The Director of the Quality Assurance Unit, University of Ilorin, Prof. Abdulrazzaq Abdulmajeed Alaro, has been appointed Chairman of the Takaful Advisory Council of the National Insurance Commission (NAICOM).
This was contained in a letter signed by The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Ayo Omosehin, which was made available to UNILORIN BULLETIN last Tuesday (February 11, 2025).
Prof. Alaro’s extensive background in Islamic banking will position him well to lead the Council in navigating the complexities and opportunities within Takaful insurance for a period of three years.
While reacting to the appointment, the Registrar and Secretary to the Governing Council of the University of Ilorin, Mr. Mansur Adeleke described Prof. Alaro’s appointment as “well deserved.”
NAICOM serves as the regulatory authority for Nigeria’s insurance industry, established by the NAICOM Act of 1997. NAICOM plays a pivotal role in shaping Nigeria’s economic stability by fostering trust, innovation, and inclusivity in insurance practices. It establishes industry standards, approve rates, regulate local and international transactions, and protect strategic government and private assets.
Source: UNILORIN
