Nigerian Insurance and Pension Sectors Unite to Rebuild Public Confidence

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In a recent development, Mr. Oguche Aguda, Chief Executive Officer of the Pension Operator Association of Nigeria (PenOp), represented by Mr. Akinbola Akintola, Head of the Research Department at PenOp, addressed a pressing issue.

They gave their submissions at the 8th annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), with the theme: “Role of Insurance and Pension In Building Sustainable Economic Growth Under The New Government,” held in Lagos on Thursday.

Aguda highlighted that both the insurance and pension sectors in Nigeria are grappling with a common challenge: a lack of public confidence.

He emphasized the crucial necessity for operators in both sectors to proactively enhance their reputations and public image. Aguda asserted that without a foundation of trust, growth in these two vital sectors is unattainable.

He further emphasized that the growth of these sectors is intricately linked to the overall health of Nigeria’s economy.

Adding to the discussion, the Group Managing Director of Consolidated Hallmark Insurance (CHI), Mr. Eddie Efekoha, represented by Tunde Daramola, ED, Finance at CHI, stressed the importance of enforcing compulsory insurance and pension schemes.

Efekoha declared that the days of unpaid claims should be a thing of the past.

Efekoha urged all industry stakeholders to conduct their affairs with transparency and integrity, with a focus on winning the trust of consumers.

He also emphasized the need to bridge the gap between consumer expectations and industry performance, highlighting that this would be pivotal in rebuilding public confidence in the insurance and pension sectors of Nigeria.

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