National Insurance Commission (NAICOM) has signed a Memorandum of Understanding (MoU) with authorities of the University of Uyo to fund the construction of a building that will accommodate the department of Insurance in the University.
The Commissioner for Insurance, NAICOM, Mr. Sunday Thomas who disclosed the plan during the exercise in
Abuja, said the Commission will use the proceeds of its Education Fund to provide financial assistance to tertiary institutions with a view to promoting insurance education and human capital development in the country.
Mr. Thomas, observed that the education sector is a knowledge-based industry with an increased vulnerability as the days passes, hence the need to develop creative ideas and products that would be able to meet the needs of the populace.
“We need those who are cerebral to be able to reach out there and package things, products and of course the starting point is to get the knowledge, that is why we are bending backwards to develop the minds that will be able to not only teach, because part of those who are going to be beneficiaries will remain in the institution to teach others, some are going to come into practice, they need that knowledge, that is why we have ventured into this.
Revealing that NAICOM would replicate the project across the country, Mr. Thomas assured that this would engender the enlightenment of more people across the country about insurance and it’s operations.
According to the Commissioner, funding for the building would be given in tranches, while the total amount will be determined when the construction is commissoned.
The financial assistance he said will be “applied to support tertiary institutions in the areas of: establishment of Information and Communication Technology (ICT) Centre; scholarship for Master’s and Doctorate degree; provision of text books and journals on insurance and other related fields.
Others include: “construction of Administrative and/or Vocational offices (structures); sponsorship of professorial endowments and sponsorship of accreditation for tertiary institutions interested in offering insurance as a course of study”.
For his part, the Vice Chancellor of the University of Uyo, Professor, Nyaudoh Ndaeyo said University of Uyo is one of the Universities in Nigeria that opted to offer Insurance programme in the university.
Professor Ndaeyo stayed that NAICOM offered the University “a helping hand by giving us a building. We are here to sign Memorandum of Understanding and to also show appreciation on our part because they have trained our staff beyond what we have shown to them”.
Prof. Ndaeyo noted that “students or candidates hearing that a building is coming, that alone has led to an increase in the intake of students in that programme, everybody wants comfort so the coming of the building, offices for staff and classrooms for students is quite a commendable one”.
The VC added that “the University of Uyo is a brand. You cannot be a brand if you don’t have integrity so we know we have to protect that name to ensure that we maintain the quality”.
To ensure transparency, according to Naicom, tertiary institutions were selected based on the following criteria: All beneficiary institutions must be offering Insurance and/or Actuarial science at degree or National Diploma level; only institutions owned by Federal and State Governments were considered and only institutions with existing infrastructure, staff and department with insurance education were qualified.
Other considerations include: each geopolitical zone was qualified to get slots; all beneficiary institutions must have been physically inspected and certified by the Commission to ensure compliance and all successful institutions were required to sign an MOU to ensure compliance with terms of the award.
After the signing of MOU, the speed at which the fund is released is highly depended on the Institutions ability to document and/or speed up the work/project involved.
