Nigeria Issues Guidelines To Promote Oil & Gas Insurance Oversight

The National Insurance Commission (NAICOM) and the Nigerian Content Development and Monitoring Board (NCDMB) have officially launched guidelines on Submission of Insurance Programme by Operators, Project Promoters, Alliance Partners and Indigenous Companies in the Nigerian Oil & Gas Industry.

The ceremony took place on 8th June, 2022 at the Headquarters of the NCDMB in Yenagoa, Bayelsa State.
Present at the ceremony from the insurance sector were the Commissioner for Insurance (CFI), Sunday Thomas, the deputy commissioner for Insurance, Technical, Alh. Sabiu Bello Abubakar, director of Policy and Regulations, NAICOM, Mr. Leonard Akah, the chairman, Nigeria Insurers Association(NIA) Mr. Ganiyu Musa and Mr. Tunde Oguntade who represented the president of the Nigerian Council of Registered Insurance Brokers(NCRIB)

In his remarks at the event, the commissioner for Insurance, Mr. Thomas Sunday said: “the partnership between NAICOM and the NCDMB which has led to this jointly issued document is a drive towards strengthening our mutual oversight functions.
“The federal government’s drive towards enhancing local content speaks to the long-term plan desired from good intention and strategy to grow our economy, develop the Nigerian Industries and her human capital.

“It is in alignment with this national interest that we converge this day to append our signatures to the instrument that solicits information evidencing adherence to the government’s local content determination. It is important to state that, prior to the NOGICD Act 2010, the Insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria”, he said.

Similarly, the executive secretary of NCDMB, Engr. Simbi Wabote stated that, this event was the culmination of consistent, persistent and rigorous engagement between the board and NAICOM in the last twelve months.
This engagement, and the outcome, between the two agencies, he stressed, speaks to the advantage derived from collaboration.

“The success of our engagement, earmarked by this launch of the Insurance Guidelines, further attests to my belief that the local content enforcement and implementation is not a sprint but a marathon.
“I am delighted to announce that this Insurance Guidelines addresses loopholes that have been identified by the Board in implementing the provisions of the NOGICD Act, particularly sections 49 and 50,” he opined.