitate knowledge sharing and cultivate a vibrant learning environment for our members and students alike. Our ambition is to significantly increase the enrollment and success rates of our students, thereby contributing to the growth and dynamism of the insurance sector.
“Collaboration with the media remains a cornerstone of our strategy to enhance visibility and foster a positive narrative around the insurance industry. Through effective communication and outreach, we aim to build a robust platform that not only highlights the achievements of our institute but also addresses the challenges and opportunities within our sector. It is through this partnership that we can amplify our message and ensure that the value of insurance is understood and appreciated by a broader audience,” he reiterated.
