NAICOM To Finance Insurance Department Building In Uni-Uyo

The National Insurance Commission (NAICOM) has agreed to fund the construction of a building in the University of Uyo to accommodate the insurance department of the University.

The Commissioner for Insurance Mr. Sunday Thomas, made this disclosure on Thursday in Abuja when he signed a Memorandum of Understanding (MoU) with authorities of the University of Uyo.

Thomas said the Commission will apply 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 Nigeria.

He said, “This is a knowledge-based sector and we realized that as the days go by, vulnerability increases in which case, we need to develop products that will be able to meet the need of the populace and we need creative ideas.

“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.”

The financial assistance, he said, will be applied to support tertiary institutions in the establishment of Information and Communication Technology Centre; scholarship for masters and doctorate degree programmes; 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.

Also speaking at the event, the Vice Chancellor of the University of Uyo, Professor, Nyaudoh Ndaeyo said NAICOM graciously offered the University a helping hand by giving it 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”.