By Chukwuka Ugokwe
Federal Polytechnic Oko, Anambra State, has emerged winner of the Tertiary Institutions Insurance Quiz Competition organised by the Department of Banking and Finance, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka.
The institution outperformed competitors from Enugu State University of Science and Technology (ESUT), Institute of Management and Technology (IMT), Enugu, Imo State University, Owerri and the host institution, Nnamdi Azikiwe University, to clinch the top position.
Other invited institutions, including Abia State University and Gregory University, were unable to participate in the competition.
Announcing the results on June 18 after a keenly contested written examination, Prof. Ifeoma Amakor disclosed that ESUT secured second position, while IMT finished third.
She said the winning institution received a cash prize of N300,000, while the second and third-placed teams were awarded N200,000 and N100,000 respectively. Participants who placed fourth and fifth also received N20,000 each.
According to Amakor, a Professor of Finance, the competition was designed to expose students to the provisions of the new insurance act and deepen their understanding of the industry’s practical operations.
“The questions were drawn from the new insurance act to help students gain knowledge of current developments in the insurance sector, appreciating aspects of the profession that may not be fully covered in the classroom,” she explained.
She noted that although the event took the form of a competition, its primary objective was educational.
Earlier, the Chairman of the occasion, Mazi Chijioke Nwafor, encouraged students to pursue professional qualifications alongside their academic studies to enhance their competence and employability after graduation.
He observed that insurance penetration in Nigeria remains low at about 0.4 per cent, describing the situation as an opportunity for aspiring professionals in the sector.
“With a large untapped market, the future of insurance in Nigeria is promising. The younger generation should take advantage of the innovative channels for insurance marketing and service delivery introduced by the new act,” he said.
Nwafor, a veteran insurance practitioner, advising students to enrol for professional examinations to qualify as practising insurers.
He pledged to connect interested students with industry professionals who could guide and mentor them, assuring them of employment opportunities once they acquire the necessary qualifications.
“I have never seen a qualified professional insurer searching endlessly for a job. Focus on building your competence, uphold good values and avoid anything that could tarnish your reputation or that of your family,” he advised.
The competition provided participants with an opportunity to test their knowledge of insurance principles while gaining deeper insights into emerging trends and regulatory developments in the industry.
Chukwuka Ugokwe is of the Ministry of Information and Value Reformation, Anambra State
