Economy

FG approves Sunday Thomas as new acting Commissioner for Insurance

The federal government has approved the appointment of Sunday Thomas as the Acting Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM).

This was made known on Friday through a statement signed by the Deputy Director, Home Finances, Mr. A. O. Bello, for the Permanent Secretary of the Ministry of Finance.

The statement reads: “I am directed to refer to a letter referenced NAICOM/FMF/DCTO/002 dated 2nd August 2019 on the above subject and convey the approval for Mr. Sunday Thomas, Deputy Commissioner (Technical) to oversee the affairs of the Commission, pending the appointment of a substantive Commissioner for Insurance by Mr. President.

“This is to ensure the effective administration of the Commission in line with the provisions of the National Insurance Commission Act (1997).”

This is against the backdrop of the four-year tenure expiration of Alhaji Mohammed Kari on July 30, as the Commissioner for Insurance and Chief Executive of NAICOM, following the failure of the Federal Government to renew his appointment.

Until his recent appointment, Thomas served the apex Insurance regulatory body as the Deputy Commissioner (Technical) during the tenure of Kari. He was appointed in April 2017 after a 17 years stint at the Commission, working in and heading the inspectorate unit.

He was later appointed the Director-General, Nigerian Insurers Association (NIA) on May 1, 2010; this he did for seven years.

Before his foray in the Commission, he was an Assistant General Manager at AIICO Insurance Plc before he left in 1992.

Whether Thomas will morph into the substantive Commissioner for Insurance is still uncertain as industry operators and stakeholders are harmonising their positions on the likely successor to Kari.

There are however other candidates presently being considered by industry operators for the number one position in the NAICOM. Among them are Odunayo Modupe Banmeke, the General Manager, Insurance, Nigerian National Petroleum Corporation (NNPC), who is being pushed forward by those claimed to be ‘elders’ in the sub-sector.

Others are Mohammed Hussein, the current Managing Director of Nicon Insurance, and Yemi Soladoye, Managing Director of Riskguard Africa Nigeria Limited.

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