 |
| Professor Barth Nnaji |
Professor Barth Nnaji, Chairman of Geometric Power and former Nigerian Minister of Power, will serve as Special Guest of Honour at the SUPERNEWS Conference and 10th anniversary event on July 7, 2026.
The conference, themed “Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth”, takes place at Oriental Hotel, Victoria Island, Lagos, starting promptly at 10:00 a.m.
Mr. Olusegun Ayo Omosehin, Commissioner for Insurance at the National Insurance Commission (NAICOM), has confirmed his participation. The gathering will assemble regulators, industry stakeholders from oil & gas and insurance, civil society organisations, media and students to explore collaboration opportunities.
Dr. Jeff Duru, Managing Director/CEO of Universal Insurance Plc, will chair the event. Mrs. Idu Okeahialam, Group Managing Director/CEO of Royal Exchange Plc, is scheduled to deliver the keynote address.
Ngozi Onyeakusi, Publisher of SUPERNEWS Nigeria, said this year’s theme was chosen to spotlight how insurance and oil & gas can adopt digital technologies and strengthen local content to overcome implementation challenges tied to Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
For instance, provisions of Sections 49 and 50 of the NOGICD Act requires all operators engaged in any form of activity or project in the oil and gas industry to insure all insurable risks related to its oil and gas business with an insurance company, through an insurance broker registered in Nigeria.
The NOGICD Act also provides that where an operator seeks to place an insurable risk offshore, a written approval of the National Insurance Commission (NAICOM) must first be sought and obtained and that NAICOM, prior to the issuance of the approval, must first determine that local capacity has been fully exhausted.
In a bid to smoothen the implementation and compliance to the Act, the Nigeria Content Development and Monitoring Board (NCDMB) and NAICOM in 2022 launched the relevant guidelines which was expected to address the loopholes that were identified in implementing the provisions of the Act, particularly, Sections 49 and 50.
However, research has shown that insurance firms before now still faced lots of challenges ranging from capital inadequacy and others.
With the birth of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, the insurance industry is now positioned for global competitiveness while the ongoing recapitalisation exercise is expected to pave way for big, strong and reliable insurance firms.
0 comments:
Post a Comment