The Lagos Mainland District and Society (LMDS) of the Institute of Chartered Accountants Nigeria (ICAN), and Custodian and Allied Insurance Plc have mulled collaboration that would enable the organisations grow and add meaningfully to national economy.
Speaking during a courtesy visit by the accounting body to the insurance firm in Lagos, LMDS Chairman, Blessing Osakwe-Ogo, said the association is determined to promote activities that would add significantly to the country’s economy.She bemoaned that the district is confronted with challenges that have crippled its effective contributions to the nation’s economy.
Noting that the insurance company remained key in addressing some of the challenges, she said the association would continue to seek collaboration to address its basic challenges.
Osakwe-Ogo, who emerged Chairman of the district last month, as the second female to attain such a position in the district, said the association is underfunded.
“The most pressing need of the district is to secure a befitting building. Presently, we are in a rented apartment situated in an environment not befitting a district of our great institute.”
According to her, the Institute also lacks fund to sustain the activities and programmes of the district, adding that the group will diversify its revenue base, launch initiatives on membership, prioritise welfare of members and community initiatives that would improve the nation’s economy.
The Managing Director, Custodian and Allied Plc, Toye Odunsi, said the company would collaborate with the district to achieve its goals.Odunsi, who urged members of the association to patronise insurance products to address their key challenges, was hopeful about the future of the sector in meeting the direct needs of the ordinary citizen.
He noted that Nigerians are becoming aware of the need to insure themselves, adding that insurance could become more effective if government introduced a credit scheme. “Insurance is becoming responsive and this deepens the penetration in Nigeria.”