FG approves appointment of insurance commissioner

 According to PUNCHNG President Goodluck Jonanthan has approved the reappointment of Mr. George Onekhena as deputy commissioner for Insurance (Finance and Administration) of the National Insurance Commission for a second and final term of five years. A statement from Head, Corporate Affairs, NAICOM, Mr. Rasaq ‘Salami, on Friday, said Onekhena’s reappointment was conveyed in a letter referenced SGF. 47/S.9/11/636, dated December 11, 2014 and signed by the Secretary to the Government of the Federation, Senator Pius Anyim.

The SGF stated that the President’s action was in line with the provision of Section 11(5) of the National Insurance Commission Act 1997 and the reappointment was with effect from November 29, 2014.

Onekhena was first appointed deputy commissioner for insurance in November 2009 by the President for a five year term.

He completed his first five year term in November, 2014. During the period, analysts said Onekhena displayed good knowledge of the insurance industry leading to the transformation being witnessed in the industry at the moment.

The statement added that he was the head of a team that supervised the transition to the International Financial Reporting Standards by insurers in 2012. The team is currently moderating the seamless transition by insurance brokers to the IFRS.

“A fellow of the Institute of Chartered Accountants of Nigeria, Onekhena’s contributions to the commission and industry are invaluable,” it stated.