Carey Street, Monrovia: The Managing Director of the National Insurance Corporation of Liberia (NICOL) Sam Mannah has conveyed his discontent about how the nation’s most reputable and foremost Insurance Company is being treated.
Mr. Mannah noted that his discontentment stemmed from the fact that some prominent Government Ministries and Agencies, are using Liberian Taxpayer’s Monies, to transact or insure Liberians with foreign insurance companies and thereby causing capital flights to countries such as Cameroon, Ghana, and others.
“Will Countries such as Cameroon, Ghana, and others whose economies are well-off than Liberia give their Taxpayers’ monies to a Liberian Insurance Company that is operating in their Countries”; questioned Mannah.
The Managing Director uncovered that Cameroon has a better economy as compared to Liberia but yet approximately, 1.36 Million United States Dollars is earned by an Insurance Company that is owned and operated by a Cameroonian, and almost all of that money is sent back to build Cameroon because prominent Government institutions and Agencies are refusing to be insured with or pay premium to NICOL.
Talking to the Media and Thousands of Liberians at Liberia’s most influential Intellectual discourse center known simply as the Center For the Exchange of Intellectual Opinions (CEIO) located on Carey Street, NICOL’s MD Sam Mannah furthered that when he visited South Africa sometimes in the past, he was told by a South African, that most of the Sky-scrappers in South Africa, was built by insurance companies but sadly in Liberia foreign Insurance companies are not investing in Liberia but instead they are taking the money out to build their economies. It is reported that about fourteen insurance companies are operating in Liberia which proves that the insurance business is a very lucrative one.
Speaking further, Managing Director Mannah, noted that recruitment of staff at NICOL is done through a stringent process that involves an application sent by the applicant, an Aptitude test taken on the computer, by the Applicants, and an interview where applicants, are interviewed by a Panelist of well experienced Insurance experts who has worked overseas and in Liberia for many years.
Moreover, NICOL’s Managing Director Mannah, communicated that at NICOL, their mission is to create more jobs for young Liberian Professionals. He also clarified that his vision is to curb capital flight and get NICOL to the place where real estate can be built here in Liberia to upgrade the skyline of Liberia.
Accordingly, Director Mannah, also used his time at CEIO, to speak on patriotism. Managing Director Mannah, told the media, that the Central Bank of Liberia (CBL), has in time past, released a list of Companies, that are authorized and competent to do insurance business in Liberia, but the National Insurance Company of Liberia NICOL was purposely omitted. Director Mannah avouched that he had been playing a low profile and being diplomatic and simply writing a lot of companies and ignoring the mudslinging against NICOL because, he does not want NICOL to be seen as a government institution that is fighting another but no one should overlook NICOL because NICOL, was enacted by Law and has all legal rights to operate as the Nation’s leading insurance company.
Similarly, according to one of Liberia’s highly lauded Economists Sam Jackson based in the United States of America, NICOL can raise over 100 Million United States Dollars a year and could even lend money to the government of Liberia if NICOL were giving all the necessary backing and support it needs.
Besides NICOL has the statutory mandate to collect 10℅ from all major stakeholders and also can be utilized, as a reinsurance company for other entities and Businesses.
Amidst these great capabilities of NICOL, it is very shocking and horrendous to note, that NICOL, does not have any budgetary quota or allotment and up to the present, NICOL is being sustained through the innovation and ideation applied every month by the staff.
In other developments, the Center for the Exchange of Intellectual Opinions (CEIO) honored Honorable Sam Mannah and his Team for the extraordinary work being done in the resuscitation of NICOL.
Accepting the award Mannah said the award means a lot to him and the institution.
“This award is credited to the gallant men and women of NICOL who have worked without a generator, who worked in plastic chairs, and fought a good fight and today NICOL’s work has yielded fabulous recognition. The Best days of NICOL are ahead”; Mannah exclaimed.
Meanwhile, the Management of Liberia’s number one insurer, NICOL, is calling on the Government to support the corporation and at the same time, is advocating for ships within Liberian territorial waters, to do Marine Insurance with NICOL because when that is done, NICOL will be extended in the remaining fourteen counties of Liberia and subsequently more jobs opportunities will be created for Liberians.
Emmanuel Logan, Is A Renowned Liberian Poet And Journalist With Over 19 Years Of Experience In Journalism. He Is Also An Economist and An Award-Winning Journalist Who Has Practiced As A Broadcaster, A TV Presenter, A Newspaper Managing Editor, And A Talkshow Host.