How pioneer rector grew insurance college’s income to N290m

The pioneer Rector of College of Insurance and Financial Management (CIFM), Dr Yeside Oyetayo, on Friday said her administration grew the college’s annual income from N20 million in 2014 to about N290 million in 2022.

Oyetayo said this in an interview in Lagos as she is set to hand over the mantle of leadership to her successor.

She said that as at 2022, the college, which began operation with a take-off fund of N20 million from the Chartered Insurance Institute of Nigeria (CIIN), could boast of generating N290 million.

The rector said that the college also developed from three unfurnished buildings, when it began operations, to seven fully-furnished buildings and a 1,500-seat hall.

According to her, support and sponsorships from the National Insurance Commission (NAICOM), CIIN, insurance companies and international bodies contributed to the financial growth and infrastructure development of the college.

Oyetayo said that the college which began with two programmes in 2014, introduced 10 more programmes over the years and had 12 programmes as at 2022.

She said that the training programmes were designed for the needs of all cadres within the insurance industry – from insurance agents to directors of insurance firms.

The rector said the CIFM, under her administration, also became the only institution authorised by NAICOM to provide mandatory certification for Bancassurance Officers and Retiree Life Annuity Officers in the industry.

She said the college also organised Agency Proficiency Workshops on

behalf of the CIIN, its parent body.

According to the pioneer rector, the workshop was for insurance agents.

“ Following partnership with some international bodies, we also offered training programmes with international organisations such as the International Labour Organisation (ILO) Impact Insurance Facility and ILO Certified Microinsurance and Inclusive Insurance Trainers.

“We are the first and only insurance institution in the whole of Africa till date that has achieved this feat.

“We also collaborated with the German Corporation for International Cooperation (GIZ) and Actuaries Without Borders (AWB) and became an external examiner for the Insurance Training College of Uganda.

“We are also involved in actuarial skill development initiatives in the industry, having partnered with NAICOM to run its Certified Actuarial Analyst (CAA) Scholarship, which produced six qualifiers,” she said.

Oyetayo said that following its remarkable achievements, CIFM had become one of the top three insurance colleges in Africa.

The rector said  that following completion of her tenure, she would return to the academia to pursue her dream of becoming a professor.

She added that she would continue to contribute her quota to the development of the insurance industry.