Babalola Bags WAII Merit Award

ABUJA, July 18, (THEWILL) - The West African Insurance Institute (WAII) has conferred the International Distinguished Merit Award on the Minister of State for Finance, Mr. Remi Babalola.

The award is in recognition of the Minister’s contributions to the development of insurance in Nigeria and the West African sub-region.

A letter signed by the Director-General/Head of Mission of WAII, Prof. Mike Ikupolati, and addressed to the Hon. Minister on Friday, commended his vital contributions in ensuring robust and enduring insurance laws for Nigeria and a capitalized insurance industry.

Ikupolati said, "On behalf of the Governing Council, Academic Board, Staff and Management of the West African Insurance Institute, we confer on you the International Distinguished Merit Award."

WAII was formed in 1973 to develop insurance in all ramifications in the sub-region. The WAII’s Merit Award followed similar honours bestowed on the Minister, including the Institute of Chartered Accountants of Nigeria’s Merit Award in 2009.

Under Babalola’s supervision, there has been considerable enhancement and prominence of the insurance industry since July 2007. The gross premium income, insurance penetration, contribution to Gross Domestic Product (GDP), insurance density and the Nigerian industry global ranking have all trended upwards.

The industry has experienced phenomenal growth, with the capitalization of insurance market doubling from a little over N200 billion in 2007 to over N400 billion.

The minister had in March 2009 set in a key strategic initiative to improve the legal and regulatory framework for insurance in Nigeria with the conclusion of the work of the Committee to review all laws and regulations on insurance in the country.

When passed by the National Assembly, the laws are expected to greatly enhance regulatory effectiveness and shore up integrity and transparency in insurance business, thereby restoring the much needed credibility to the sector.