Lagos- The President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Ayodapo Shoderu, says the Financial Reporting Council (FRC) has issued a 15-day ultimatum for brokers to submit their companies’ accounts for scrutiny.
Shoderu said in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos that the affected brokers have up to March 8, to comply.
NAN reports that the FRC was set up in 2011, but began operations in 2012 to ensure that the country’s accounting preparations meets international standard.
According to the NCRIB boss, FRC sent a letter conveying the instruction on Feb. 17.
He said only 20 insurance companies were able to submits their company accounts.
He urged members to comply with the regulators, adding that the council would not defend any member that violated the instructions.
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“Also, I must stress that it will be most difficult for me or the Governing Board henceforth to defend any member that violates the law or directive on insurance broking operation.’’
Shoderu said that the Council had earlier met with the FRC on the issue, which led to extending the compliance period to Dec. 2014.
He said that any broker that failed to meet the new deadline would be sanctioned.
“Failure to adhere strictly with this directive will result in sanctions by the Council.
“Permit me to advise that any member that has issues with this compliance should endeavour to liaise with our Secretariat.
“Our Secretariat would in turn facilitate your assistance through IFRS Sub Committee whose mandate is to help members having challenges of compliance,’’ he said. (NAN)
