The Chartered Insurance Institute of Nigeria (CIIN) has invested over N200 million in the College of Insurance and Financial Management (CIFM) project, according to the institute's Director General, Mr Adesoji Adepegba. He disclosed this while reviewing the institute's achievements over the past decade, speaking to journalists in Lagos last week.
Adepegba said the institute mobilized the amount for the first phase of the project, with academic activities expected to commence soon. The programme will offer a two-year certificate in insurance, followed by a one-year industrial attachment, after which students will return for another two years to earn an Advanced Certificate in Insurance.
Certificates Equated to National Diplomas
The certificates will be equivalent to the Ordinary National Diploma (OND) and Higher National Diploma (HND), which are administered by the National Board for Technical Education (NBTE). Adepegba explained that the HND certificate is equivalent to a degree, and graduates of the college's HND insurance programme will need to pass one or two additional papers to become fully-fledged insurance professionals.
He noted that the long-term impact would be significant, aiming for a scenario where at least one in every five people encountered would be an insurance professional.
College Objectives Outlined
The objectives of the college, as outlined by Adepegba, include providing qualitative education and training for individuals engaged in insurance and allied services across Nigeria; offering consultancy services in insurance and financial services to the insurance industry and the broader financial sector; and conducting research in all aspects of insurance and related subjects relevant to the nation's economic development.
Further objectives include collecting relevant data on the insurance industry, maintaining a database, and providing public information on insurance; establishing a research platform to determine the industry's manpower needs periodically; and benchmarking international standards in insurance and financial management education to position the college as a global Centre of Educational Excellence.
