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By Henry Uche
Nigeria’s insurance industry, long plagued by distrust and unethical practices, is once again at an inflection point. With the investiture of Mrs. Ekeoma Ezeibe as the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB), stakeholders say the time for excuses is over as the industry’s credibility must now be rebuilt through ethics, innovation and accountability.
However, Mrs Ezeibe’s emergence is historic. She becomes only the third female president in the Council’s 63-year history and assumes office at a time when public confidence in insurance is at its lowest. Many policyholders have lost faith in the system, blaming the unethical conduct of some brokers and agents who, over the years, have soiled the industry’s reputation.
“Insurance in Nigeria is sinking deeper due to unethical practices by some elements who pose as brokers but end up wreaking havoc on individuals and businesses,” a veteran practitioner told Daily Sun.
He said the middlemen have done more harm than good, discouraging new entrants and investors.
Industry insiders trace the rot to sharp practices such as premium diversion, document forgery, false claims, hidden charges and collusion with insurers to defraud policyholders.
The result has been an industry struggling to gain traction in a nation that desperately needs insurance for economic stability.
This credibility crisis was precisely why the Council’s founding fathers inserted the word ‘Registered’ in its name, the Nigerian Council of Registered Insurance Brokers, to separate licensed professionals from impostors.
Over the years, NCRIB has repeatedly warned that anyone practicing without its certification or recognition by the National Insurance Commission (NAICOM) is an illegal operator.
However, with the rise of unlicensed intermediaries and the persistence of unethical conduct, many industry observers argue that self-regulation has failed and that a firmer stance from NCRIB is long overdue.
At Mrs. Ezeibe’s investiture in Lagos, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, delivered a clear message where he insisted that the time for complacency is over.
He charged the new NCRIB president to lead a reform-driven administration anchored on professionalism, inclusion, innovation, and trust, the four pillars he said are essential for rebuilding confidence in Nigeria’s insurance market.
“Today, we celebrate not only a new chapter in the leadership of this esteemed Council but also the remarkable journey of a woman whose life and career embody excellence, resilience, and visionary leadership.
“Let your tenure be defined by bold decisions, ethical leadership and transformative impact. The future of our industry depends on visionary leaders like you.”
He described Ezeibe’s rise as symbolic of progress and inclusivity, commending her past contributions to policy advocacy and industry reform. Notably, he highlighted her role as Chairperson of the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA), where she championed awareness, capacity building and strategic positioning to help the sector harness the benefits of the African Continental Free Trade Area.
Omosehin also saluted the outgoing NCRIB President, Prince Babatunde Oguntade, for his “integrity, patience and foresight,” which he said guided the Council through challenging times.
“His dedication to advancing our profession and upholding its highest standards has been truly commendable,” he added.
Beyond praise, however, the NAICOM boss made it clear that the sector’s future rests on accountability.
“To every broker who continues to uphold the core values of professionalism, integrity and client-centric service, I thank you. Your unwavering commitment remains the foundation of our industry’s success”, he said.
Insiders say Mrs. Ezeibe will need to confront the difficult realities of quackery, poor compliance and digital stagnation. Her presidency, they argue, must usher in a new era of discipline and transparency that redefines the broker’s role in Nigeria’s evolving economy.
She is also expected to deepen collaboration between NCRIB and NAICOM, ensuring that operators who breach ethical codes face swift sanctions. Analysts insist that visible enforcement, not rhetoric, will determine whether the Council can regain public trust.
In a sector where the phrase “insurance doesn’t pay” has become a cliché, Ezeibe’s challenge is to rewrite the narrative, to rebuild confidence in brokers as trusted advisers rather than profit-driven intermediaries.
Her task is daunting, but her track record suggests readiness. As one industry expert put it, “The industry doesn’t just need another leader; it needs a reformer. If Mrs. Ezeibe can restore trust, the NCRIB will not just survive, it will lead the insurance renaissance Nigeria desperately needs.”
The NAICOM boss implored stakeholders to reflect on the leadership imperatives that will shape the insurance future like education which empowers professionals and stakeholders through enhanced knowledge and awareness.
He also harped on upholding integrity, transparency and professionalism in all our engagements.
Next was restoring public confidence by building trust through consistent performance, clear communication and fair practices.
“In insurance, perception and performance are inseparable. Trust grows when our actions meet stakeholder expectations. Under Mrs. Ezeibe’s leadership, I am confident the NCRIB will champion these imperatives and drive our industry toward greater excellence”, Omosehin noted.
While speaking on the broker’s role in a changing risk landscape, the NAICOM boss said.
“In today’s dynamic environment, brokers must evolve to meet emerging risks. This includes: providing client-first risk advisory, not product-driven solution; ensuring transparent placement with clear wordings and quality coverage.
“Other are; “leading claims processes with data-driven, empathetic approaches; expanding inclusion through affordable microinsurance for underserved sector and leveraging digital tools to reduce costs while maintaining ethical standards.
“I urge the Council to professionalize these capabilities through training, peer review, and accountability. The reputation of our market is inseparable from the reputation of its brokers.
On NAICOM’s regulatory expectations, he reiterated that the Commission’s priorities were clear. “We aim to foster innovation, protect policyholders, and build public confidence. For brokers, our regulatory focus includes: Risk-Based Supervision: Aligning governance and financial requirements with business scale: Market Conduct Oversight: Ensuring transparency, suitability, and fairness, especially during claims.
“Data and Reporting Enhancement: Making placement quality and client outcomes measurable. Technology Enablement: Facilitating digital KYC, API-enabled placement, and efficient claims portals. Inclusive Insurance Models: Partnering with NCRIB to develop broker-led microinsurance and takaful solutions.
“NAICOM’s stance is simple: Deliver only what you can support, and support everything you deliver. Clear promises and prompt service build trust and trust drives penetration. We invite the NCRIB, under Mrs. Ezeibe’s leadership, to actively partner with the Commission in implementing the provisions of NIIRA 2025. NAICOM remains open to dialogue and committed to harmonizing the roles of all industry players. Together, let us build an insurance market that serves Nigerians better and strengthens our economy” he affirmed.
In an interview with the Mr. Ademola Abidogun, the Managing Director/ChiefExecutiveOfficer, Guinea Insurance Plc, he equally expressed optimism over the election of Mrs. Ezeibe as the new President of NCRIB, noting that with her extensive experience and proven track record in the insurance industry, she would deliver on mandate.
“I have every confidence in her ability to strengthen professionalism and ethical standards across the broking sector. By promoting transparency and client-focused practices, she is well-positioned to enhance public trust and drive wider adoption of both general and specialised insurance products.
“I also expect Mrs. Ezeibe to prioritise capacity building and continuous professional development for brokers. Her leadership and insight make her uniquely capable of driving structured training programmes and knowledge-sharing initiatives, ensuring that brokers are equipped to deliver innovative, informed, and value-driven solutions to both corporate and individual clients”
Abidogun said he looks forward to seeing her fostering stronger collaboration between NCRIB, insurance companies, regulators, professional associations, and other key industry stakeholders. “Leveraging technology, improving risk management practices, and supporting inclusive insurance products are areas where I am confident she will deliver tangible results, advancing sustainable growth for brokers while elevating the credibility and overall maturity of Nigeria’s insurance sector” he affirmed.
For the Assistant General Manager, Sovereign Trust Insurance Plc, Mr. Chinedum Ojukwu, the expectation is not different. “I expect the NCRIB new president to collaborate with the Nigerian Insurers Association and possibly NAICOM in finding ways to tackle rate cutting in the industry.
“I also expect her to deepen insurance penetration in the Eastern part of the country especially as she is from there by assisting the tertiary institutions over there to get Insurance/Actuarial studies courses accredited like the ones here in the West” he charged.
On his part, an insurance professional, Mr. Aluor Stephen Agusah, maintained that, given Ezeibe’s credentials and track record, he expect her to strengthen Professional Standards and Ethics saying: “Under Mrs. Ezeibe’s leadership, I hope NCRIB will deepen the enforcement of best practices among brokers, ensuring higher integrity, transparency, and consumer confidence in broking services”
Mr. Agusah highlighted digital transformation and innovation as an area she must pay attention to. “With the insurance industry evolving rapidly, NCRIB should champion the adoption of modern technologies, insurtech, digital platforms, API integrations, to empower brokers to operate more efficiently and remain competitive.
“Advocacy and Policy Leadership is key. Given her legal and regulatory insight, I expect her to lead NCRIB in proactive engagement with regulators (e.g., NAICOM) and legislators, to shape policies that balance consumer protection, broker sustainability, and market growth”
He pointed out capacity Building and inclusion as driver for growth and sustainability. “She is well-positioned to advance training, mentorship, and inclusion programmes, especially for smaller brokers, women, and underrepresented groups, raising the overall quality of the brokerage profession nationwide.
“I believe Mrs. Ezeibe’s leadership will yield not only stronger governance for NCRIB, but also a renewed vision for broking as a pillar of trust and innovation in Nigeria’s insurance ecosystem” he asserted.
