Business
NAICOM, Insurers Mourn Former NCRIB President Rotimi Edu
BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has expressed deep sorrow over the death of former President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Rotimi Edu, mni, FCIB, describing him as a visionary leader and one of the insurance industry’s most influential figures.
In a condolence message signed by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, the commission said Edu made remarkable contributions to the growth and transformation of insurance broking in Nigeria.
NAICOM noted that during his tenure as President of the NCRIB, Edu demonstrated exceptional leadership, foresight, and unwavering commitment to advancing insurance practice in the country.
The commission described the late insurance expert as a man of rare intellect, innovation, and energy who consistently championed reforms aimed at strengthening the industry.
According to the statement, Edu remained dedicated to the insurance profession and the Council despite personal health challenges, reflecting his passion for service and commitment to the growth of the sector.
“The vacuum created by his passing is enormous, not only for his family and the Quicklink team, but also for the NCRIB and the entire insurance community,” the statement said.
NAICOM added that Edu’s legacy of integrity, courage, and progressive leadership would continue to inspire future generations of insurance practitioners.
The commission extended its condolences to his family, professional colleagues, and the entire insurance industry, while praying for the peaceful repose of his soul.
Meanwhile, the Nigerian Insurers Association (NIA) has expressed deep sorrow over the death of former President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Rotimi Edu, describing his passing as a monumental loss to Nigeria’s insurance industry.
In a statement issued by the association, the NIA said the late Edu was an outstanding leader, accomplished legal practitioner, and a respected figure whose contributions significantly shaped the growth and regulatory development of the insurance sector in Nigeria.
The association noted that Edu, who served as the 21st President of the NCRIB, was widely admired for his commitment to professionalism, ethical standards, and industry unity. According to the NIA, he championed stronger collaboration between insurance brokers and underwriters, helping to deepen cohesion within the sector.
“Barrister Rotimi Edu was a titan whose dedication to professionalism and ethical conduct remained exemplary throughout his career. His passing leaves a huge vacuum that will be deeply felt across the financial services industry,” the statement read.
The NIA further highlighted his strategic contributions as a member of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, where he consistently advocated reforms aimed at aligning the insurance industry with evolving economic realities.
The association extended its condolences to the President and Governing Board of the NCRIB, the entire brokerage community, as well as Edu’s family, friends, and professional associates.
While mourning his death, the NIA said it takes solace in the enduring legacy of integrity, visionary leadership, and institutional progress he left behind.
The association prayed for the peaceful repose of his soul and for strength for his family and the insurance industry to bear the irreparable loss.
The post NAICOM, Insurers Mourn Former NCRIB President Rotimi Edu appeared first on Business Today NG.
The executive secretary of UN Climate Change, Simon Stiell, told the ministers at COP31 that climate finance must be redesigned to lift developing countries out of a cycle of debt and disaster, adding that meeting a headline figure will not do it.
“Meeting a financial target does not always meet countries’ needs. To do that, we need to look at how finance is delivered,” Mr Stiell said on Friday at the opening of a high-level ministerial dialogue on climate finance in Antalya, Turkey.
Countries agreed at COP29 that developed nations would lead in providing $300 billion a year by 2035, as part of a wider effort to raise $1.3 trillion annually from all sources.
Mr Stiell said the roadmap for reaching those sums “must become reality”, but that the terms of the money mattered as much as the amount.
“Many developing countries are trapped in a downward loop of debt, disaster, and devastating capital costs,” he said. “The threat of floods, fires, storms and droughts hangs over them, pushing up the price of borrowing even before disaster strikes.”
He stated that the terms of finance should reflect each country’s debt position.
“Private finance, loans and guarantees are essential to achieving our collective goals. But grant-based and highly concessional finance will remain critical, particularly for Least Developed Countries, Small Island Developing States and other very vulnerable economies,” he said.
According to him, broader action on debt is also needed to prevent countries from being forced to choose between repayments and resilience.
International climate finance for developing countries reached about $137 billion in 2024, and almost 70 per cent of it came in the form of loans, according to a UN Women flagship report released on Tuesday in Antalya.
Countries in sub-Saharan Africa paid more than twice as much in external debt service between 2021 and 2023 as they received in climate finance, according to an analysis published by the Heinrich Böll Foundation.
The analysis found that interest payments consumed more than 10 per cent of government revenue in 27 African countries in 2024.
The chair of the African Group of Negotiators, Nana Antwi-Boasiako Amoah, has said that a transition could not be called just if poorer countries have to “mortgage their futures” to pay for it.
The group lost a bid on Monday for a separate agenda item on tripling adaptation finance. It now wants the target prioritised in the summit’s cover decision.
Nigeria is not on the UN’s list of least developed countries, which places it among the states the UN climate chief expects to rely more on loans, guarantees and private capital.
It needs about $337 billion between 2026 and 2035 to implement its climate commitments, according to the National Council on Climate Change.
Omotenioye Majekodunmi, the agency’s director-general, said more than 80 per cent of that will have to come from private investment, commercial debt, and international carbon finance.
About $2.5 billion a year went to climate action in Nigeria in 2021 and 2022, counting domestic and international sources, according to the Climate Policy Initiative’s tracking.
The dialogue was the last in a series that began in 2013, and its conclusions will go to COP32 in Ethiopia next year, Mr Stiell said.
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