Chartered Insurance Institute of Nigeria THE ANNUAL ......2018 Annual Report & Financial Statements 2018 Annual Report & Financial Statements Chartered Insurance Institute of Nigeria

2 0 1 8 A n n u a l R e p o r t & F i n a n c i a l S t a t e m e n t s


PRESENTED AT THE ANNUAL GENERAL MEETING

OF THE INSTITUTE ON WEDNESDAY, 17TH JULY, 2019

AT THE CIVIC CENTRE,

VICTORIA ISLAND, LAGOS.

THE ANNUAL REPORT

OF THE GOVERNING COUNCIL

Page 01

Chartered Insurance Institute of Nigeria

TABLE OF CONTENTS

Page 02

PAGE

The Institute 3

Notice of 2019 Annual General Meeting 4

Governance 5

President's Report 12

Report of the Governing Council 18

Financial Statement 32

Members, Committees of the Governing Council

62



Chartered Insurance Institute of Nigeria27, Lagos Street, Ebute - Metta, Lagos, Nigeria.

Tel: +234 817 204 0914, +234 817 204 0916, +234 817 204 0917, +234 817 204 0919E-Mail: [email protected]: www.ciinigeria.com

MEMBER SATISFACTION, KNOWLEDGE, TRUST, EFFICIENCY

CORE VALUES

The Institute

TO PROVIDE A WORLD CLASS MANPOWER WITH THE HIGHEST STANDARD OF PROFESSIONAL

AND ETHICAL TRAINING FOR OPERATING EFFECTIVELY AND EFFICIENTLY IN THE NIGERIAN AND INTERNATIONAL

BUSINESS ENVIRONMENT

MISSION

TO REMAIN A WORLD CLASS PROFESSIONAL BODY COMMITTED TO THE PROVISION

OF AN EFFICIENT AND EFFECTIVE MANPOWER FOR THE INSURANCE INDUSTRY

VISION

Page 03

2.0. NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Chartered Insurance Institute of Nigeria will hold on Wednesday, 17th July, 2019 at The Civic Centre, Victoria Island Lagos by 11.00am to receive the annual reports of the Governing Council including the audited accounts and conduct election to fill the vacant seats in the Governing Council.

AGENDA FOR THE MEETING

1. COMMENCEMENT

2. MINUTES OF THE 2018 ANNUAL GENERAL MEETING HELD ON WEDNESDAY, 18TH JULY, 2018.

To adopt the Minutes of the last Annual General Meeting held on Wednesday 18th July, 2018 at The Oriental Hotel, Victoria Island, Lagos.

3. PRESIDENT'S AND GOVERNING COUNCIL REPORTS

To receive and approve the President's Report and the Annual Reports of the Governing Council for the year from July 2018 to June 2019.

4. FINANCIAL REPORTS

4.1. Treasurer's Report

To receive and approve the report of the Treasurer including the Audited Accounts for the year ended 31st December, 2018.

4.2. External Auditor's Report

To receive and approve the Auditor's Report for the year ended 31st December, 2018.

5. ELECTION INTO THE GOVERNING COUNCIL

5.1 To appoint a Returning Officer for the election.

5.2 To elect Four (4) members of Council

6. APPOINTMENT OF AUDITORS

To Appoint Auditors and authorize the Governing Council to fix the remuneration of the Auditors.

7. ANY OTHER BUSINESS

8. ADJOURNMENT

Dated Monday, 11th February, 2019

BY ORDER OF COUNCIL

Richard O. Borokini, ACII, AIIN

Director-General /Secretary to Council

Page 04



PAGE

3.0 GOVERNANCE

The Governing Council of the Institute

-Principal Officers

The Governing Council of the Institute

-Other Members

Chairmen, Committees of the Governing Council

Past Presidents of the Institute

Institute Chapters and Chairmen

Chief Executives of the Institute

6

7

8

9

10

11

Page 05

GOVERNING COUNCIL OF THE INSTITUTEPRINCIPAL OFFICERS

MR. EDDIE EFEKOHA, FCII, FIINPresident/Chairman of Council

SIR. M. O. OYEGUNLE, ACII, FIINTreasurer

MR. SAKIRU OYEFESO, ACII, AIINDeputy President

Page 06

MR. RICHARD O. BOROKINI, ACII, AIINDirector General/Secretary to Council



CHAIRMEN, COMMITTEES OF COUNCIL

1. Accreditation Committee

Chairman: Dr. Fatai K. Lawal, FCII, FIIN

Deputy: Mr. Edwin Igbiti, ACII, FIIN

2. Activities Committee

Chairman: Mr. Edwin Igbiti, ACII, FIIN

Deputy: Mr. Segun Omosehin, FIIN

3. Board of Fellows

Chairman: Chief Rasheed A. Williams, ACII, FIIN

Deputy: Sir. Ogala Osoka, FCII, FIIN

4. Building Committee

Chairman: Mrs. Oluseyi J. Ifaturoti, ACII, FIIN

Deputy: Dr. Fatai K. Lawal, FCII, FIIN

5. Board of College of Insurance & Financial

Management

Chairman: Mr. Oyefeso Sakiru, ACII, AIIN

Deputy: Sir. Muftau O. Oyegunle, ACII, FIIN

6. Disciplinary Committee

Chairman: Olola Frederick O. Ogunlana, ACII, FIIN, OFR

Deputy: Sir. Ogala Osoka, FCII, FIIN

7. Editorial &Media and Publicity Committee

Chairman: Mr. Wale Onaolapo, ACII, AIIN

Deputy: Mrs. Adetutu Arusiuka, FIIN

8. Education Committee

Chairman: Sir Muftau O. Oyegunle, ACII, FIIN

Deputy: Mr. Wale Onaolapo, ACII, AIIN

9. Enabling Law Review Committee

Chairman: Ven Olusola.O. Ladipo-Ajayi, FCII, FIIN

Deputy: Mr. Tope Smart, ACII, AIIN

10. Examinations Committee

Chairman: Ven Olusola.O. Ladipo-Ajayi, FCII, FIIN

Deputy: Mr. Sakiru Oyefeso, ACII, AIIN

Page 08

11. Fellowship Assessment Committee

Chairman: Mr. Sunny Adeda, FCII, FIIN

Deputy: Dr. Fatai .K. Lawal, FCII, FIIN

12. Finance and General Purposes Committee

Chairman: Mrs. Yetunde Olubunmi Ilori, ACII, FIIN

Deputy: Sir. Muftau O. Oyegunle, ACII, FIIN

13. Government Relations Committee

Chairman: Alhaji Bala Zakariya'u, ACII, FIIN

Deputy: Mr. Segun Omosehin, FIIN

14. Investigating Panel

Chairman: Mr. Emmanuel O. Eleoramo, ACII, FIIN

Deputy: Mr. Bode Opadokun, ACII, FIIN

15. M.C.P.D Committee

Chairman: Lady Isioma Chukwuma, ACII, FIIN

Deputy: Mr. Akinjide Orimolade, AIIN

16. Merit Award Committee

Chairman: Mrs. Funmi Babington-Ashaye,

Deputy: Mr. Wale Onaolapo, ACII, AIIN

17. Membership and Professional Standards

Committee

Chairman: Mr. Bola Temowo, FCII, FIIN

Deputy: Mr. Akinjide Orimolade, AIIN

18. Offices Representatives Committee

Chairman: Mr. Pius Karieren, AIIN, FIIN

Deputy: Mr. Gbenga Elusakin, AIIN

19. Technical Committee

Chairman: Mr. Edwin Igbiti, ACII, FIIN

Deputy: Mr. Gbenga Olawoyin, AIIN

FCII, FIIN

GOVERNING COUNCIL OF THE INSTITUTE

ELECTED MEMBERS

CO-OPTED MEMBERS

Mrs. Oluyanwo Ose, FIIN

President

Professional Insurance Ladies Association

Sir. Muftau O. Oyegunle, ACII, FIIN

Mr. Wale Onaolapo, ACII, AIIN

Mr. Edwin Igbiti, ACII, FIIN

Mrs. Yetunde Olubunmi Ilori, ACII, FIIN

Mr. Bode Opadokun, ACII, FIIN

Mr. Akinjide Orimolade, ACII, FIIN

Mr. Tope Smart, ACII, AIIN

Mrs. Adetutu Arusuika, FIIN

Mr. Kamorudeen O. Sule, FIIN

Mrs. Yetunde A. Adenuga, FIIN

Mr. Segun Omosehin, FIIN

Mr. Oluwagbemiga Olawoyin, AIIN

REPRESENTATIVES OF OTHER BODIES

Alhaji Muhammed Kari, ACII, AIIN

Commissioner for InsuranceNational Insurance Commission

Mr. Tope Smart , ACII, AIIN

Chairman Nigerian Insurers Association

Mrs. Yetunde Olubunmi Ilori, ACII, FIIN

Director GeneralNigerian Insurers Association

Mr. Sola Tinubu , ACII, AIIN

PresidentNigerian Council of Registered Ins. Brokers

Mr. Shamsideen Femi Hassan, ACII, AIIN

PresidentInstitute of Loss Adjusters of Nigeria

Mr. Pius A. Karieren, FIIN

ChairmanOffices Representatives Committee

OTHER MEMBERS

Olola Frederick O. Ogunlana, ACII, FIIN, OFR

Prof. Joseph O. Irukwu, FCII, FIIN, SAN

Mr. Emmanuel B. Onifade, ACII, FIIN

Chief Rasheed A. Williams, ACII, FIIN

Elder (Dr.) Adelani K. Oniwinde, FCII, FIIN

Mr. Bolaji O. Banjo, ACII, FIIN

Chief Olufemi A. Peters, ACII, FIIN

Mr. Ope Oredugba, ACII, FIIN

Sir.Ogala Osoka, FCII, FIIN

Ven. Olusola O. Ladipo-Ajayi, FCII, FIIN

Mr. Emmanuel O. Eleoramo, ACII, FIIN

Alhaji Bala Zakariya'u, ACII, FIIN

Mrs. Oluseyi Ifaturoti, ACII, FIIN

Mr. Adeyemo Adejumo, ACII, FIIN

Mr. Sunny Adeda, FCII, FIIN

HRM (Dr.) Julius O. Adetimehin, ACII, FIIN

Dr. Fatai K. Lawal, FCII, FIIN

Mr. Bola Temowo, FCII, FIIN

Lady Isioma Chukwuma, ACII, FIIN

Mrs. Funmi Babington-Ashaye, FCII, FIIN

Page 07



Page 09 Page 10

PAST PRESIDENTS OF THE INSTITUTE INSTITUTE CHAPTERS AND CHAIRMEN

1960: Mr. E.C. McNestry, ACII, FIIN

1961: Mr. E.F. Elebute, ACII, FIIN

1962: Mr. J.W. Farnsworth, ACII, AIIN

1963: Mr. T.A. Braithwaite, ACII, FCIB, FIIN, CFR

1964: Mr. J.H. Day, ACII, FIIN

1965: Mr. D.S. Pritchard, ACII, FIIN

1966: Mr. T.A Braithwaite, ACII, FCIB, FIIN, CFR

1967: Mr. V.H. Twyford, ACII, FIIN

1968: Mr. B.A. Braithwaite, ACII, FIIN

1969: Mr. B.S. Sulzmann, FCII, FIIN

1970: Chief J. Akin George, ACII, FIIN, FCIB, OFR

1971: Mr. J.H Day, ACII, FIIN

1972: Chief S.O. Ogunniyi, ACII, FIIN

1973: Mr. E.C. McNestry, ACII, FIIN

1974: Olola F.O. Ogunlana, ACII, FIIN, OFR

1975: Mr. V.H. Twyford, ACII, FIIN

1976: Prof J.O. Irukwu, FCII, FIIN, SAN

1977: Mr. Olayinka Lijadu, ACII, FIIN, MON

1978: Mr. E.B. Onifade, ACII, FIIN

1979: Mr. H. M. Black, ACII, FIIN

1980: Chief R.A. Williams, ACII, FIIN

1981: Mrs. C. M. Okpaise, FCII, FIIN

1982: Chief J. Akin George, ACII, FIIN, FCIB, OFR

1983: Mr. B.A. Lawson, ACII, FIIN

1984: Otunba A. B. Ajomale, ACII, FIIN

1985: Mr. K.A. Onalaja, ACII, FIIN

1986: Ogbuefi, F.C. Nwokolo, ACII, FIIN

1987: Mr. E.A. Aina, ACII, FIIN

1988: Elder (Dr.) A.K. Oniwinde, FCII, FIIN

1989: Mr. B.O. Banjo, ACII, FIIN

1990: Erelu O. O. Aina, ACII, FIIN

1991: Chief (Dr) O.A. Bailey, ACII, FIIN

1992: Mr. A.O. Adekoya, ACII, FIIN

1993: Chief O.A. Peters, ACII, FIIN

1994 & 1995: Mr. Ope Oredugba, ACII, FIIN

1996 & 1997: Mrs. C.A. Rowaiye, FCII, FIIN

1998 & 1999: Sir. Ogala Osoka, FCII, FIIN

2000 & 2001: Ven. Olusola O. Ladipo-Ajayi, FCII, FIIN

2002: Mr. E.O. Eleoramo, ACII, FIIN

2003 & 2004: Alhaji Bala Zakariya'u, ACII, FIIN

2005 & 2006: Mrs. Oluseyi Ifaturoti, ACII, FIIN

2007 & 2008: Mr. Adeyemo Adejumo, ACII, FIIN

2009 & 2010: Mr. Sunny Adeda, FCII, FIIN

2011 & 2012: HRM (Dr.) Julius O. Adetimehin, ACII, FIIN

2013: Dr. Fatai Kayode Lawal, FCII, FIIN

2014: Mr. Bola Temowo, FCII,FIIN

2017 Mrs. Funmi Babington-Ashaye, FCII, FIIN

2015 &2016: Lady Isioma Chukwuma, ACII, FIIN

[email protected],1. ABUJA MR. JOHN U.IBE 08036177938 [email protected]

[email protected]

[email protected]. ANAMBRA MR. CYRACUS AKUJOBI 08033457426

[email protected]

[email protected]. CROSS RIVER MR. ANI NTEKIM 08036870741 [email protected]

4. DELTA MR. OJABANJO ADELEKE 08023007023 [email protected]

5. EDO MR. MOMODU I. MUSA 08038418135 [email protected]

.

6. ENUGU MR. EMMANUEL ONU 08033946251 [email protected]

7. IMO MR. SILAS NWOSU 08033289761 [email protected]

8. KADUNA MR. OJO JOHN ADEYEMI 08023724980 [email protected]

9. KANO MR. MUSTAPHA ABBA 08036056852 [email protected]

ALHAJI TAOFIK ALANI 10. OGUN 08062868500 [email protected]

OSHUNDARA

[email protected], 11. OYO MR. WALE OLADEBO 08033826997

[email protected]

12. RIVERS MR PETER OKWE 08129777776

08033253200 [email protected]

E-mailPHONE NOCHAIRMAN CHAPTERS/NO



Page 11 Page 12

PAST REGISTRARS AND DIRECTORS GENERAL

Mr. Kolawole R. Ahmed, FCII, FIIN

Barr. Adegboyega Adepegba, MPA, BL, LLB

Late Mr. David O. Aburo, ACII, AIIN

Barr. Sylvester E. Unigwe, ACII, AIIN

Lady Claudiana A. Brown, ACII, FIIN

Late Otunba Biodun Banwo, MPA

Director General, 2013-2016



Registrar, 1996-1999

Registrar, 1993-1996

Pioneer Registrar, 1987-1993

-

-

-

-

-

-

CHIEF EXECUTIVE OFFICERS OF THE INSTITUTE

MR. Richard O. Borokini, ACII, AIIN

Director General/Secretary to Council

imprint the ethos of the Chartered Insurance Institute of

Nigeria on the industry and on our dear nation Nigeria.

Against this background, the following concerns were

vigorously pursued during the past eleven months.

1. Infrastructural Development at the College of

Insurance and Financial Management

2. Advancing Insurance Education

3. Professional Development

1. INFRASTRUCTURAL DEVELOPMENT AT

THE COLLEGE OF INSURANCE AND

FINANCIAL MANAGEMENT

The College of Insurance has grown in leaps and

bounds since the first foundation was laid on the

premises. Today the College stands tall as a key

enabler of academic excellence in the Insurance

industry, contributing its quota to the promotion of

manpower development and the growth of the industry.

Taking into account, the progress made by my

predecessors over the years, it was important that I did

not let up on the development of the college during the

period under review. Distinguished members of our Institute, ladies and

I am pleased to inform you that preliminary work on the gentlemen, it is with gratitude in my heart and an untold construction of an Ultramodern Auditorium has feeling of joy, that I would like to welcome you to the commenced. The cost of the project has been 2019 Annual General Meeting of the Institute.determined N285million, and the Institute has

Time they say flies so fast, it empties out like water committed N100million to it. We have also identified being turned into a basket. It seems just like yesterday individuals and organisations to be approached for when I took my vows to steer the ship of the Institute to financial support to ensure that the project is completed greater heights; but in all reality, eleven months have within schedule. elapsed. It has been an experience that has been

A new industrial borehole was installed at the College to challenging and as well rewarding. I am most grateful ease the water challenges faced hitherto.for the journey and the learning experience it has

turned out to be. We have also completed the construction of a Lawn

Tennis court on the campus to ensure that an enabling On the occasion of my investiture, I made some environment is created for the promotion of mental and pledges that were focused on issues pertaining to the physical growth of the mind and body. overall development of the Institute and the Insurance

Industry. These issues were reflective of the theme of It is equally worth reporting that the Rector's Lodge and

my presidency; ADVANCING INSURANCE Staff Quarters have been furnished. The Rector and

EDUCATION AND PROFESSIONALISM. During my Members of Staff reside on campus to ensure the

journey I have ensured that most of these pledges have smooth running of the college and provision of quality

been fulfilled. All the activities carried out during my services.

presidency were borne from an innate desire to further

MR. EDDIE EFEKOHA, FCII, FIINPresident/Chairman of Council

PRESIDENT'S REPORT



Page 13 Page 14

2. ADVANCING INSURANCE EDUCATION consecutive diets of taking up the offer

automatically terminates the scholarship Advancing Insurance Education revolves around the

mission of the Institute which is to provide world-class • the scholarship commencement date must be

manpower empowered with the required training to between two consecutive calendar years from

operate effectively. the date of graduation

During the period under review we spread our In fulfillment of this programme for this year, full

tentacles both locally as well as internationally in order scholarship was awarded to the best graduating

to retrain and retain existing practitioners and equally student from Joseph Ayo Babalola University. The

encourage new entrants. The following developments same scheme has been extended to the Federal

are worth mentioning. Polytechnic Offa, UNILAG, LASU, The Polytechnic

Ibadan, Niger Delta University, University of Uyo, (A) NEW SYLLABUS

Ahmadu Bello University, College of Insurance and

Financial Management and the West African The Governing Council of the Institute has approved a Insurance Institute, Gambia. new Syllabus which is scheduled to take effect from

October 2020. The Institute is also going through the (C) YOUTH EMPOWERMENT

process of domesticating Insurance textbooks to

reflect Nigerian Industry references. In continuation of the foundation laid by the immediate

past President Mrs. Funmi Babington-Ashaye, the Currently the Institute maintains two international

Institute's youth empowerment programme was centres, Banjul in Gambia and Kigali in Rwanda.

amplified to further highlight the Institute's focus on the Currently, talks are at an advanced stage to inaugurate

Generation Z. The NYSC Youth empowerment a third examination centre in Buea, Cameroun. The

programme of the Institute was rounded up on the 2nd centre is to be included in the programme for the

of March, 2019. The top three (3) students were October 2019 diet. To further promote inclusion and

awarded scholarships at the College of Insurance and affordability of the Institute's examinations, the

Financial Management. Governing Council approved a 20% discount for

students' studying insurance in tertiary institutions. A millennials assembly was held at the Institute on

This was implemented during the April diet and will Tuesday 11th December, 2018. The programme was a

remain a feature of the institute's examinations going gathering of Insurance Professionals below thirty five

forward. years of age. It was to know their opinion on how to

improve the relevance of the Institute to the younger (B) BEST GRADUATING STUDENTS SCHEME

generation and also move the Insurance Industry

forward. A boot camp was also organised by the The Institute has equally instituted the “Best Institute to train young insurance professionals on Graduating Insurance Student” Award in accredited leadership and social skills. The programme has been Institutions subject to the following terms and integrated into the annual calendar of the Institute. conditions:

3. PROFESSIONAL DEVELOPMENT• the scholarship covers examination fees for all

Associateship courses taken once. Repeat of A. Sustaining Established working relationship

any of the courses will not fall within the terms of with Chartered Insurance Institute, United

the scholarship.Kingdom

• the courses are to be entered for within a The agreed work-study programme between the two

maximum period of two consecutive diets from Institutes was held between 19th - 26th March, 2019.

the date of first use of the scholarship. Failure to The programme afforded the Institute an opportunity to

complete the examination within two present a lot of important requests to the CII UK during

our meeting with the Management Executives of the resonates loud. Other programmes such as the

Institute. The requests were focused around receiving Breakfast Seminar, CIIN/LBS Seminar and the CIIN

approvals from CII UK to domesticate its course books Business Outlook have served as veritable platforms to

for use in Nigeria, conferment of fellowship on CIIN communicate to insurance stakeholders and the

members through a simplified process, and ease of general public, the gains of insurance as a profession

remittance of subscription between the two Institutes and as a service.

amongst others. 5. SUSTENANCE OF THE IDEALS OF THE

B. Standardization of Insurance Agents INSURANCE INDUSTRY CONSULTATIVE

Certification COUNCIL (IICC)

The certification course for agents has been A. National Insurance Conference

repackaged by the college to reflect the requirements The IICC has been in the forefront of the campaign to

of the Industry. The Institute has also implemented the reposition the Insurance Industry in Nigeria. The

Governing Council's decision to make membership of National Insurance Conference has equally turned out

the Institute as a pre-requisite for the issuance of the to be an invaluable platform to promote insurance

Agency Certificate. It is intended to bring the agents awareness and elicit the participation of the Federal

under the Code of Ethics. Government in our activities. During my tenure, The

C Introduction of Single Subjects of National Insurance Conference took place in June,

Examinations in special areas of practice 2019 with the theme “Disruptions, Innovations and

Growth”. The theme addressed the emerging trends The Governing Council has approved specialized

inherent in the business world and the opportunities certificates courses for Takaful, Laws of Loss Adjusting,

presented by these trends.Energy Insurance, Micro Insurance and Brokerage.

The coursebooks to be used for these programmes are B. IICC Seminar on compulsory insurances

equally being put together by the team handling the One of the key resolutions of IICC as a contributor to

domestication of course books.growth and development of the Insurance Industry is to

4. PROMOTING INSURANCE AWARENESS BY organize training programmes for insurance

LEVERAGING ON RELEVANT PLATFORMS stakeholders on the compulsory insurances in Nigeria

in order to increase awareness on the importance of The core of our activities at the Institute is focused on

insurance and also propagate the insurance industry growing the Insurance Industry. Throughout the year in

agenda. focus, the Institute leveraged on all platforms, social

and educational to drive home its many benefits as a As a follow-up to the previous insurance industry

profession and as a service. training held in Abuja, the IICC held a two day training

for middle and senior level officers engaged in the The Institute's significant social programmes which

enforcement of compulsory insurance in Asaba, include the Family Picnic, the Fitness Walk, the Delta State on Tuesday 5th and Wednesday, 6th Christmas Carol amongst others have served as a February 2019. The seminar aimed at sensitizing and viable medium to promote insurance as a lifestyle. The updating the stakeholders for effective implementation experiential value of these events continues to provide and enforcement of the compulsory insurances. The top of mind awareness to insurance stakeholders and training recorded one hundred and seventy two the general public. participants drawn from different government

parastatals within the state. From examinations to the Professionals' Forum, the

Institute's voice in the crusade for industry excellence



6. RECOGNITION OF INDUSTRY ELDERS v. The Delta State Governor, Senator Ifeanyi

Okowa (ELDERS FORUM)

During these visits, the Institute firmly communicated At the Institute, we value the experience that comes the importance of insurance as a profession and as a with age and are constantly reminded to respect and course of study.

cherish the wisdom of the elders. In the light of this, I

maintained the tradition instituted by my predecessor It is important to point out that during the visit to the

by organizing the 2019 Elders Forum. The Elders Delta State Government, we donated 500 copies of the

book “Insurance for Secondary Schools” to the Delta Forum was necessitated by the need to ensure

State Government. stakeholders who have given their best years to the

industry still remain part and parcel of the Institute and 8. PUTTING THE INSTITUTE AS A FIRM

its activities. It ensures that we assure the elders of FIXTURE ON THE GLOBAL STAGEinclusion and reassure them that their wise counsel

The Institute remains committed to ensuring the brand remains invaluable to the growth of the Institute and the is recognized on the global stage for what it represents,

Industry. a body focused on manpower development for the

It was a heartwarming reunion, seeing all the Elders growth of the insurance Industry locally and

gathered once again under one roof, reliving old times. internationally. The Institute embarked on an

The Institute remains committed to acknowledging the “INTERNATIONAL EXECUTIVE PROGRAM”

Insurance Industry elders and giving honour to whom it focused on acquainting stakeholders and thought

is due. We appreciate their efforts and we shall leaders within the insurance industry with international

continue to sustain their sense of belonging while they best practices and strategies. This year's programme

live. It is our duty to keep them abreast of the was aptly themed ''EMBRACING INSURANCE

developments in the industry and leveraging on this TRENDS FOR GROWTH” and held in Houston, USA.

platform amongst others, we shall continue to do so. The one week programme provided participants with

deep insight on emerging trends and best practices 7. C O U R T E S Y V I S I T S TO I N D U S T RY

which I hope will be put to use for the growth of the STAKEHOLDERS, TRADITIONAL RULERS

Nigerian Insurance Industry. The programme also AND GOVERNMENT INSTITUTIONS TO

afforded us an opportunity to project the Institute and PROMOTE ADVOCACY AND STAKEHOLDER

its ideals to an international audience. PARTICIPATION

9. 60TH ANNIVERSARYWe paid courtesy visits to NAICOM, Traditional Rulers

and Government Institutions to boost advocacy, inter- We are celebrating sixty years of the Institute's

agency collaboration and build partnerships that will existence this year. Sixty eventful years of providing a

position our Institute for growth. In pursuit of this platform for promoting industry excellence through

agenda, I led members of the Council on courtesy visits manpower development. It is an achievement that calls

to; for celebration as well as a lot of reflection. The Institute i. National Insurance Commission/Commissioner is focused on reinventing itself in order to ensure that it

for Insurance considerably improves on its operations and services.

The vision remains the same, to remain a world class ii. The Alake of Egbaland, HRM, Oba Adedotun professional body committed to providing efficient and Aremu Gbadebo III effective manpower for the Insurance Industry.

iii. The Olubadan of Ibadan, HRM, Oba Saliu Events have been lined up to commemorate this Akanmu Adetunjilandmark and fill ourselves with a sense of pride over

iv. The Governor of Oyo State, Senator Abiola our achievements through the years.

Ajimobi

Page 15 Page 16

TIMELINE OF MR. EDDIE EFEKOHA PRESIDENCY (JULY 2018 TILL DATE)

S/N DATE EVENT

1 24th July, 2018 Investiture as President of the Institute

2 14th August, 2018 Chaired Presidential Retreat

3 18th August, 2018 Flagged off the 2018 CIIN Annual Picnic

4 20th August, 2018 Chaired Management Advisory Committee Meeting

5 28th August, 2018 Chaired CIIN Governing Council Meeting

6 11th September, 2018 Led CIIN delegation on courtesy visit to NAICOM

7 18th September, 2018 Led a delegation from the Institute to visit the Alake of Egbaland during the 2018 Annual Insurance Professionals’ Forum

8 19th September, 2018 Flagged off the Inaugural Professionals’ Golf Tournament at Sagamu Golf Club

9 20th September, 2018 Declared Open the 2018 Annual Insurance Professionals Forum in Abeokuta.

10 27th September, 2018 Declared Open the September 2018 Edition of the CIIN Breakfast Seminar

11 4th October , 2018 Declared Open the 2018 ORC Workshop

12 16th October, 2018 Chaired IICC Meeting

13 17th October, 2018 Held a Presidential Media Briefing/Parley with Insurance Correspondents.

14 6th November, 2018 Chaired the CIIN Management Advisory Committee Meeting

15 7th November, 2018 Led a delegation from the CIIN on a courtesy visit to Olubadan of Ibadan, Oba Saliu Akanmu Adetunji on the occasion of the 2018 Education Seminar

16 7th November, 2018 Led a delegation from the CIIN on a Courtesy visit to Governor of Oyo State, Senator Abiola Ajimobi on the occasion of the 2018 Education Seminar

17 8th November, 2018 Delivered the Opening Speech 2018 CIIN Annual Education Seminar

18 13th November, 2018 Chaired CIIN Governing Council Meeting

19 27th November, 2018 Chaired IICC Meeting and inaugurated IICC Conference Planning Committee



Page 17 Page 18

20 29th November, 2018 Led a delegation from the Institute on a courtesy visit to the Nigerian

Insurers Association

21 6th December, 2018 Delivered opening address at the CIIN Induction and Graduation

Ceremony

22 11th December, 2018 Led a delegation from the Institute on a courtesy visit to NCRIB

23 11th December, 2018 Held first Mentorship Programme for young Professionals interactive

session

24 12th December, 2018 CIIN Annual Christmas Carol

25 11th January, 2019 Delivered opening speech at the CIIN 2019 Elders Forum

26 6th February, 2019 Delivered opening speech at the IICC Training on Compulsory

Insurances in Asaba, Delta State.

27 6th February, 2019 Led a delegation of the CIIN on a courtesy visit to the Office of the Delta

State Governor, Senator Ifeanyi Okowa and donated 500 Insurance for

Secondary Schools Textbooks to the Delta State Government.

28 19th February, 2019 Declared open the 2019 CIIN Business Outlook Programme.

29 14th March, 2019 Led a delegation of IICC members on a courtesy visit to the

Commissioner for Insurance with respect to the National Insurance

Conference 2019.

30 18th March, 2019 Led a delegation of Executives and delivered the opening speech at the

CIIN International Executive Program in Houston, Texas.

31 26th March, 2019 Led a delegation from the CIIN to CII UK as part of ongoing plans to

deepen collaborations between both Institutes.

32 10th April, 2019 Gave opening address at the CIIN/LBS Seminar for the Top Echelon of

the Insurance Industry.

33 27th April, 2019 Led the 2019 CIIN Fitness Walk

34 16th May, 2019 Chaired CIIN Governing Council Meeting

35 22nd May, 2019 Delivered Opening Speech at Ramadan Tafsir

S/N DATE EVENT

4.0. REPORTS OF COMMITTEES OF COUNCIL4.0 COMMITTEES OF THE GOVERNING COUNCIL REPORTS

PAGE

4.1 Membership Services 19

4.2 Educational and Professional Development 21

4.3 Examinations and Qualifications 23

4.4 College of Insurance and Financial

Management

28

4.5 Social Activities 30



Page 20

4.1 MEMBERSHIP SERVICES

Page 19

MEMBERSHIP DUES

Members of the Institute in various insurance companies and other parastatals have continued to support the growth of the Institute through payment of their annual dues. Although, there is increase in the number of members exempted from paying subscription, the Institute has ensured the collection of subscription and increased its income. The subscription received in 2018 was N43,663,450.96.

MEMBERSHIP STRENGTH

Category July 2018 June 2019

Fellows 210 212

Associates 3200 3336

Senior Members 95 101

Ordinary Members 5986 6974

INSTITUTE CHAPTERS

Retreat

The 2018 retreat for all Chapter Chairmen was held thon Wednesday 7 November, 2018 at Premier Hotel,

Ibadan. The Chapter Chairmen had the opportunity to share ideas among themselves. The way forward for Institute through insurance awareness and growth of insurance education amongst others were discussed.

The Chapters were advised at the retreat as follows;

i. to hold regular quarterly meetingsii. to focus more on educational programmes than

social activitiesiii. to forward list of members who attended

programmes for update of MCPD records.

The Chairmen appealed to the National Secretariat to provide help desk for Chapter matters. In line with this, a WhatsApp chat forum had been set up by the National Secretariat to take care of various Chapter matters.

Abuja, Anambra, Cross Rivers, Delta, Edo, Enugu, Imo, Kaduna, and Kano Chapters are to hold election of new executives in 2019. Two (2) out of the nine (9) Chapters, Abuja and Kaduna had held their election.

GrantsThe Institute released operational grants to the following

Chapters in 2018.

i. Edo N300,000ii. Kaduna N600,000iii. Kano N300,000iv. Ogun N600,000v. Oyo N600,000vi. Rivers N600,000

Grants were not released to Chapters that did not

forward their report on how the last operational grant was

spent and those who are yet to comply with the

Guidelines and Regulations for the Establishment of

State Chapters of the Institute.

2018 GOVERNING COUNCIL ELECTION

The election process to fill the four (4) vacant seats in the

Governing Council of the Institute was concluded at the th2018 Annual General Meeting on Wednesday 18 July,

2018 at Lagos Oriental Hotel, Victoria Island. Five (5)

vacant seats were filled as against the four (4) vacant

seats earlier declared. This was due to the election of Mr.

Sakiru Oyefeso, one of the elected twelve members as

the Deputy President of the Institute.

The Institute issued 1306 ballots to financial Professional

members but only 406 ballots were returned which was

31% of the issued ballots. This was not encouraging as

many professional members do not get involved in the

election exercise.

Mrs. Yetunde Ilori, Chairman of the Electoral Committee

announced the results of the election as follows.

S/N CANDIDATES VOTES REMARK

1. Mr. Temitope S. Smart 321 Elected

2. Mr. Akinjide O. Orimolade 313 Elected

3. Sir. Muftau O. Oyegunle 276 Elected

4. Mr. John O. Opadokun 238 Elected

5. Mr. Oluwagbemiga Olawoyin 193 Elected

Certificates of election and membership of the INDUCTION CEREMONY

Governing Council for a period of three (3) years was One hundred and thirty eight (138) members having

presented to the five (5) elected Candidates by the completed the Institute’s qualifying examination and

President, Mrs. Funmi Babington-Ashaye.fulfilled the conditions for election as Associates of the

Institute and three (3) Fellows were inducted at the 2018 thFELLOWSHIP AWARD Induction Ceremony which took place on Thursday 6

December, 2018 at Ten Degrees Event Centre, Three members were conferred with the Fellowship of

Billingsway, Ikeja. The Induction lecture “The Insurance the Institute in 2018. There were two Associates who

Industry and Professional Integrity” was delivered by went through the fellowship process and one honorary

Mr. Tope Smart. fellow.

The President, Mr. Eddie Efekoha presented The candidates submitted dissertation from the

Certificates to Associates as well as the award of selected research fields listed below and defended their

excellence to outstanding students. He also admitted reports during the interactive session with the

the three (3) Fellows into the Society of Fellows.Fellowship Assessment Committee.

PROFESSIONAL ETHICS AND CONDUCTi. Insurance Consumers Protection

The Institute reviewed and launched a new code of ii. New Frontiers in Insurance Market (Micro

ethics at the 2018 National Insurance Conference, Insurance, Cyber Risk, etc)

Abuja. The reviewed Code of Ethics which is Principled

iii. Life Assurance Product and Penetration in Nigeria Based is aimed at promoting the ethical culture in the

insurance profession and to ensure a systematic Mrs. Okosun Izilen Bernice of Nigerian National

disciplined approach. It also evaluates and improve the Petroleum Corporation and Mr. Olona Oladimeji Abiola

effectiveness of risk management and corporate of LASACO Assurance Plc, the two (2) successful

governance. The Code of Ethics applies to all Insurance applicants were approved by the Governing Council for

Practitioners. A session was set aside at the 2018 the award of the Institute’s Fellowship based on the

Insurance Professionals’ Forum to enlighten members assessment of the Fellowship Assessment Committee

on its content and compliance.and recommendation of the Board of Fellows.

Chief Ajibola Ogunshola was also honoured with the

Institute’s Honorary Fellowship based on his

contributions towards the growth of the Insurance

Industry.



Page 21 Page 22

INSURANCE PROFESSIONALS’ FORUM NYSC YOUTH EMPOWERMENT PROGRAMME

The 2018 Insurance Professionals' Forum with theme “The The Institute initiated a Youth Empowerment Programme with Insurance Industry: Beyond Limits” was held from Wednesday the last batch of Youth Corpers in Lagos in December, 2018. 19th September to Saturday 22nd September, 2018 at Park The programme is aimed at sensitizing Youth Corpers on the Inn by Radisson, Abeokuta, Ogun State. The event has relevance and importance of Insurance and to avail them of continued to attract larger participation with the growing the opportunities that abound in the Insurance Industry.enthusiasm shown by Professionals in the Insurance Industry.

TRAINING ON COMPULSORY INSURANCESThe Keynote Address was presented by the Commissioner for Insurance, Alhaji Mohammed Kari, after the welcome address The 2019 Edition of Training on Compulsory Insurances was by the President, Mr. Eddie Efekoha. There were four (4) held on Wednesday 6th February, 2019 at the Swiss Spirit discussion panels made up of notable personalities in the Hotels Mardezok, Asaba, Delta State.Insurance Industry. Their views and opinions on the topics provided food for thought for delegates. The panelists were; One hundred and Seventy two participants drawn from Mr. Hassan- Odukale Oye, Mr. Oshin Oluwole, Mr. Ojumah ministries, parastatals, para military, and Transport Unions Valentine, Mrs. Emenike Rachel Voke, Mr. Jeremy Mullen, were taken through:Ven. Ladipo-Ajayi Olusola, Mrs. Ilori Yetunde, Mr. Tinubu Sola and Mr. Egbuniwe Reginald. • Introduction to the Principle of Insurance

• Insurance Claims AdministrationThe President led an entourage of Council members on a visit • Liability/ Compulsory Insurancesto the Office of the Ogun State Governor, Ibikunle Amosun and • Assessment and Rating of Compulsory Insurances.the Palace of Alake of Egbaland.

The programme was quite rewarding to the participants who The event was spiced with a Golf tournament and raffle draw. recommended through the feedback received from the The raffle draw was of three (3) categories with a free weekend administration of questionnaire, that the programme should be at Park Inn by Radisson as the star prize. Fifteen other replicated for lower and middle-level Officers of government consolation prizes were won by other lucky winners. parastatals.

The 2018 Insurance Professionals' Forum was attended by ACCREDITATION four hundred and fifty (450) delegates compared to the four

Insurance Awareness Creation hundred and sixteen (416) delegates that attended in 2017. The Forum which was created to allow for exchange ideas We concentrated on the South-East and South-South regions among Insurance Professionals has continued to be a must of Nigeria in our drive to heighten the awareness for Insurance attend event by members. as a business and course of study. We engaged Delta State

University, Abraka, Delta State to ensure that Insurance is 2018 EDUCATION SEMINAR embraced as a course at the next available opportunity. We

also visited Asaba, the Delta State Capital on the drive towards The 2018 Educational Seminar was held in Ibadan at Premier increasing the awareness of insurance in the South South part Hotel from Wednesday 7th to Friday 9th November, 2018. of Nigeria.

The Theme of the seminar was “Insurance Penetration In the South-East, we worked through the Chapter Chairmen through Value Creation”. The Guest Speaker was for Enugu, Mr. Emmanuel Onu and Imo, Mr. Silas Nwosu, who Dr. (Mrs.) Yeside Oyetayo, Rector, College of Insurance and have been following up with the various institutions in their Financial Management (CIFM). Chapters in order to encourage insurance knowledge

penetration in the region. The Sub-Themes and Discussants were:

Accredited Institutions • Claims Perspective - Mr. Joseph Oladekun ,Deputy

We re-engaged with the ten (10) accredited institutions so as General Manager, Technical, Mutual Benefits Assurance to ensure that the standards of insurance education for our Plc “generation next” is not compromised.

• Information Technology Perspective - Mr. Lekan There are eight (8) accredited higher institutions and six (6) Oguntunde, Head Information Technology Department, tutorial centres. Two higher Institutions namely; Lagos State Sovereign Trust Insurance Plc Polytechnic, Lagos State and University of Uyo, Akwa Ibom

State are currently in the process of being re-accredited. • Optimizing Branch Operation for Insurance Penetration -

Dr. Rufus Olubunmi Olumide, Branch Manager NEM The accredited tertiary institutions and tutorial centres are: Insurance Plc (Ibadan Branch) · Federal Polytechnic, Offa, Kwara State

· University of Lagos, Akoka, Lagos State• Regulatory Perspective. Mr. Pius Agboola, Director · Joseph Ayo Babalola University, Arakeji, Osun State

(Inspectorate) NAICOM. · Lagos State University, Lagos State

4.2 EDUCATIONAL AND PROFESSIONAL DEVELOPMENT · The Polytechnic, Ibadan, Oyo State 19th February, 2019 at Lagos Oriental Hotel, Victoria Island · Ahmadu Bello University, Zaria, Lagos.· Niger Delta University, Yenagoa, Bayelsa State· College of Ins.& Fin. Management, Asese, Ogun State Dr. Andrew S. Nevin, Partner, Financial Services Advisory · Insurance Training Institute, Onipanu Leader, Chief Economist, Price Waterhouse Cooper (PWC) · Remtop Ins. Training Institute, Ojota, Lagos State Nigeria was the main Guest Speaker.· CIIN, Tutorial House, Sabo, Yaba, Lagos State· Klass Ins. Training Centre, Mende, Maryland, Lagos State Two other speakers at the event were:· Momentum Associates, Ilupeju, Lagos State

- Mr. Okey Udezue, Managing Partner/CEO, Don · Bamfok Int'l Consultancy Service (Nigeria), Lagos State. Mitchell and Co.

In addition, during the period under review, the Institute re-- M r. O . S . T h o m a s , D e p u t y C o m m i s s i o n e r

appraised and certified the College of Insurance and Financial (Technical) Nat ional Insurance Commission

Management, Asese, Ogun State and University of Lagos, (NAICOM).

Akoka, Lagos State.

The Business Outlook Seminar is usually held after the There will be more accreditation visitations and insurance National Budget has been presented to the nation, to analyze awareness drive to other tertiary institutions and tutorial and determine its thrusts and effect to the Insurance industry in houses next year. particular and the country as a whole.

2018 SEPTEMBER EDITION OF BREAKFAST SEMINAR C H A R T E R E D I N S U R A N C E I N S T I T U T E O F NIGERIA/LAGOS BUSINESS SCHOOL SEMINAR FOR The programme focused on the contemporary and trending THE TOP ECHELON OF THE INSURANCE INDUSTRY. issues impacting the insurance industry.

The 2019 CIIN/LBS Seminar for Top Echelon of the Insurance The September edition had the theme “Corporate industry was held on Tuesday 10th April, 2019 at the Lagos Governance Issues in Business” was held on Thursday 27th Business School premises, Lekki - Epe Expressway, Ajah, September, 2018 at Golden Gate Paradise, Ikoyi, Lagos. Dr. Lagos.Christopher Kolade CON (formal High Commissioner to the United Kingdom) was the Guest Speaker . The theme of the seminar was “Driving Sustainable Business

Model in the Financial Services Sector in Emerging Market”PROFESSIONALISM AND ETIQUETTE IN WORK PLACE

Faculty members of the Lagos Business School were the The Chartered Insurance Institute of Nigeria (CIIN), in facilitators at the event. collaboration with POISE Nigeria held the programme on Wednesday 17th October, 2018. The programme had faculty CIIN/UNILAG COLLABORATION members of POISE Nigeria as facilitators.

A unique collaboration was entered with the University of Lagos, Akoka, whereby AIIN and FIIN holders can apply to The programme focused on the essence of professionalism UNILAG for an Academic Masters’ Programme in Risk and etiquette in the work place was attended by nineteen Management and Insurance with effect from 2019/2020 participants.academic session. Members can thereafter enrol for PhD.

Questionnaire and certificate of attendance were given to CIIN/BABCOCK COLLABORATION participants at the end of the one-day programme.

We also partnered with Babcock University, Ilishan, Ogun 2018 ANNUAL ORC WORKSHOP

State to develop curriculum for Insurance at the undergraduate level, The would-be-graduands from the

The 2018 Annual O.R.C Workshop with the theme “Retail University will be eligible for maximum exemptions possible

Insurance Distribution Perspective: Challenges and from the Institute’s examination.

Opportunities” was held on Thursday 4th October, 2018 in the Conference Hall, NEM Insurance Plc, 199, Ikorodu Road,

E-NEWSLETTERObanikoro, Lagos.

Newsletters have steadily been published and distributed in a The main speaker at the event was Mrs. Yetunde Ilori, Director

timely manner till date. We have ensured that quality and -General, Nigerian Insurers Association (NIA).

informative reports are featured on the newsletter to ensure The two discussants were:

that the target audience of the newsletter receive sufficient value from the publication.

- M r s . M a r y A d e y a n j u , E x e c u t i v e D i r e c t o r

Operations, Consolidated Hallmark Insurance Plc. THE INSTITUTE’S JOURNAL

- Mr. Abodunrin Roberts, Divisional Head, SCIB Nigeria & Co. Limited. Two editions of the Institute’s Journal were published and

distributed accordingly during the year in review. The titles .2019 BUSINESS OUTLOOK SEMINAR were “Insuretech and the Nigeria Insurance Industry” and

“Service Quality – Creating Value”. The 2019 Business Outlook Seminar of the Institute with the theme:”The Nigerian Economy 2019" was held on Tuesday


4.3 EXAMINATIONS AND QUALIFICATIONS

During the year under review, the Institute

• conducted the two (2) diets (April and October 2018) professional examination in all centres in Nigeria and also in Banjul, the Gambia

• held the students’ Forum in Lagos and all Chapters where examinations are conducted

• held bi-annual Chief Examiners Forum, aimed at improving the skills of our Chief Examiners, on 6th September, 2018 with the theme: “The 21st Century Chief Examiner: Required Deliverables for Excellent Performance”, which was delivered by Dr. (Mrs.) Yeside Oyetayo, Rector, College of Insurance and Financial Management.

• re-engaged with the University of Rwanda to revive the Kigali centre and initiated the process of opening another international examination centre in Cameroun

S/NO YEAR NUMBER OF QUALIFIERS CUMULATIVE NUMBER OF QUALIFIERS

1 2018 182 2709

2 2017 184 2527

3. 2016 177 2343

4. 2015 170 2166

5. 2014 131 1996

6. 2013 166 1865

7. 2012 195 1699

8. 2011 95 1504

9. 2010 173 1409

10. 2009 243 1,236

11. 2008 59 993

12. 2007 64 934

13. 2006 38 870

14 2005 11 832

15. 2004 94 821

16. 2003 119 727

17. 2002 72 608

18. 2001 82 536

19. 2000 74 454

20. 1999 107 380

21. 1998 77 273

22. 1997 64 196

23. 1996 59 132

24. 1995 43 73

25. 1994 23 30

26. 1993 5 7

27. 1992 2 2

QUALIFIERS FROM THE INSTITUTE'S EXAMINATION



Page 23 Page 24

CERTIFICATE COURSES 2015 2016 2017 2018

CF1- Insurance, Legal & Regulatory 68.47 85.70 79.30 69.01

CF2- General Insurance Business 26.30 48.05 39.50 71.28

CF3- Insurance Underwriting Process 56.76 78.20 68.00 76.60

CF4- Insurance Claims Handling 53.51 54.95 53.20 71.45

CF5- Motor Insurance Products 25.00 21.65 70.70 32.94

CF6- Household Insurance Products - 100.00 100.00

CF7- Healthcare Insurance Products 50.00 75.00 60.00 83.34

DIPLOMA COURSES

D01 - Insurance Practice & Regulation 57.50 62.50 69.20 56.25

D04 - Business Practice 44.52 58.00 71.10 47.10

D05 - Insurance Law 33.76 56.40 43.60 27.83

D10 - Commercial Insurance Practice 100.00 74.80 100.00 25.00

D11 - Personal Insurance Practice 37.97 63.20 32.30 38.71

D12 - Long Term Business 100.00 100.00 50.00 25.00

D13 - Marine & Aviation Insurance 75.00 100.00 75.00 50.00

D17 - Operational Management 62.50 75.00 65.00 48.50

D18 - Property Claims Handling 51.00 87.80 78.10 61.77

D19 - Subsidence Claims Handling - - 100.00

ADVANCED DIPLOMA COURSES

A510 - Risk Regulation & Capital Adequacy 49.82 33.23 46.70 44.73

A520 - Company & Contract Law 31.80 70.00 45.30 50.98

A530 - Business and Economics 80.58 84.35 81.60 68.01

A655 - Risk Management 52.77 56.20 38.50 30.10

A735 - Life Assurance 36.74 40.15 50.00 37.30

A745 - Principle of Property & Pecuniary Ins. 44.46 52.40 51.00 59.30

A755 - Liability Insurance 69.16 48.05 51.00

A765 - Motor Insurance 79.35 57.00 53.00 45.78

A770 - Principles of Marine Insurance 57.00 100.00 52.60 75.00

A780 - Aviation Insurance 25.00 100.00 100.00 100.00

A785 - Principles of Reinsurance 38.40 33.50 39.40 35.00

A825 - The Application of Reinsurance 75.00 54.70 84.00 63.34

A930 - Insurance Broking 24.00 31.70 26.50 40.00

A935 - Management 64.25 57.00 62.00 36.00

A940 - Finance and Accounting - 83.30 100.00 75.00

A945 - Marketing 45.77 71.00 49.00 42.92

COMPARISM OF PASS RATES 2015-2018



Page 25

COMPARISM OF OVERALL PASS RATES (2015-2018)

Qualification Stage Y2015 Y2016 Y2017 Y2018

Certificate in Insurance 46.67 66.22 67.24 67.43

Diploma in Insurance 62.47 75.30 68.43 42.24

Advanced Diploma in Insurance 51.61 60.79 58.16 53.26

Annual Pass-Rate 52.91 67.44 64.84 54.31

Combined Annual Pass Rate%

100.00

90.00

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

Y2015 Y2016 Y2017 Y2018

Certificate in Insurance Diploma in Insurance Advanced Diploma in Insurance

Overall Best - Achugbu Anene Uchenna (Glanvills' President Award for the Best Qualifying Candidate)

Overall Female Best - Afemikhe Elizabeth Inamoeshi (Hilda Titilola's Award for the Best Qualifying Female Candidate)

Overall Diploma Best - Buba Abubakar Sule (Emmanuel Olutoyin Eleoramo Award for the Best Candidate at Diploma in Insurance Level)

Overall Certificate Best - Mbah Chukwudi (Immediate Past President's Award for the Best Candidate at Certificate in Insurance Level)

2018 OVERALL BEST STUDENTS

Page 26

CF1- INSURANCE, LEGAL & REGULATORY

CF2 - GENERAL INSURANCE BUSINESS

CF2 - BEST FEMALE CANDIDATE IN GENERAL INSURANCE BUSINESS

CF3- INSURANCE UNDERWRITING PROCESS

CF4- INSURANCE CLAIMS HANDLING

CF5- MOTOR INSURANCEPRODUCTS

CF6 – HOUSEHOLD INSURANCE PRODUCTS

CF7- HEALTHCARE INSURANCE PRODUCTS

D01 - INSURANCE PRACTICE & REGULATION

D04 - BUSINESS PRACTICE D05 - INSURANCE LAW

D10 – COMMERCIAL INSURANCE PRACTICE

D11 - PERSONAL INSURANCE PRACTICE

D12 - LONG TERM BUSINESS

D13 - MARINE & AVIATION INSURANCE

D17 – OPERATIONAL MANAGEMENT

D18 - PROPERTY CLAIMS HANDLING

D19-SUBSIDENCE CLAIMS HANDLING

MR. TOPE SMART

PROFESSIONAL INSURANCE LADIES ASSOCIATION

PROFESSIONAL INSURANCE LADIES ASSOCIATION

MRS. FUNMI BABINGTON-ASHAYE

MRS. FUNMI BABINGTON-ASHAYE

STACO INSURANCE PLC

STACO INSURANCE PLC

MRS. YETUNDE ILORI

CONSOLIDATED HALLMARK INSURANCE PLC

GOLDLINK INSURANCE PLC

PROSURE INSURANCE BROKERS LIMITED

CORNERSTONE INSURANCE PLC

MRS. SEYI IFATUROTI

MRS. SEYI IFATUROTI

MR. EDDIE EFEKOHA

NEM INSURANCE PLC

MR. GBENGA OLAWOYIN

NIL

OKONKWO EMEKA HARRIS

OSILAJA OMONIYI ANDY

OLUGA OLUBUKOLA ELIZABETH

GANIYU SHERIF OJO

ONWUBIKO CHIDINMA EVELYN

AMOO ADEJUMOKE OLUWATOSIN

NIL

SONTON OLUWADARA MOGBEKELOLUWA

IMO IMO OKORIE

AGUWA LUCIANA

OLUGA OLUBUKOLA ELIZABETH

EGBOCHUO DAVID JOSHUA

SHOLOTAN MAYOWA SAMUEL

OGBENNA ZEBEDEE OKECHUKWU

IDRIS SULYMAN

SONTON OLUWADARA MOGBEKELOLUWA

HALIM ONYEKA

NIL

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

2018 BEST STUDENTS AWARDS

S/NO COURSES SPONSORSAWARDEES

CERTIFICATE IN INSURANCE

DIPLOMA IN INSURANCE



Page 27

A510 – RISK, REGULATION

& CAPITAL ADEQUACY

A520 - COMPANY &

CONTRACT LAW

A530 - BUSINESS AND

ECONOMICS

A655 - RISK MANAGEMENT

A735 - LIFE ASSURANCE

A745 – PROPERTY AND

PECUNIARY INSURANCE

A755 - LIABILITY INSURANCE

A765 - MOTOR INSURANCE

A770 – PRINCIPLES OF

MARINE INSURANCE

A780 – AVIATION INSURANCE

A785 – PRINCIPLES OF

REINSURANCE

A825 – APPLICATION OF

REINSURANCE

A930 – INSURANCE BROKING

A935 – MANAGEMENT

A940- FINANCE & ACCOUNTING

A945 – MARKETING

LADY ISIOMA CHUKWUMA

MR. ADEYEMO ADEJUMO

GOLDLINK INSURANCE PLC

MR. OGUNLOLU ABOLADE TAJUDEEN

MR. SUNNY ADEDA

MR. BOLA TEMOWO

DR. FATAI KAYODE LAWAL

OFFICES REPRESENTATIVES

COMMITTEE

LINKAGE ASSURANCE PLC

BOFF & COMPANY INSURANCE

BROKERS LIMITED

CONTINENTAL REINSURANCE PLC

CONTINENTAL REINSURANCE PLC

THOMAS INSURANCE BROKERS LTD

LADY ISIOMA CHUKWUMA

LINKAGE ASSURANCE PLC

HRM (DR.) JULIUS ADETIMEHIN

AYANPITAN OLUFEMI

ANTHONY

ALAO OLUWATOYIN RUTH

ADELEYE OLUKOYA ADEDAPO

ALAMUTU AYODEJI ABAYOMI

ACHUGBU ANENE UCHENNA

NDUBUISI JUDITH VIVIAN

OBI TOCHUKWU HOPE

NWOKONKO FRANCIS ORJI

OLADUNNI OPEYEMI

EMMANUEL

OLADUNNI OPEYEMI

EMMANUEL

OBI IZUCHUKWU ANTHONY

QUADRI ABIODUN GANIAT

NWAGU JANE NKECHI

ELUSAKIN JULIUS ELUWUMI

ADEKANBI ABDULLAHI

ADERIBIGBE

ACHUGBU ANENE UCHENNA

19.

20.

21.

22.

23.

24.

25.

26.

27.

28.

29.

30.

31.

32.

33.

34.

S/NO COURSES SPONSORSAWARDEES

ADVANCED DIPLOMA IN INSURANCE

2018 BEST STUDENTS AWARDS (CONTD.)

Page 28

1. DIPLOMA IN INSURANCE PROGRAMME • 10th Bancassurance Certification

21st -22nd August, 2018

4th Graduation Ceremony

• Emerging Insurance Workshop

The 4th Graduation Ceremony of the Diploma in 21st - 22nd August, 2018

Insurance students was held on the 5th of

December, 2018 with Dr. Tajudeen Yusuf of • Agency Proficiency (Zenith)

Lagos State University as the guest speaker. 28th - 29th August, 2018

The College Visitor, the President of the CIIN, Mr

Eddie Efekoha and other dignitaries present • Agricultural Insurance Workshop

were hosted by the Chairman of the Governing 11th - 12th September, 2018

Board, Mr. Sakiru Oyefeso.

• Aviation Insurance Workshop

Awards were presented to the best students in all 18th - 19th September, 2018

the courses. Seventeen (17) of the awards were

sponsored by members of the Board at the rate • Agency Proficiency (College)

of thirty thousand naira (N30,000) each. Raimi 18th - 19th September, 2018

Babatunde Yusuf emerged the best male and

overall best graduating student • Agency Proficiency (College)

12th - 13th November, 2018

2018/2019 Diploma in Insurance Programme

• Agency Proficiency (College)

The Full-Time stream of the programme 14th - 15th November, 2018

commenced in January 2019, with 12 students

which was better compared to the previous • Agency Proficiency (Zenith)

academic year. 22nd- 23rd November, 2018

2. WORKSHOPS AND SEMINARS • 11th Bancassurance Certification

26th - 28th November, 2018

The College organised a total of Thirty-Two (32)

workshops between July 2018 and June 2019. • 12th Bancassurance Certification

These are listed as follows: 10th - 12th December, 2018

• Marketer's Workshop • Agency Proficiency (College)

4th July, 2018 30th - 31st January, 2019

• Actuarial Valuation Workshop • 13th Bancassurance Certification

17th - 18th July, 2018 19th - 21st February, 2019

• Agency Proficiency Certification • ILO Client Value Workshop

24th - 25th July, 2018 6th - 7th March, 2019

• 9th Bancassurance Certification • Business Interruption Workshop

7th - 9th August, 2018 12th - 13th March, 2019

4.4 COLLEGE OF INSURANCE AND FINANCIAL MANAGEMENT



Page 29

• Leadway Graduate Trainee Induction 3. DONATIONS TO THE COLLEGE

1st April - 9th August, 2019

a. Axa Mansard revived the e-library project with

• 14th Bancassurance Certification the addition of eight (8) set of Lenovo desktop

24th - 26th April, 2019 computers, chairs and tables to the College E-

Library

• 15th Bancassurance Certification

29th - 1st May, 2019 b. An eight-unit workstation was donated by the

Institute.

• Agency Proficiency (Zenith)

2nd - 3rd May, 2019 4. 2018 CIFM RETREAT

• 16th Bancassurance Certification The College held its 3rd Annual Board and Staff Retreat

7th - 9th May, 2019 with the theme "Consolidating for Sustaining Growth at

the CIFM" on the 28th of November, 2018. This was

• Agency Proficiency (FBN) attended by the Governing Board Chairman, Mr. Sakiru

23rd - 24th May, 2019 Oyefeso, together with other members of the Board and

Mrs. Abimbola Tiamiyu who represented the CIIN D.G.

• Agency Proficiency (Port Harcourt) The Rector, Dr. (Mrs) Yeside Oyetayo and members of

27th - 28th May, 2019 staff of CIFM were also in attendance. The session was

anchored by Mrs. Hannah Oyebanjo the C.E.O

• Agency Proficiency (Abuja) Redwood Consulting Ltd. The session produced a

4th - 5th June, 2019 Strategic Marketing Plan for 2019 for the College.

• Insurance Marketers Forum

18th June, 2019

• Agency Proficiency (College)

18th -19th June, 2019

• Life Underwriting and Claims workshop

25th - 26th June, 2019

• Finance for Non-Finance Workshop

26th - 27th June, 2019

• Insurance Fraud Management

27th - 28th June, 2019

Page 30

1. THE ANNUAL PICNIC 3. ELDERS FORUM

The Annual Family Picnic for the year was held on The second edition of the Elders forum was held on

Saturday 18th August, 2018 at Eleko Beach along the Friday 11th January, 2019 at Oriental Hotel, Victoria

Lagos-Epe Expressway. Island, Lagos. The event which was declared open by

the President/Chairman of Council, Mr. Eddie Efekoha The event was a huge success featuring amongst

has the following objectives:others, a novelty football competition between Eddie

Bombers and PILA Strikers, and Children games - To recognize and appreciate industry greats who

sponsored by PILA which attracted participants from have contributed in no small measure to the growth

Insurance companies. of the Institute in particular and the Insurance

Industry in general.Thirty-three Insurance companies registered their

attendance at the Picnic. The President, Mr. Eddie - create an avenue for reunion among the elders to

Efekoha, visited all the tents in company of the Council relate and discuss issues.

members, Secretariat management and PILA Ninety-two (92) Elders attended the event which

members. comprised of Past Commissioners for Insurance, Past

2. CHRISTMAS CAROL SERVICE Presidents of the Institute, Presidents/Chairman of

other Trade Associations and Past and Current The Institute’s Annual Christmas Carol Service was

Managing Directors of frontline Insurance Organizations.held on Wednesday 12th December, 2018 at All Saints’

Past President, Venerable O. Ladipo-Ajayi anchored Anglican Church, Montgomery Road, Yaba, Lagos.

the interactive session with the elders at the occasion Members of the Insurance Industry graced the venue in where he relieved the memories of the past when the la rge numbers . The a t tendance inc luded industry was at its teething stage, how the industry representative of the Nigerian Insurers Association thrived over the years and the advisory capacity the (NIA), Nigerian Council of Registered Insurance elders are supposed to play.Brokers (NCRIB), Institute of Loss Adjusters of Nigeria

A one-man band, African Don Williams, thrilled (ILAN), Insurance companies, Brokers and friends of

participants to delightful and melodious tunesthe Institute.

4. MISS INSURANCE DANCEThe following personalities took the readings at the

carol:The event did not hold because it is being remodelled to

improve the perception of the Institute and the • Mr. Eddie Efekoha - President/Chairman of Council• Mr. Sakiru Oyefeso - Deputy President Insurance Industry in the minds of the target audience. • Mr. Tope Smart - Chairman, NIA• Alhaji Femi Hassan - President, ILAN The event will now be known as ‘Insurance Industry • Mr. Shola Tinubu - President, NCRIB Night’ and serve as a platform for professional • Mrs. Ose Oluyanwo - President, PILA

excellence among the youths in the Industry. It will also • Mr. Pius Karieren - Chairman, ORCserve as veritable platform for grooming the next • Mr. Edwin Igbiti - Chairman, Activities Committee

• Ven. Dr. Femi Fatile - Vicar generation of Insurance thought leaders.

There was a performance by Frank De Tenor, a two-

man singing group which added glamour to the service.

4.5 SOCIAL ACTIVITIES



Page 31

5. FITNESS WALK Equally, staff were sent on relevant trainings and

conferences in a bid to meet their training needs. The 2019 edition of the Institute’s Fitness Walk

Members of Staff who showed outstanding qualities (Roadshow) was held on Saturday 27th April, 2019. The were promoted based on the result of the annual walk was led by the President/Chairman of Council, Mr. appraisal process. Eddie Efekoha from the premises of Sterling Assurance

Nigeria Limited, where a fitness expert drilled The development in staff training and promotions has participants on aerobic exercise. greatly improved the moral of staff and increased

productivity.28 companies registered their presence at the walk

which featured: 8. INSTALLATION OF 100KVA TRANSFORMER

• Decorated mobile coach with display of banners of The Institute made efforts to reduce the enormous participating companies. amount being expended on the purchase of diesel for

powering the generator at the Secretariat. • Music and entertainment and skaters

The Governing Council approved the purchase and • Distribution of handbil ls by companies, installation of 100KVA transformer to be used showcasing services provided by insurance exclusively by the Secretariat.organizations.

The installation of the transformer has been completed The walk which attracted over one thousand people and commissioned after inspection by Eko Electricity terminated at NEM Insurance Plc where in a carnival Distribution Plc (EKDC) officials.like atmosphere, participants were treated to

refreshments and good music. There was a novelty TRANSITION TO GLORYdance competition which attracted prizes for winners.

The Institute and Insurance Industry experienced a 6. RAMADAN TAFSIR great loss. We report the demise of the following

members of the Institute.The Ramadan Tafsir organized to cater for the spiritual

needs of Muslim faithful in the Insurance industry was S/N Name Designation held in the Conference hall of the Lagos Secretariat

1. Chief Dipo Bailey Past President, CIIN /Central Mosque on Wednesday, 22nd May, 2019. It Former Commissioner forprovided a unique opportunity to share in the bountiful Insurance

mercies and blessings associated with the holy month.

2. Prof. Funmi Adeyemi Former Director General,The Lecture was titled “Unity in Diversity: A Panacea to NIAthe Societal ills of Religious Disaffection” presented by

3. Mrs. Elizabeth Deputy DirectorAlhaji Ibrahim Olaniyi.Obianuju Ndubisi General, CIINChukwu7. INSTITUTE AND STAFF MATTERS

During the Period under review, the Institute

significantly improved on training to improve the

manpower capacity of its Staff. Monthly in-house

trainings were introduced with relevant topics to ensure

Staff are in tune with developing corporate trends such

as Social Skills, Winning Together as a Team, Work

Place Ethics, Customer Service.

Page 32

PAGE

FINANCIAL STATEMENTS

Finance and General Purposes Committee Report

Treasurer's Report

Report of the Auditors

Statement of Accounting Policies

Statement of Financial Position

Statement of Comprehensive Income

Statement of Change in Members' Funds

Statement of Cash flows

Notes of the Accounts

Statement of Value Added

Five Years Financial Summary

Charts

33

34

35

36

43

44

45

47

48

58

59

60



Page 33

COMMITTEE'S RESPONSIBILITIES

The Finance and General Purposes Committee (c) That the performances of the College and

(F&GPC) is responsible for ensuring compliance with Secretariat were in line with the budget and

all procedure laid down for financial transactions in the areas of significant variances were duly

Institute. The Committee monitors quarterly budget explained and adequate corrective and

performance to ensure attainment of set targets. The preventive measures were taken to address

committee controls and monitors operational income such variances

and expenditure in line with laid down policies. These

apply also to the College of Insurance and Financial (d) That the figures presented in 2018 Audited

Management (CIFM) accounts represent the true financial positions

of the Secretariat and the College.

THE COMMITTEE HEREBY AFFIRMS:

Thank You

(a) That there was adherence to the financial laid

down rules and regulations by the Secretariat

and the College. There were no known internal Mrs. Yetunde Ilori, ACII, FIIN

control and compliance issues during the year Chairman

(b) That theInternal and External auditors'

observations and recommendations have been

duly implemented by the College and the

Secretariat during the year

FINANCE AND GENERAL PURPOSES COMMITTEE REPORT

Page 34

TREASURER’S REPORT

The Institute's performance for the year under review the year under review. During the year, a total of N41m was shows better results than the preceding year in terms of spent on renovation of the Secretariat including Furniture & income generation, assets creation and funds and Office Equipment.reserves.

COLLEGE OF INSURANCE AND FINANCIAL The Institute's total assets grew by 10% from preceding MANAGEMENT (CIFM):year while total funds and reserves also grew by 11%.

I am happy to report that a lot of infrastructural developments The Institute recorded a 12% increase in income are going on at the College. A lot of resources are being generation and a 24% increase in expenditure over that of invested to ensure we all have a College to be proud of. We 2017. The increase in expenditure was largely appreciate the good work the Rector and her team are doing at attributable to the renovation exercise and this resulted in the College under the leadership of an effective Board.a shortfall of the surplus of the year in comparison with

BRANCH GRANTSthat of preceding year (2017) by 24%.

During the year under review, the Institute gave grants to 2018 BUDGET PERFORMANCE:active branches to enhance their performances. This gesture

The 2018 actual income of N501m represents a 100% will be a continuous one. budget performance.

We give Glory to God Almighty for another successful year and On expenditure, the 2018 actual expenditure of N419m for the opportunity given to me to serve our great Institute. I represents 121% of approved expenditure budget of also wish to seize this opportunity to thank the various key N345m, resulting in expenditure excess of 21% over players in the industry as well as National Insurance budget. Commission (NAICOM) for their financial and moral supports

to the Institute. My appreciation also goes to the Director-SINKING FUND: General and his able members of staff for their untiring efforts

all through the year.We are happy to report that the balance in the sinking fund account as at 31st December 2018 stood at N86m. The Thank Youfund has so far generated accumulated interest of N31m. The Fund is currently invested in Treasury bill with Sir. Muftau O. Oyegunle, ACII, FIIN

Treasurermaturity value of N95m by October 2019.

SECRETARIAT RENOVATION:

Renovation work in the Secretariat was completed during

ist inguished members, achievements of our great Institute for

ladies and gentlemen, it is the year ending 31st December, 2018.Dmy honour and privilege on Below are the highlights: (performance behalf of Council, to present to you

comparison of 2017 & 2018).for your consideration and approval,

the operating results and key

Descriptions YEAR 2018 YEAR 2017 INCREASE/(DECREASE) INCREASE/(DECREASE)

N’000 N’000 N’000 %

Total Income 501,439 446,120 55,319 12%

Total Expenditure 419,254 337,545 (81,709) -24%

Total Suplus 82,185 108,575 (26,390) -24%

Total Assets 936,200 850,210 85,990 10%

Total liabilities 28,684 33,827 5,143 15%

Total Funds & Reserves 907,516 816,382 91,134 11%



Page 35

REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF

Chartered insurance institute of Nigeria

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Our opinion

We have audited the consolidated financial statements of Chartered Insurance Institute of Nigeria (the Institute) and its subsidiary (together ''the Group''), which comprise the Consolidated and separate statements of financial position as at 31 December, 2018, and the consolidated and separate statement of activities and other comprehensive income, the consolidated and separate statement of changes in accumulated fund and the consolidated and separate statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.

In our opinion, these financial statements give a true and fair view of the financial position of the Chartered Insurance Institute of Nigeria (''the Institute'') and its subsidiaries (together ''the Group'') as at 31 December 2018, and of the consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), and in compliance with the relevant provision of the Financial Reporting Council of Nigeria, Act No 6, 2011, the Companies and Allied Matters Act, CAP C20, LFN 2004 and with the Insurance Institute of Nigeria Act No. 22 of 1993.

Basis for Opinion We have conducted our audit in accordance with International Standard on Auditing (ISAs). Our responsibilities under that Standard are further described in the Auditors' Responsibilities for the Audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

IndependenceWe are independent of the Institute in accordance with the International Ethics Standard Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Nigeria, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the International Ethics Standard Board Code.

Responsibilities of Management and those charged with Governance for the Financial Statements

The Council is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and in compliance with the relevant provision of the Financial Reporting Council of Nigeria Act, No 6, 2011, the Companies and Allied Matters Act, CAP C20, LFN 2004 and Insurance Institute of Nigeria Act No. 22 of 1993, and for such internal control as the Council determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Council is responsible for assessing the Institute's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Council either intends to wind up the Institute or to cease operations, or has no realistic alternative but to do so.

08084450222

Auditor's responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standard on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is sighted on page 8 of these financial statements. This description forms part of our audit report.

Report on other legal requirements

The Companies and Allied Matters Act, CAP C20, LFN, 2004 requires that in carrying out our audit we consider and report to you on the following matters. We confirm that:

i. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit

ii. In our opinion, proper books of account have been kept by the Institute, and

iii. The Institute's statement of financial position and its statement of activities and other comprehensive income are in agreement with the books of account.

E. O. A. Adetunji, FCA

FRC/2013/ICAN/00000003895

for: Adewuyi Adetunji & Co.

Chartered Accountants

Lagos, Nigeria

Patners: Chief Adewuyi O. Adetunji, J. P. (Managing)

Mr. Adeyemi A. Adetunji

Consultant: Mr. Kayode Akerele

E-mail: [email protected]

[email protected]

[email protected]

Page 36

A A &Co.

23 May, 2019



Page 37

Details of Auditors' responsibilities for the audit of the financial statements

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of

the Institute's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the Institute.

• Conclude on the appropriateness of Institute's use of the going concern basis of accounting and, based on

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may

cast significant doubt on the Institute's ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the

financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence.

• Hence obtained up to the date of our auditors' report. However, future events or conditions may cause the

Institute to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matter, the planned scope and

timing of the audit, and significant audit findings and any significant deficiencies in internal control that we

identify during our audit.

Page 38

The significant accounting policies adopted in the preparation of these financial statements are set out below.

1.0 General Information

1.1 Legal form The Chartered Insurance Institute of Nigeria (CIIN) was established in 1959 as a Company Limited by Guarantee. The Chartered status was attained through the Insurance Institute of Nigeria Act No. 22 of 1993.

1.2 Principal Activity The principal objectives of the Institute as contained in the Act are:

(a) Determining what standards of knowledge and skill are to be attained by persons seeking to become registered members of the Insurance profession and reviewing these standards from time to time, as circumstances may permit.

(b) Securing the establishment and maintenance of a register of Fellows, Associates, and Registered members of the profession and the publication from time to time, of the lists of these persons, and

(c ) Performing through the Council the function conferred on it by the Act.

Head Office.

27, Lagos StreetP.M.B. 1053Ebute-Metta, Lagos.

VisionTo remain a world class professional body committed to the provision of an efficient and effective manpower for the Insurance Industry.

Mission StatementTo provide a world class manpower with the highest standard of professional and ethical training for operating effectively and efficiently in the Nigerian and International business environment.

Auditors

Adewuyi Adetunji & Co.Ayaki Chambers,5, Oba-nle aro Crescent,off Coker Street,Ilupeju, Lagos.

1.3 Statement regarding status of compliance with IFRSsThe Institute's financial statements are presented in accordance with, and comply with, International Financial Reporting standards (IFRS).

1.4 Going concernThe Institute has consistently been generating funds through the members' subscriptions and students' examination fees and subvention from National Insurance Commission (NAICOM). The Governing Council believes that there is no intention or threat from any source to curtail significantly its membership and students enrolment in the foreseeable future. Thus these financials are prepared on a going concern basis.

1.5 Approval and authorization

The financial statements of the Institute for the year ended 31 December, 2018 were authorised for issue in accordance with a resolution of the Governing Council on 05 June, 2019.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES



Page 39

2.0 Basis of preparation

2.1. Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).

2.2. Basis of measurementThe financial statements have been prepared on the historical cost basis except where otherwise indicated.

2.3. Functional and presentation currencyThese financial statements are presented in Nigerian naira, which is the Institute's functional currency.

2.4. Use of estimates and judgementsThe preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the preparation of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

3.0 Significant Accounting PoliciesThe significant accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3.1 Financial InstrumentsFinancial instruments include: loans granted to staff, receivables, cash and cash equivalents, funds invested in financial institutions, payables etc.

3.2 Impairment of financial assets At each balance sheet date the Institute reviews the carrying amounts of its financial assets to determine whether there is any indication that those assets suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss (if any).

An impairment loss is charged to the statement of Comprehensive income immediately unless the asset is carried at its revalued amount.

In respect of available-for-sales financial assets at the balance sheet date, the Institute assesses whether there is objective evidence that the financial assets are impaired.

3.3 Defined Contribution PlanThe Institute operates a defined contribution based retirement benefit scheme for its staff in accordance with the Pension Reform Act of 2004. Each employee contributes 8% while the employer contributes 10% of the employee's relevant emoluments. Payments to defined contribution retirement plans are recognized as expenses when employees have rendered service entitling them to the contributions.

3.4 Defined Benefits PlanThe Institute also operates a partially funded defined benefit plan for the benefit of its employees who had spent up to 5 Years before year 2010 when the scheme was stopped. Full provision has been made in respect of this plan for retirement of employees so that over the long term, the fund would be adequate to meet the liabilities.

3.5 ProvisionsProvisions are recognized when the Institute has present obligation (legal or constructive) as a result of a past event. It is probable that the Institute will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

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3.6 Income RecognitionMembers' fees and subscriptions are accounted for as income in the period to which they relate.

The Institute does not accrue for membership subscription in the year but subscription in advance is accounted for in the period to which they relate. Other incomes are accounted for in the period to which they relate.

3.7 Intangible Assets and Impairment.Intangible assets which are subject to amortization are reviewed for impairment whenever events of changes in circumstances indicate that the carrying value may not be recoverable.

An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

3.8 Foreign Currency Translation.In preparing the financial statements, transactions in currencies other than the entity's functional currency (Foreign Currency) are recognized at the rates of exchange prevailing on the dates of the transactions.

3.9 InventoriesInventories are stated at the lower of cost and net realisable value after making adequate provision for obsolescence and damaged items. Cost comprises supplier's invoices and other costs incurred to bring the stocks to its present location and condition. Cost is determined using First in First out (FIFO) method.

Net realizable value is the estimated selling price in the ordinary course of the business, less selling expenses necessary to complete the sale.

3.10 Investment PropertyInvestment property is property held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment property is measured at cost, including transaction costs.

An Investment property is derecognized upon disposal or when the Investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of comprehensive income in the period in which the property is derecognized.

3.11 Available for Sales InvestmentAvailable for sales financial assets are non-derivative financial assets that are designated to this category or not classified in any other category.

Available for sale financial assets are intended to be held for an indefinite period of time, and may be sold in response to needs for liquidity or charges in interest rates or equity prices. They are included in non-currents unless the Investment matures or management intends to dispose of it within 12 months of the end of the reporting period.

Available for sales financial assets are initially recognized at fair value, which is the cash consideration including any transaction cost, and measured subsequently at fair value with gains or losses being recognized in the statement of comprehensive income and calculated in a separate reserve called available for sale reserve until the financial assets is derecognized. The Institute's available for sales financial assets include listed securities.

3.12 Property, plant and EquipmentExcept for land, items of property, plant and equipment are measured at cost, less accumulated depreciation and any losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.

(I) Subsequent CostsIn most instances, an item of property, plant and equipment is recognized at its cost. Cost includes



Page 41

expenditure that is directly attributable to the acquisition of the assets. Where an asset is acquired at no cost, or for a nominal cost, it is recognized at fair value at the acquisition date.

The cost of replacing part of an item of property, plant and equipment and ongoing costs is recognized as an asset if and only if it is probable that future economic benefits or service potential will flow to the Institute and the cost of the item can be measured reliably.

All repairs and maintenance expenditure is charged to the reported surplus or deficit in the year in which the expenses is incurred.

(ii) DisposalsWhen an item of property, plant and equipment is disposed of, the gain or loss recognized in the reported surplus or deficit is calculated as the difference between the net proceeds from disposal and the carrying amount of the asset.

(iii) DepreciationDepreciation is calculated to write off the cost of property, plant and equipment during their expected useful life on a straight line basis. The principal annual rates of depreciation which are consistent with those of the previous years are:

Building 2.5%Plant and machinery 25%Motor vehicle-new 25%Motor vehicle-used 50%Office furniture, fittings and equipment 20%

(iv) Amortization Intangible assets are amortized on a straight-line basis over the estimated useful life of the assets, from the date they are available for use and reported within the surplus or deficit for the year. The following amortization rates have been applied to the intangible asset:

Software package 33.33%

3.13 De-recognition of financial assets and liabilitiesFinancial assets are derecognized when the contractual right to cash flow from the financial asset expires or the Institute transfers the financial asset to another party without retaining control or substantial risks and rewards of the asset.

A financial liability is derecognized when it is extinguished, discharged, cancelled or expired.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when and only when the Institute has a legal right to offset the amounts and intends to settle on a net basis or to realize the asset or settle the liability simultaneously.

3.14 Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Loans and receivables consist primarily of staff loans and advances (which are managed in accordance with a documented policy and information is provided internally on this basis).

3.15 Provisions and contingent liabilities

(I) ProvisionsA provision is recognized if, as a result of a past event, the Institute has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Page 42

(ii) Future operating losses are not provided for.A provision for onerous contracts is recognized when the expected benefits to be derived by the Institute from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Institute recognizes any impairment loss on the assets associated with that contract.

(iii) Contingent liabilitiesA contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Institute, or a present obligation that arises from past events but is not recognized because it is not probable than an outflow of resources embodying economic benefits will be required to settle the obligation; or the amount of the obligation cannot be measured with sufficient reliability.

Contingent liabilities are only disclosed and not recognized as liabilities in the statement of financial position.

If the likelihood of an outflow of resources is remote, the possible obligation is neither a provision nor a contingent liability and no disclosure is made.

3.16 Cash and Cash EquivalentCash and Cash equivalent include cash in hand, cash at bank and other short-term highly liquid investment with original maturities of 90 days or less.

3.17 Statement of cash flowsThe statement of cash flows is prepared using the indirect method. Changes in statement of financial position items that have not resulted in cash flows such as translation differences and other non-cash items, have been eliminated for the purpose of preparing the statement.

3.18 Finance income and finance costsFinance income comprises interest income on funds invested. Finance income is recognized as it accrues in profit or loss, using the effective interest method.

Finance costs comprise bank charges and interest costs, impairment losses recognized on financial assets except finance costs that are directly attributable to the acquisition, construction or production of a qualifying asset which are capitalized as part of the related assets, are recognized in profit or loss using the effective interest method.

4.0 Determination of fair valuesA number of the Institute's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities.

Fair values will have to be determined in the future for measurement and/or disclosure purpose. When applicable, further information about the assumptions made in determining fair value shall be disclosed in the notes specific to that asset or liability.

(i) Trade and other receivablesThe fair value of trade and other receivables is estimated as recoverable amount of the asset at the reporting date. For short term trade receivables, no disclosure of fair value is presented when the carrying amount is a reasonable approximation of fair value.

(ii) Non-derivative financial instrumentsFair value, which is determined for disclosure purposes, is calculated based on the present value of future principle and interest cash flows, discounted at the market rate of interest at the reporting date.



Page 43 Page 44

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER, 2018

Cash and cash equivalent 5 204,418,240 185,362,106 129,863,660 161,849,920 Loans and advances 6(b) 16,283,220 7,918,003 8,845,318 4,743,385 Advance to College 6(c) - - - - Other receivable - 35,000,000 - 35,000,000 Other assets 7 15,695,265 15,534,770 15,695,265 15,534,770 Inventories 8 11,114,855 12,517,114 11,114,855 12,517,114

Total current assets 247,511,580 256,331,993 165,519,098 229,645,189

Non-current assets

Available-for-sales investment 9 4,184,190 4,938,181 4,184,190 4,938,181 Loans and receivables (Note 6(a) 305,759 738,935 305,759 738,935 Intangible assets 10 10 817,510 10 817,510 Investment in college 11 - - 282,262,169 232,262,169 Investment properties 12 137,588,306 137,588,306 137,588,306 137,588,306 Property, plant and equipment 13 546,610,412 449,795,115 128,187,924 99,352,790

Total non-current assets 688,688,678 593,878,048 552,528,358 475,697,892

Total assets 936,200,258 850,210,040 718,047,456 705,047,455

LIABILITIESCurrent liabilities:Trade payables 14 7,454,570 6,849,070 5,562,490 6,849,070 Other payables 15 3,033,513 4,589,161 2,340,000 16,222,042

Total current liabilities 10,488,083 11,438,231 7,902,490 23,071,112

Non-current liabilitiesRetirement benefit obligation 16(a) 15,695,266 15,534,770 15,695,266 15,534,770

Lease obligation - Car financing 16(b) 2,501,044 6,854,285 2,501,044 6,854,285

18,196,310 22,389,055 18,196,310 22,389,055

Total liabilities 28,684,393 33,827,286 26,098,800 45,460,167

FUND AND RESERVESAccumulated fund 17 651,552,751 576,201,149 570,316,351 554,032,117 Building fund 17 44,199,430 32,663,930 44,199,430 32,663,930 Sinking fund 17 75,670,847 70,670,847 75,670,847 70,670,847 Available-for-sales reserves 17 1,762,028 2,516,019 1,762,028 2,516,019 General reserve 17 134,330,809 134,330,809 - -

907,515,865 816,382,754 691,948,656 659,882,913

Total funds and liabilities 936,200,258 850,210,040 718,047,456 705,047,455

GROUP INSTITUTE 31-Dec-18 31-Dec-17 31-Dec-18 31-Dec-17 N N N N

ASSETS NOTESCurrent assets

These financial statements were approved by the Governing Council on 16 May, 2019 and signed on its behalf by:

STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December, 2018

GROUP INSTITUTE

Notes 31-Dec-18 31-Dec-17 31-Dec-18 31-Dec-17

N N N N

Income

NAICOM Subvention 20 65,000,000 65,000,000 65,000,000 65,000,000

Fees and subscriptions 21 47,878,751 45,985,497 47,878,751 45,985,497

Operating activities 22 344,042,613 258,256,595 250,058,999 200,508,315

Total Income from operating activities 456,921,364 369,242,092 362,937,750 311,493,812

Operating expenses 23 (159,295,770) (109,852,965) (120,728,806) (83,888,855)

Surplus from operating activities 297,625,594 259,389,126 242,208,944 227,604,956

Investment Income 24 12,669,563 15,739,393 12,631,344 15,691,174

Other Income 25 31,847,704 59,064,417 12,956,226 31,714,214

Total Income (net) 342,142,861 334,192,936 267,796,514 275,010,345

Expenditure:

Depreciation and amortization 26 30,105,044 28,104,461 12,494,507 10,599,091

General administrative expenses. 27 83,717,634 62,720,710 60,194,178 46,444,145

Staff cost 28 124,790,982 112,316,914 100,877,828 92,651,730

Other expenditure 29 19,693,425 23,955,001 69,693,425 51,455,001

Finance cost 30 900,034 596,591 668,196 479,814

Total expenditure 259,207,119 227,693,676 243,928,135 201,627,781

Surplus for the year before OCI 82,935,743 106,499,260 23,868,380 73,380,564

Other Comprehensive Income (OCI):

Re-measurement of Post Employment - - - -

Benefit

Change in fair value of available-for-sale (753,991) 2,075,692 (753,991) 2,075,692

investments

Surplus for the year after OCI 82,181,752 108,574,952 23,114,389 75,456,256

Mr. Eddie Efekoha, FCII, FIIN FRC/2013/CIIN/00000002189

The accounting policies on pages 38 to 42 and explanatory notes on pages 48 to 57 form an integral part of these financial statements.

Richard O. Borokini, ACII, AIIN Sir. Muftau O. Oyegunle, ACII, FIIN FRC/2013/CIIN/00000000994 FRC/2013/CIIN/00000012362 PRESIDENT DIRECTOR GENERAL TREASURER



Page 45 Page 46

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Page 47 Page 48

STATEMENT OF CASH FLOWS


GROUP INSTITUTE

Notes 31-Dec-18 31-Dec-17 31-Dec-18 31-Dec-17

N N N N

Cash generated from activities 18 149,351,720 110,314,639 12,718,628 81,241,582

Investing activities:

Acquisition of property, plant and equipment (126,920,341) (33,022,451) (41,329,641) (22,920,237)

Intangible assets 817,500 (817,500) 817,500 (817,500)

Investment property - (10,540,205) - (10,540,205)

Net cash outflow from investing activities (126,102,841) (44,380,156) (40,512,141) (34,277,943)

Financing activities:

Long term liability (4,192,746) 955,393 (4,192,746) 955,393

Prizes fund - - - -

Net cash inflow from financing activities (4,192,746) 955,393 (4,192,746) 955,393

Net cash outflow from operations 19,056,133 66,889,876 (31,986,259) 47,919,033

Cash and bank balances at beginning of the year 185,362,106 118,472,230 161,849,919 113,930,887

204,418,239 185,362,106 129,863,660 161,849,920

REPRESENTED BY:

Cash and bank balances at end of the year 5 204,418,239 185,362,106 129,863,660 161,849,920

204,418,239 185,362,106 129,863,660 161,849,920

NOTES TO THE FINANCIAL STATEMENTSfor the year ended 31 December, 2018


5. Cash and cash equivalentsCash in hand 31,800 1,066,120 2,800 1,048,120 Cash at bank (5a) 81,315,470 47,218,994 13,876,781 30,759,108 Short term deposit (Note 5b) 123,070,970 137,076,992 115,984,079 130,042,691

204,418,239 185,362,106 129,836,660 161,849,919

5(a) Cash at Bank:Guaranty Trust Bank Plc 17,284,013 6,459,885 - - Zenith Bank 100,000 100,000 - First Bank of Nigeria Plc - Building levy 5,865,376 2,433,506 5,865,376 2,433,506 First Bank of Nigeria Plc 53,678,390 19,330,110 3,523,714 19,330,110 Union Bank of Nigeria Plc 4,387,691 8,995,492 4,387,691 8,995,492

81,315,470 47,218,994 13,876,781 30,759,108

5(b) Short term deposit:FBN - fixed deposit - - - - UBN - fixed deposit 30,000,000 59,371,844 30,000,000 59,371,844 Guaranty Trust Bank Plc -fixed deposit 7,086,891 7,034,300 - - Sinking fund with ARM 85,984,079 70,670,847 85,984,079 70,670,84

123,070,970 137,076,992 115,984,079 130,042,691

6. Loans and receivables:(a) Non-Current - Housing loanBalance brought forward 738,935 2,663,074 738,935 2,663,074 Addition during the year - - - -

738,935 2,663,074 738,935 2,663,074 Payment during the year (433,176) (1,924,139) (433,176) (1,924,139)

Balance carried forward 305,759 738,935 305,759 738,935

The housing loan balance represents amount due in respect of loans granted to some members of staff and is repayable over twenty years. The movement during the year is as stated above.

(b) CurrentCar Loan 2,190,834 3,595,834 2,190,834 3,595,834 Staff Advances - 152,000 - 152,000 Prepayment 4,312,406 442,406 4,112,404 442,406 Other receivables 9,779,980 3,727,763 2,542,080 553,145

16,283,220 7,918,003 8,845,318 4,743,385

(c.) Advance to CollegeAt 01 January - - - 6,000,000

Addition - - - -

- - - 6,000,000 Expensed during the year - - - (6,000,000)

At 31 December - - - -



Page 49 Page 50



7. Other assetsStaff severance benefit:Balance brought forward 15,534,770 14,252,082 15,534,770 14,252,082 Deposit during the year - - - - Interest earned during the year 1,335,546 1,282,688 1,335,546 1,282,688

16,870,316 15,534,770 16,870,316 15,534,770 Payment during the year (1,175,050) - (1,175,050) -

Balance carried forward 15,695,266 15,534,770 15,695,266 15,534,770

Notes:This represents the amount set aside for the settlement of severance benefits due to staff on retirement. The amount is deposited with LASACO Life Assurance Co. Limited through Glanvill Enthoven Life and Pensions Consultants. Provision for liabilities in respect of this is included in note 16(a) below.

8. Inventories:Stock of course books:At 01 January 12,517,114 11,663,479 12,517,114 11,663,479 Addition - - - -

12,517,114 11,663,479 12,517,114 11,663,479 Net additions/cost of sales (1,402,259) 853,635 (1,402,259) 853,635

11,114,855 12,517,114 11,114,855 12,517,114

9. Available for sales investmentQuoted Investments:Cost at 01 January 4,836,808 4,836,808 4,836,808 4,836,808

4,836,808 4,836,808 4,836,808 4,836,808

Diminution Allowance:At 01 January (101,373) 1,886,394 (101,373) 1,886,394 Net (gains)/loss transfer to fair value reserve 753,991 (1,987,767) 753,991 (1,987,767)

652,618 (101,373) 652,618 (101,373)

Market valueAt 31 December 4,184,190 4,938,181 4,184,190 4,938,181

Available-for-sale investments are fair valued annually at the close of business on the balance sheet date. Wherever possible, fair value is determined by reference to stock exchange quoted bid price. Available-for-sale investments are classified as non-current assets unless they are expected to be realised within twelve months of the balance sheet date.

All available-for-sale investments are denominated in Naira.

NOTES TO THE FINANCIAL STATEMENTS


GROUP INSTITUTE

31-Dec-18 31-Dec-17 31-Dec-18 31-Dec-17

N N N N

10. Intangible assets

Software

Cost

At 01 January 17,087,525 16,270,025 17,087,525 16,270,025

Addition during the year (817,500) 817,500 (817,500) 817,500

16,270,025 17,087,525 16,270,025 17,087,525

Accumulated amortisation and impairment

At 01 January 16,270,015 10,846,682 16,270,015 10,846,682

Charge for the year - 5,423,333 - 5,423,333

16,270,015 16,270,015 16,270,015 16,270,015

Carrying value

At 31 December 10 817,510 10 817,510

11. Investment in College of Insurance

and Financial Management (CIFM)

At 01 January - - 282,262,169 232,262,169

Addition during the year - - - -

At 31 December - - 282,262,169 232,262,169

12. Investment property

a. Victoria Island Property - Plot 41, Ahmed

Onibudo Street, Victoria Island, Lagos.

At 01 January 135,488,306 125,448,101 135,488,306 125,448,101

Addition during the year - 10,040,205 - 10,040,205

At 31 December 135,488,306 135,488,306 135,488,306 135,488,306

b. Abeokuta

At 01 January 2,100,000 1,600,000 2,100,000 1,600,000

Addition during the year - 500,000 - 500,000

At 31 December 2,100,000 2,100,000 2,100,000 2,100,000

Total as at 31 December, 2018 (a+b) 137,588,306 137,588,306 137,588,306 137,588,306



Page 51 Page 52


THE GROUP13. Property, plant and equipment

PLANT AND MOTOR FURNITURE, LAND BUILDING MACHINERY VEHICLES & EQUIPMENT TOTAL

COST N N N N N NCostAt 01/01/2017 20,042,904 374,291,780 23,903,012 54,502,000 72,496,364 545,236,060 Additions/reclassification - 17,349,496 4,892,250 - 10,780,704 33,022,450 Disposal - - - - - -

At 31/12/2017 20,042,904 391,641,276 28,795,262 54,502,000 83,277,068 578,258,510 Additions/reclassification - 90,596,982 10,727,500 - 25,595,859 126,920,341 Disposal - - - - - - At 31/12/2018 20,042,904 482,238,258 39,522,762 54,502,000 108,872,927 705,178,851

DepreciationAt 01/01/2017 - 19,215,456 16,284,320 25,093,926 39,765,231 100,358,933 Charge for the year - 5,181,509 3,984,365 9,198,773 9,739,814 28,104,461 Elimination - - - - - -

At 31/12/2017 - 24,396,965 20,268,685 34,292,699 49,505,045 128,463,394 Charge for the year - 5,727,416 3,290,280 7,386,250 13,701,098 30,105,044 Elimination - - - - - - At 31/12/2018 - 30,124,381 23,558,965 41,678,949 63,206,143 158,568,438

Carrying valueAt 31/12/2018 20,042,904 452,113,877 15,963,797 12,823,051 45,666,784 546,610,413

At 31/12/2017 20,042,904 367,244,311 8,526,577 20,209,301 33,772,023 449,795,116

At 31/12/2016 20,042,904 355,076,324 7,618,692 29,408,074 32,731,133 444,877,127

THE INSTITUTECostAt 01/01/2017 20,042,904 60,127,455 14,903,120 42,052,000 37,046,074 174,171,553 Additions/reclassification - 16,525,980 4,892,250 - 1,502,007 22,920,237 Disposal - - - - - - At 31/12/2017 20,042,904 76,653,435 19,795,370 42,052,000 38,548,081 197,091,790 Additions/reclassification - 24,223,582 - - 17,106,059 41,329,641 Disposal - - - - - - At 31/12/2018 20,042,904 100,877,017 19,795,370 42,052,000 55,654,140 238,421,431

DepreciationAt 01/01/2017 - 15,849,410 14,034,320 23,481,426 33,774,742 87,139,898 Charge for the year - 1,815,463 1,734,365 6,086,274 963,000 10,599,102 Elimination - - - - - - At 31/12/2017 - 17,664,873 15,768,685 29,567,700 34,737,742 97,739,000 Charge for the year - 1,995,834 1,273,363 4,586,250 4,639,060 12,494,507 Elimination - - - - - - At 31/12/2018 - 19,660,707 17,042,048 34,153,950 39,376,802 110,233,507

Carrying valueAt 31/12/2018 20,042,904 81,216,310 2,753,322 7,898,050 6,277,338 128,187,924

At 31/12/2017 20,042,904 58,988,562 4,026,685 12,484,300 3,810,339 99,352,790

At 31/12/2016 20,042,904 44,278,045 868,800 18,570,574 3,271,331 87,031,654


GROUP INSTITUTE 31-Dec-18 31-Dec-17 31-Dec-18 31-Dec-17

N N N N

14. Trade payableCreditors 1,892,080 117,990 - 117,990 Withholding tax payable 3,213,990 3,268,580 3,213,990 3,268,580 Subscription in advance 2,348,500 3,462,500 2,348,500 3,462,500

7,454,570 6,849,070 5,562,490 6,849,070 15. Other payablesAmount falling due within one year:Audit fees 1,800,000 1,800,000 1,800,000 1,800,000 Accruals 1,233,513 2,789,161 540,000 12,500,000 Subvention payable to College *** - - - 1,922,042

3,033,513 4,589,161 2,340,000 16,222,042

*** - This is inter-related party transaction which had been backed-out from group account. See Note 34 for details.

16. Long term liabilitiesRetirement benefit obligation (16a) 15,695,266 15,534,770 15,695,266 15,534,770 Lease obligation- Car (Note 16b) 2,501,044 6,854,285 2,501,044 6,854,285

18,196,310 22,389,055 18,196,310 22,389,055

16(a). Retired benefit obligationBalance brought forward 15,534,770 11,134,583 15,534,770 11,134,583 Prior years interest on investment - 3,117,499 - 3,117,499 Provision during the year 1,335,546 1,282,688 1,335,546 1,282,688

16,870,316 15,534,770 16,870,316 15,534,770 Payment during the year (1,175,050) - (1,175,050) - Balance carried forward 15,695,266 15,534,770 15,695,266 15,534,770

16(b) Lease obligation - CarBalance brought forward 6,854,285 10,299,079 6,854,285 10,299,079 Addition during the year - - - - 6,854,285 10,299,079 6,854,285 10,299,079 Payment during the year (4,353,241) (3,444,794) (4,353,241) (3,444,794)Balance carried forward 2,501,044 6,854,285 2,501,044 6,854,285

17. Funds and reservesAccumulated fundThe movement in accumulated fund account is as below:Balance brought forward 576,201,149 499,419,821 554,032,117 504,369,387 Adjustments (2,584,141) (9,117,608) (2,584,145) (3,117,499)Transfer to available-for-sales reserve 753,991 (2,075,692) 753,991 (2,075,692)Transfer to sinking fund (5,000,000) (20,600,335) (5,000,000) (20,600,335)

569,370,999 467,626,186 547,201,963 478,575,861 Surplus for the year 82,181,752 108,574,963 23,114,389 75,456,256 Balance as at 31 December, 2018 651,552,751 576,201,149 570,316,352 554,032,117

Other funds and reservesBuilding fund 44,199,430 32,663,930 44,199,430 32,663,930 Sinking fund 75,670,847 70,670,847 75,670,847 70,670,847 Available-for-sales reserves 1,762,028 2,516,019 1,762,028 2,516,019 General reserve 134,330,809 134,330,809 - -

255,963,114 240,181,605 121,632,305 105,850,796



Page 53 Page 54



18. Cash generated from activitiesSurplus for the year 82,181,752 108,574,963 23,114,389 75,456,256

Adjustments for non cash items:Depreciation of property, plant and equipment 30,105,044 28,104,354 12,494,507 10,598,995 Investment in college (50,000,000) - Amortisation of intangible property - - - - Adjustments (2,584,145) (9,117,499) (2,584,145) (3,117,499)Diminution/(appreciation) in value of investment 753,991 (1,987,767) 753,991 (1,987,767)

110,456,642 125,574,051 (16,221,258) 80,949,984

Cash flow before changes in working capital:(Increase)/decrease in inventories 1,402,259 (853,635) 1,402,259 (853,635)Decrease in housing loan 433,176 1,924,139 433,176 1,924,139 (increase)/decrease in car loan, staff advances and other (8,365,217) 6,162,235 (4,101,932) 1,791,703 (increase)/decrease in trade and other receivable 35,000,000 (35,000,000) 35,000,000 (35,000,000)(increase)/decrease in prepayment - - - 6,000,000 (Increase)/decrease in other assets (160,495) (1,282,688) (160,495) (1,282,688)(Decrease)/increase in trade payable 605,500 (604,736) (1,286,580) 1,112,290 (Decrease)/increase in other payables (1,555,645) 156,773 (13,882,042) 12,361,290 (Decrease)/increase in building fund 11,535,500 14,238,499 11,535,500 14,238,499

38,895,078 (15,259,412) 28,939,886 291,598

149,351,720 110,314,639 12,718,628 81,241,582

19. Reconciliation of cash flowsFor the purpose of the statement of cash flows, cash comprises cash at bank and in hand and investment in money market instruments. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows:

Cash at bank and in hand 81,347,270 48,285,114 13,879,581 31,807,228 Short term deposits 123,070,970 137,076,992 115,984,079 130,042,691

204,418,240 185,362,106 129,863,660 161,849,920

20. NAICOM subvention:Grant received from National Insurance Commission (NAICOM) 65,000,000 65,000,000 65,000,000 65,000,000

21. Fees and subscriptions:Members' subscriptions 43,693,451 42,659,047 43,693,451 42,659,047 Education levy 24,000 738,250 24,000 738,250 Library levy 4,161,300 2,588,200 4,161,300 2,588,200

47,878,751 45,985,497 47,878,751 45,985,497

22. Operating activities:i. Qualification and fellowship:Professional examination 97,036,023 87,810,500 97,036,023 87,810,500 Inductions 24,749,000 33,015,065 24,749,000 33,015,065

121,785,023 120,825,565 121,785,023 120,825,565


GROUP INSTITUTE 31-Dec-18 31-Dec-17 31-Dec-18 31-Dec-17

N N N Nii. Regulation and education:MCPD / Workshop collaboration 4,455,000 3,210,000 4,455,000 3,210,000 Certification 11,215,526 - 11,215,526 - Training courses 96,363,614 60,478,280 2,380,000 2,730,000 Accreditation 75,000 60,000 75,000 60,000 Tuition 1,154,500 750,000 1,154,500 750,000 Office representative committee 1,620,000 1,080,000 1,620,000 1,080,000

114,883,640 65,578,280 20,900,026 7,830,000

iii. Conference and coursesEducation seminar 3,750,000 2,846,500 3,750,000 2,846,500 International Exchange Program 32,276,950 - 32,276,950 - Seminar on Etiquette 595,000 1,085,000 595,000 1,085,000 Insurance professional forum 27,705,000 26,856,000 27,705,000 26,856,000 Executive breakfast meeting 4,192,000 3,840,000 4,192,000 3,840,000 Annual dinner and investiture 22,513,000 22,530,000 22,513,000 22,530,000

91,031,950 57,157,500 91,031,950 57,157,500

iv. Publication:Journal 950,000 1,525,000 950,000 1,525,000 Calendar 2,550,000 2,400,000 2,550,000 2,400,000

3,500,000 3,925,000 3,500,000 3,925,000

v. Social activities:Miss Insurance 5,594,000 6,130,000 5,594,000 6,130,000 Fitness Walk 4,708,000 2,330,500 4,708,000 2,330,500 Picnic 1,900,000 1,654,750 1,900,000 1,654,750 Ramadan tafsri/Christmas carol 640,000 655,000 640,000 655,000

12,842,000 10,770,250 12,842,000 10,770,250

TOTAL 344,042,613 258,256,595 250,058,999 200,508,315

Expenditure23. Operating activities(i) Qualification and fellowship:Professional examination 25,713,622 25,441,453 27,463,622 25,441,453 Induction of Associates 6,908,680 4,516,420 6,908,680 4,516,420

32,622,302 29,957,873 34,372,302 29,957,873

(ii) Regulation and education:Workshop collaboration 2,060,500 1,933,500 2,060,500 1,933,500 Short courses and workshop 2,807,500 2,714,850 2,807,500 2,714,850 Accreditation 728,500 1,862,800 728,500 1,862,800 Tuition 1,186,250 565,250 1,186,250 565,250 Office representative committee 792,930 400,350 792,930 400,350 Training courses 40,316,964 25,964,110 - -

47,892,644 33,440,860 7,575,680 7,476,750

(iii) Conference and coursesEducation conference and seminar 3,494,062 2,706,664 3,494,062 2,706,664 International Exchange Program 22,233,894 - 22,233,894 Executive breakfast 2,604,900 1,589,060 2,604,900 1,589,060 Seminar on etiquette 183,650 450,540 183,650 450,540 Insurance professional forum 17,673,090 15,571,420 17,673,090 15,571,420 Annual dinner and Investiture 17,198,775 13,625,783 17,198,775 13,625,783

63,388,371 33,943,467 63,388,371 33,943,467



Page 55 Page 56



(iv) Publication:Journal 3,366,250 1,260,000 3,366,250 1,260,000 Calendar 920,000 1,111,500 920,000 1,111,500

4,286,250 2,371,500 4,286,250 2,371,500

(v) Social activities:Miss insurance 5,986,223 6,547,295 5,986,223 6,547,295 Fitness walk 2,548,130 1,662,180 2,548,130 1,662,180 Ramadan tafsir/Christmas carol 1,282,700 1,080,640 1,282,700 1,080,640 Picnic 1,289,150 849,150 1,289,150 849,150

11,106,203 10,139,265 11,106,203 10,139,265

TOTAL 159,295,770 109,852,965 120,728,806 83,888,855

24. Investment income:Bank deposit interest (Note 30(a)) 2,356,332 4,823,555 2,318,113 4,775,337 Interest on investment - Sinking Fund 10,313,231 10,915,838 10,313,231 10,915,838 12,669,563 15,739,393 12,631,344 15,691,174

25. Other incomeInterest on car loan 121,888 135,861 121,888 135,861 Interest on housing loan 23,176 40,596 23,176 40,596 Sales of promotional items 36,000 3,000 36,000 3,000 Insurance claims - 5,541,630 - 2,329,176 Profit on sales of course book 7,386,200 6,960,235 7,293,700 6,758,535 Insurance text books for secondary schools 1,500 1,214,500 1,500 1,214,500 Sponsorship on College buildings 5,000,000 20,000,000 5,000,000 20,000,000 Donation - 13,500,000 - - Accommodation 18,314,388 10,114,300 - - Sundry Income 964,552 1,554,296 479,962 1,232,546 31,847,704 59,064,417 12,956,226 31,714,214

26. Depreciation and amortizationDepreciation of property, plant and 30,105,044 28,104,461 12,494,507 10,599,091 equipment (Note 13) Amortization of intangible properties (Note 10) - - - -

30,105,044 28,104,461 12,494,507 10,599,091

27. General and administrative expenses:General repairs and maintenance 25,319,056 16,980,730 20,316,149 12,805,417 Council meeting expenses 6,097,130 3,667,785 5,204,530 3,298,905 Annual General Meeting expenses 1,633,250 1,549,889 1,633,250 1,549,889 Insurance premium 9,402,657 7,681,499 8,571,613 6,813,455 Travelling expenses 11,841,755 5,806,777 3,595,672 1,826,567 Stationery and office materials 2,470,798 2,231,190 1,670,298 1,296,150 Sundry expenses 2,422,000 573,663 950,000 573,663 Advert and publicity 1,050,429 1,206,375 752,825 1,106,375 Telephone and postage 989,192 1,007,455 841,992 656,655 Audit fees 1,800,000 1,800,000 1,800,000 1,800,000 Consultancy fees 3,497,913 3,485,000 2,897,913 3,485,000 Subscriptions 2,062,300 2,565,750 1,244,700 2,049,000 Rates and levies 901,372 367,993 901,372 367,993 Printing of course books 4,520,658 5,131,500 4,520,658 4,879,300



Electricity 271,021 635,787 271,021 635,787 Newspapers 380,750 334,050 274,250 237,300 Printing expenses - 195,250 - 195,250 Membership expenses - 446,290 - 446,290 Internet subscription 1,978,200 1,564,400 1,978,200 1,564,400 Office and general expenses 1,617,397 1,167,530 - - Security Services 2,542,020 2,315,047 - - Donation and Grants 150,000 1,150,000 - - Elders forum 2,769,736 856,750 2,769,736 856,750

83,717,634 62,720,710 60,194,178 46,444,145 28. Staff cost:Salary and allowances 102,698,280 94,650,997 82,080,783 77,594,339 Leave allowance 6,026,044 5,310,440 6,026,044 5,310,440 Staff training 3,654,936 2,942,500 3,161,936 2,567,950 Staff pension scheme 7,341,284 6,279,734 4,938,627 4,349,759 Medical expenses 5,070,438 3,133,243 4,670,438 2,829,243

124,790,982 112,316,914 100,877,828 92,651,730

29. Other expenditure:IICC expenses 3,250,000 4,328,500 3,250,000 4,328,500 NAICOM subvention to College *** - - 50,000,000 27,500,000 College of Insurance (COIN) - 6,000,000 - 6,000,000 Grants - CIIN Branches 4,533,000 700,000 4,533,000 700,000 Donation 334,500 1,569,000 334,500 1,569,000 President contingency 10,111,038 8,964,397 10,111,038 8,964,397 Library books 164,032 183,800 164,032 183,800 Lease interest (Car) 1,300,855 2,209,304 1,300,855 2,209,304

19,693,425 23,955,001 69,693,425 51,455,001

*** - This is inter-related party transaction which had been backed-out from group account. See Note 34 for details.

30. Finance income and cost(a) Finance incomeBank deposit interest 2,356,332 4,823,555 2,318,113 4,775,337

Total finance income 2,356,332 4,823,555 2,318,113 4,775,337

(b) Finance costBank Charges 900,034 596,591 668,196 479,814

Total finance cost 900,034 596,59 1668,196 479,814

31. Contingent liabilitiesThere were no contingent liabilities at the balance sheet date (2017-Nil).

32. Capital commitmentsThere were no commitments to capital expenditure as at balance sheet date except as defined on the financial statements as capital work in progress.

33. Comparative figuresWhere necessary, comparative figures have been adjusted to conform to changes in presentation in the current year.



Page 57 Page 58

34. R

ela

ted

part

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ran

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uri

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th

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Rela

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are

tra

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IIN

and C

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during t

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as

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247,5

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256,3

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688,6

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593,8

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48

552,5

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475,6

97,8

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451,9

55,3

13

438,0

08,8

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3

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Curr

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bili

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(10,4

88,0

83)

(1

1,4

38,2

31)

(7,9

02,4

90)

(2

3,0

71,1

12)

(9,5

97,5

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(

16,2

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86)

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67)

Non c

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bili

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(18,1

96,3

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(22,3

89

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(

18,1

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(2

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(2

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(

11,1

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907,5

15,8

65

816,3

82

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691,9

48,6

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659,8

82,9

13

573,3

05,6

56

504,5

07,4

82

4

11,6

04,4

19

Fin

an

ced

by:

Acc

um

ula

ted fund

651,5

52,7

51

576,2

01,1

49

570,3

16,3

51

554,0

32,1

17

504,3

69,3

87

451,6

76,5

18

3

72,6

34,7

85

Build

ing fund

4

4,1

99,4

30

3

2,6

63,9

30

44,1

99,4

30

3

2,6

63,9

30

1

8,4

25,4

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16,9

06,2

30

16,9

06,2

30

Prize

s fu

nd

-

-

-

-

-

-

57,3

75

Sin

king fund

7

5,6

70,8

47

7

0,6

70,8

47

75,6

70,8

47

70,6

70,8

47

5

0,0

70,5

12

35,6

08,7

34

21,5

27,5

33

Ava

ilable

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s re

serv

es

1

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28

2

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19

1,7

62,0

28

2,5

16,0

19

440,3

27

316,0

00

478,4

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Ass

et re

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ese

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134,3

30,8

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134,3

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907,5

15,8

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816,3

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302,2

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302,2

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343,8

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Exp

enditu

re (4

19,2

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(

335,4

70,9

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(365,4

10,9

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(234,9

85,9

21)

(234,9

85,9

21)

(250,9

12,5

65)

(2

64,1

77,3

62)

Su

plu

s f

or

the y

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aft

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Oth

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Co

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reh

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siv

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co

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8

2,1

81,7

52

108,5

74,9

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23,1

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67,2

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6

7,2

78,9

74

92,9

60,4

38

63,6

36,9

09

Page 59

Income 2018

Training Conference & Graduation:

Educational Fund:

Examination:

Subscription:

Others:

45%

13%

20%

9%

13%

KEY

Expenditure 2018

6% 30%

25%

12%27%

9%

13%

45%

20%13%


Staff Cost:

Examination:

General Admin:

Others:

27%

30%

6%

25%

12%

KEY

Income 2017


Educational Fund:

Examination:

Subscription:

Others:

35%

15%

20%

10%

20%

KEY

Expenditure 2017

8%

33%19%

19%21%

10%

20%

35%

20%

15%


Staff Cost:

Examination:

General Admin:

Others:

21%

33%

8%

19%

19%

KEY

PIE CHARTS

Page 60



Page 61

450

425

400

375

350

325

300

275

250

225

200

175

150

125

100

75

50

25

Year

BAR CHARTSN’MILLION

KEY

Income - N501 Million Expenditure - 419 MillionN Surplus - 82 MillionN

2016 2014201520172018

475

500

525

Page 62

MEMBERS OF COMMITTEES OF COUNCIL

1. ACCREDITATION COMMITTEE

• Dr. Fatai .K. Lawal, FCII, FIIN - Chairman

• Mr. Edwin Igbiti, ACII, FIIN - D/Chairman

• Mr. Sule Kamoru, FIIN

• Mr. Festus I. Olabiyi, FIIN

• Mr. Raphael. O. Akalonu, AIIN

• Mr. E.O Farinu, AIIN

• Mr. Amos. O. Olaniran, ACII, AIIN

• Dr. Sarafa A. Raji, AIIN

• Mr. Japhet Duru, FIIN

• Dr. Kunle Aduloju

• Mr. Henry Olufawo, AIIN

• Ms. A.R. Johnson, AIIN

• Mrs. Adeyinka Adekoya, FCII, FIIN

• Mr. Richard O. Borokini, ACII, AIIN - DG/Secretary

2. ACTIVITIES COMMITTEE

• Mr. Edwin Igbiti, ACII,FIIN - Chairman

• Mr. Segun Omosehin, FIIN - D/Chairman

• Mr. Gbenga Olawoyin, AIIN

• Mrs. Ebele Nwachukwu

• Mrs. Joyce Ojemudia, AIIN

• Mr. Tunde Mimiko, FIIN

• Mrs. Yetunde Adenuga, FIIN

• Mr. Niran Aderinoye, AIIN

• Mrs. Jumoke Olatunbosun, AIIN

• Miss Ejiroghene Efekoha, ACII, AIIN

• Mr. Kolapo Omilani

•

• Mrs. Ose Oluyanwo, FIIN - PILA President

• Mr. Pius A. Karieren, FIIN - ORC Chairman

• Miss Abigail Oyewole - (Miss Insurance)


3. BOARD OF COLLEGE OF INSURANCE &

FINANCIAL MANAGEMENT

• Mr. Sakiru Oyefeso, ACII, AIIN - Chairman

• Sir. Muftau O. Oyegunle, ACII, FIIN - D/Chairman

• Dr. Fatai. K. Lawal, FCII, FIIN

• Mr. Tola Ogunleye

• Mr. Fatai A. Oloyede, AIIN

• Dr. Tajudeen Yusuf

• Mrs. Bola Onigbogi, ACII, AIIN

• Mr. Segun Balogun, ACII, FIIN

• Mr. Olorundare S. Thomas, ACII, AIIN

• Mr. Wale Onaolapo, ACII, AIIN

Mrs. Adetutu Arusiuka, FIIN

•

• Mrs. Yetunde Ilori, ACII, FIIN


• Dr. (Mrs.) Yeside Oyetayo , ACII, AIIN - Secretary

4. BOARD OF FELLOWS

• Chief Rasheed A. Williams, ACII, FIIN - Chairman

• Sir. Ogala Osoka, FCII, FIIN - D/Chairman

• Olola Frederick O. Ogunlana, ACII, FIIN

• Elder (Dr.) Adelani K. Oniwinde, FCII, FIIN

• Mr. Bolaji.O. Banjo, ACII, FIIN

• Mr. Amos. A. Adeyeye, FCII, FIIN

• Mrs. Seyi Ifaturoti, ACII, FIIN

• Lady Claudiana A. Brown, ACII, FIIN

• Chief (Dr.) Dipo Bailey, ACII, FIIN


5. BUILDING COMMITTEE

• Mrs. Oluseyi J. Ifaturoti, ACII, FIIN - Chairman

• Dr. Fatai K. Lawal, FCII, FIIN - D/Chairman

• Mr. Sunny Adeda, FCII, FIIN

• Mrs. Yetunde Ilori, ACII, FIIN

• Mrs. Ose Oluyanwo, FIIN

• HRM (Dr.) J. O. Adetimehin, ACII, FIIN

• Barr. (Mrs.) Laide Osijo, ACII, FIIN


• Dr. (Mrs.) Yeside Oyetayo, ACII, AIIN

• Mr. Sola Tinubu, ACII, AIIN

• Mr. Rotimi Edu

• Mr. Fatai Adegbenro, ACII, FIIN

• Mr. Segun Omosehin, FIIN

• Mrs. Femi Ogun, ACII, AIIN

• Representative of NAICOM

• Mr. Richard O .Borokini, ACII, AIIN - DG/Secretary

6. DISCIPLINARY COMMITTEE

• Olola F. O. Ogunlana, ACII, FIIN, OFR - Chairman

• Sir. Ogala Osoka, FCII, FIIN - D/Chairman

• Prof. Joseph O. Irukwu, FCII, FIIN, SAN

• Chief Rasheed A. Williams, ACII, FIIN

• Ven. O.O. Ladipo-Ajayi, FCII, FIIN

• Mr. E.O. Eleoramo, ACII, FIIN

• Mr. Ope Oredugba, ACII, FIIN

• Mr. Sunny Adeda, FCII, FIIN


Mr. Fatai Adegbenro, ACII, FIIN



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7. EDITORIAL &MEDIA PUBLICITY COMMITTEE

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• Mrs. Adetutu Arusiuka, FIIN - D/Chairman

• Mr. Bode Opadokun, ACII, FIIN

• Mrs. Funke Adenusi, ACII, FIIN


• Mr. Temitope Adaramola

• Mr. Martins Uwuilekhue, AIIN

• Mr. Chuks Udoh Okonta

• Mrs. Joyce Odiachi, AIIN

• Ms. Busola Makinde, FIIN

• Mr. Segun Bankole


8. EDUCATION COMMITTEE

• Sir. Muftau O. Oyegunle, ACII, FIIN - Chairman

• Mr. Wale Onaolapo, ACII, AIIN - D/Chairman

• Mr. Segun Omosehin, FIIN

• Mr. Tope Smart, ACII, AIIN

• Mr. Edeki Isujeh

• Mrs. Funke Adenusi, FIIN

• Mrs. Joyce Ojemudia, AIIN

• Mrs. Ebele Nwachukwu

• Mrs. Jumoke Olatunbosun, AIIN

• Mrs. Toyin Ogunseye, AIIN

• Mr. Owolabi Salami, AIIN

• Ms. Tola Adegbayi, ACII, AIIN

• Mr. Martins Uwuilekhue, AIIN

• Mr. Val Ojumah, AIIN

• Dr. (Mrs.) Yeside Oyetayo, ACII, AIIN

• Miss Ejiroghene Efekoha, ACII, AIIN



• Mr. Tunde Mimiko, FIIN

• Mr. Pius Apere, FCII, FIIN

• Mrs. Yinka Adekoya, ACII, FIIN


• Mr. Anthony Olasele, AIIN

• Mrs. Nonwem Emeghalu, FIIN


9. ENABLING LAW REVIEW COMMITTEE

• Ven. O. O. Ladipo- Ajayi, FCII, FIIN - Chairman

• Mr. Tope Smart, ACII, AIIN - D/Chairman

• Mr. Zaiki Isegen, ACII, AIIN

• Mr. Godwin U.S. Wiggle, ACII, AIIN

• Mr. Biyi Otegbeye, ACII, AIIN


Mr. Wale Onaolapo, ACII, AIIN - Chairman

10. EXAMINATION COMMITTEE

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• Mr. Sakiru Oyefeso, ACII, AIIN - D/Chairman

• Mr. Jide Orimolade, FIIN

• Mr. Sule Kamoru, FIIN


• Mrs. Claudiana .A. Brown, ACII, FIIN

• Alhaji Nasiru O. Adiro, ACII, AIIN

• Chief (Sir.) Uzoma Njoku, ACII, AIIN

• Ms. Osanyin Bukola A., FIIN

• Mrs. Adetutu Arusiuka, FIIN


11. FELLOWSHIP ASSESSMENT COMMITTEE

• Mr. Sunny Adeda, FCII, FIIN - Chairman

• Dr. Fatai K. Lawal, FCII, FIIN - D/Chairman

• Chief (Dr.) Dipo Bailey, ACII, FIIN

• Sir. Muftau O. Oyegunle, ACII, FIIN

• Mrs. Claudiana A. Brown, ACII, FIIN

• Mr. Alex Ojei, FCII, FIIN

• Mr. Paul O. Olayinka, FCII, FIIN

• Mr. Paschal Egerue, ACII, FIIN

• Mr. Layinka Akintayo, FCII, FIIN

• Mr. Julian Sobowale, ACII, FIIN

• Dr. (Mrs.) Tonia Smart, ACII, FIIN


12. FINANCE & GENERAL PURPOSES COMMITTEE

• Mrs. Yetunde Ilori, FIIN - Chairman

• Sir. Muftau O. Oyegunle, ACII, FIIN - D/Chairman

• Mr. Layinka Akintayo, FCII, FIIN

• Mrs. Joke Awoderu, AIIN

• Mr. Mayowa Adeduro, ACII, AIIN, FCA

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Mr. Tunde Daramola, AIIN, FCA

Mr. Richard O. Borokini, ACII, AIIN - DG/Secretary

13. GOVERNMENTAL RELATIONS COMMITTEE

Alhaji Bala Zakariya’u, ACII, FIIN - Chairman

Mr. Segun Omosehin, FIIN

Hon. Lanre Laoshe, FCII, FIIN

Dr. Akin Ogunbiyi, ACII, AIIN

Chief Babajide Olatunde Agbeja, ACII, AIIN

Barr (Mrs.) Laide Osijo, ACII, FIIN

Alhaji Muhammed Kari, ACII, AIIN


14. INVESTIGATING PANEL

Prof. E.O. Eleoramo, ACII, FIIN - Chairman

Mr. Bode Opadokun, ACII, FIIN - D/Chairman

Mr. Tony Ojeme

Mr. Rotimi Edu

Mrs. Peju Osipitan, ACII, AIIN

Barr. (Mrs.) Laide Osijo, ACII, FIIN


15. MCPD COMMITTEE

Lady Isioma Chukwuma, ACII, FIIN - Chairman

Mr. Akinjide Orimolade, FIIN - D/Chairman

Mr. Bode Opadokun, ACII, FIIN

Mr. Olugbemiga O. Olawoyin, AIIN

Mr. Paschal Egerue, ACII, FIIN

Mr. Obinna Chilekezie, FIIN

Mr. Lanre Sogbesan, FIIN

Mr. Gbenga Elusakin, AIIN


Mrs. Oluyanwo Ose, FIIN

Mr. Niran Aderinoye, AIIN

Mr. Sola Ajibade, FIIN


16. MEMBERSHIP & PROFESSIONAL STANDARDS

COMMITTEE

Mr. Bola Temowo, FCII, FIIN - Chairman

Mr. Jide Orimolade, FIIN - D/Chairman

Mr. Adeyemo Adejumo, ACII, FIIN

Mr. Tope Smart, ACII, AIIN

Mr. Akinjide A. Akingbade, ACII, FIIN

Mr. Paschal Egerue, ACII, FIIN

Mr. Raphael Opara, AIIN

Mr. Olusina Agboola Elusakin, ACII, AIIN

Dr. (Mrs.) Yeside Oyetayo, ACII, AIIN

Mrs. Abimbola Tiamiyu, FIIN


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17. MERIT AWARD COMMITTEE

Mrs. Funmi Babington-Ashaye, - Chairman

Mr. Wale Onaolapo, ACII, AIIN - D/Chairman

Mr. Sunny Adeda, FCII, FIIN

Mr. Prisca Soares, ACII, AIIN

Barr. (Mrs.) Laide Osijo, ACII, FIIN

Chief Lebi Omoboyowa, ACII, AIIN


18. OFFICES REPRESENTATIVES COMMITTEE

Mr. Pius Karieren, AIIN, FIIN - Chairman

Mr. Gbenga Elusakin, AIIN - D/Chairman

Mr. Peter Offiong, AIIN

Mr. Gbenga Adenekan, AIIN

Mr. Michael Jolaosho, AIIN

Mrs. Monica Ukachukwu, AIIN

Mr. Okon Inamete, AIIN

Mrs. Blessing Onyekwelu Agu, AIIN


19. TECHNICAL COMMITTEE

Mr. Edwin Igbiti, ACII,FIIN - Chairman

Mr. Gbenga Olawoyin, AIIN - D/Chairman

Mr. Kamoru O. Sule, FIIN

Mrs. Yetunde A. Adenuga, FIIN

Mr. Richard O. Borokini, ACII, AIIN - Director-General

Dr. (Mrs.) Yeside Oyetayo, ACII, AIIN

Mr.. M.O. Akinyemi

Mr. Nonso Okafor

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FCII, FIIN

Documents

Chartered Insurance Institute of Nigeria THE ANNUAL ......2018 Annual Report & Financial Statements 2018 Annual Report & Financial Statements Chartered Insurance Institute of Nigeria