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The National Insurance Commission (NAICOM) said there is a need for better interaction among governance, compliance and national budget to build a resilient financial industry in the country.
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This, the Deputy Commissioner for Insurance (Finance and Administration) Olufemi Oba, stated at the 2024 Chartered Insurance Institute of Nigeria (CIIN) Business Outlook held in Lagos.
The Deputy Commissioner, who was represented at the event by the Assistant Director/Special Assistant of the commission, Kemi Kehinde, said financial institutions could reinforce their governance structures, strengthen compliance frameworks and align budgetary priorities with economic stability and growth objectives by addressing inherent challenges.
He stressed that ethical leadership, a commitment to transparency and a culture of integrity are essential in fostering trust among stakeholders and promoting sustainable development whilst safeguarding investor confidence and fostering inclusive economic growth.
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Oba maintained that the interplay between governance, compliance and national budget was fundamental to the integrity and growth of the financial industry and the broader economy.
“Governance frameworks establish the rules, practices, and structures that guide decision-making, ensure accountability, and promote transparency within financial institutions. Compliance with laws, regulations, and ethical standards is essential to uphold market integrity, protect investors, and mitigate risks,” he said.
Also, the President of CIIN, Edwin Igbiti, said the event was timely as the financial industry serves as the backbone of economies worldwide, playing a pivotal role in fostering economic growth, stability and innovation.
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