The Federal Ministry of Finance is responsible for the management and control of all finances of the Federal Government as prescribed by the constitution of the country.

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Yar’Adua Approves Two New Deputy Commissioners For NAICOM
Sunday, November 29, 2009 Yar’Adua Approves Two New Deputy Commissioners For NAICOM …Babalola Says FG To Ensure Strong Insurance Sector To Support Banking Sector Reforms And Economy President Umaru Yar’Adua has approved the appointment of two new deputy commissioners for the insurance industry regulator, National Insurance Commission (NAICOM). The new appointees are Alhaji Ibrahim Hassan from Bauchi State as Deputy Commissioner (Technical Operations) and Mr. George Onekhena from Edo State as Deputy Commissioner (Finance and Administration). The Honourable Minister of State for Finance, Mr. Remi Babalola, who confirmed the appointment at the weekend in Abuja on his return from the Sallah break, said the presidential approval was in line with Section 11 of the NAICOM Act of 2007. Section 11 of the NAICOM Act of 2007 provides that candidates for appointment to the position of Deputy Commissioner (Technical Operations) must have a recognised professional qualification in Insurance while the Deputy Commissioner (Finance & Administration) must possess a recognised professional qualification in Finance, Accounting and Administration. In addition, both officers must have a minimum of 12 years cognate experience in Insurance and Finance Management and Administration respectively, of which seven years must be at senior management level. The minister disclosed that the newly appointed deputy commissioners possessed peculiar qualities that would ensure the utilisation of the instrumentality of the insurance market in achieving the economic vision of the present Administration. He said, “The deputy commissioners have the zeal, energy, exemplary and impeccable character coupled with high professionalism required for the huge challenges of developing the insurance market.” He recalled that the insurance industry had suffered from periods of poor regulation that resulted in the loss of confidence in the sector. “This informed the introduction of several reform initiatives in the sector that encompassed recapitalisation of insurance companies, manpower restructuring in NAICOM and the review of the extant insurance laws. “We have achieved some milestones in this regard and the time is now ripe for strengthening and deepening the modest achievements recorded through the appointment of competent and experienced persons to assist the present leadership in the regulation of the Nigerian Insurance Market,” Babalola explained. The minister assured that the Federal Government would ensure a strong insurance sector that is capable of supporting the banking sector reforms, oil and gas and the entire economy. “The insurance sector is the bedrock on which any economy stands. As we continue to move the economy forward, we expect the insurance sector to play a vital role. The sector represents an important component in the financial intermediation chain and remains the backbone of Nigeria’s risk management system. “The insurance sector is the foundation of banking. If the sector is very strong, then the economy will move faster because it will allow innovation to take place and for people to take risk. The government will continue to intensify its reforms to make the industry withstand the global economic slowdown and play a pivotal role in the economy,” he added. Ibrahim Hassan, 52 years, has 17 years core insurance market experience and 28 years post-call as a lawyer. Hassan, who has a rich public service experience, has held several top management positions, including the immediate past Managing Director of Federal Housing Authority and acting Managing Director of NICON Insurance. George Onekhena, 53 years, has 30 years experience in Audit, Consulting and Industry. Onekhena is a Fellow of the Institute of Chartered Accountants of Nigeria and was the Managing Partner of George Andrews and Partners. He served as a member of the Interim Management Board in NICON. END This news was created on 11/29/2009