₦50 million capital base for insurance brokerage sector, Tony Elumelu

Tony Elumelu, Chairman Heirs, has suggested that the capital base for insurance brokerage sector should be increased from ₦5 million to ₦50 million.

This was said today at the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th anniversary colloquium and book launch in Lagos. You can click the read about our previous post on that.

According to Elumelu, to remain relevant in the modern business arena, insurance broker community and, by extension, the entire Nigerian insurance industry, must embrace technology fully.

He said the usage of hard copy files and documents would not move the brokers industry forward and there is urgency to develop the next generation of talent to serve the Nigerian insurance industry.

Elumelu's words " In those days when I was in university, what drove me to want to join banking? it was the profile of bankers, sharp suits, nice cars.

“It’s funny now that I think about it, but little things on how the people that worked in banking looked made me aspire to the banking profession,”