The Nigerian Council of Registered Insurance Brokers (NCRIB) has imposed sanctions totaling N106 million on some of its erring members for violations of industry regulations and professional misconduct. The move, announced by NCRIB President and Chairman Governing Board, Prince Babatunde Oguntade, underscores the Council’s commitment to ethical enforcement and professional accountability in Nigeria’s insurance brokerage sector.
The sanctions, ranging from N13 million to N106 million, were levied on brokers who flouted compliance rules. Oguntade issued the warning during the Investiture and Gala Night Ceremony of the 13th Area Committee Chairman held in Abuja, urging members to take professional conduct seriously or risk losing their businesses.
“A few brokers have received minor fines, ranging from N13 million to N106 million. They must pay if they want to remain in business. If they don’t, they will have to shut down,” Oguntade said.
He stressed that members must attend mandatory training sessions, study operational guidelines, and apply ethical principles diligently in their practices. According to him, mere prayers or wishful thinking won’t shield brokers from sanctions if they neglect their responsibilities.
Oguntade further cautioned members against neglecting due diligence in client onboarding. He noted that law enforcement agencies, particularly the Nigerian Financial Intelligence Unit (NFIU), are keeping a close eye on suspicious insurance transactions.
“The era of jumping into accounts midway is over. You are supposed to profile your clients critically because the NFIU is watching you. They see the insurance broker as the weakest link in the financial sector,” he said.
He emphasized that professional integrity must be upheld, regardless of personal relationships. “Even if you’re my friend or sibling, you won’t be spared if caught in malpractice,” he declared, stressing zero tolerance for infractions.
Addressing the newly sworn-in Abuja Area Committee Chairman, Mr. Ojo Richard, the NCRIB President called for bold leadership that would eliminate operational bottlenecks and enhance member compliance. He noted the increasing demands on insurance brokers and the urgent need for credibility in the industry.
“Recently, we’ve had a series of demands on the broker profession. We cannot afford to lag behind. It is your duty as leaders to guide and inspire professionalism among members,” Oguntade added.
In his acceptance speech, the 13th Area Committee Chairman, Ojo Richard, pledged to focus on restoring and maintaining public trust in the insurance industry. According to him, the entire business of insurance is built on the foundation of trust and integrity.
“The major thing our industry thrives on is trust. I will encourage our members to live up to the confidence reposed in them by their clients. Our brokers will continue to operate with the best of integrity,” he said.
He also vowed to collaborate with NCRIB leadership to ensure adherence to regulations, uphold standards, and maintain the profession’s image amid growing public scrutiny.
The NCRIB crackdown comes amid increased regulatory oversight in the financial services industry. With concerns around money laundering, fake policies, and sharp practices, stakeholders believe stronger enforcement is critical to sustaining public confidence in insurance products.
In alignment with government financial reforms and enhanced monitoring tools like the NFIU database and regulatory tech by NAICOM, the Council appears determined to sanitize the space.
As Nigeria’s insurance sector positions itself for greater penetration and innovation, professional ethics and accountability remain paramount. The NCRIB’s recent sanctions, coupled with its push for capacity building and member sensitization, signal a bold step toward restoring credibility and public confidence in insurance brokers.
Tags: NCRIB, Insurance Brokers, Financial Regulation, Ethics, Fines, Nigeria Insurance Sector, NFIU
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