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  • Business - Companies
  • Updated: June 13, 2022

FG Unveils Insurance Guidelines To Strengthen Local Content

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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Simbi Wabot, the Executive Secretary, Nigerian Content Development and Monitoring Board, has said that the agency and the National Insurance Commission’s guidelines will help to achieve local content in the insurance sector by 2027.

According to a statement from NAICOM, Wabote spoke during the official launch of the NCDMB/NAICOM insurance guidelines.

“This event is another step by the Board to attain 70 per cent Nigerian content by 2027 under the board’s 10-year strategic roadmap,” he said.

Explaining the guidelines, he stated, “I am delighted to announce that these insurance guidelines address loopholes that have been identified by the board in implementing the provisions of the NOGICD Act, particularly sections 49 and 50.

“As we are aware, the combined provisions of sections 49 and 50 require 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 provides that where an operator seeks to place an insurable risk offshore, a written approval of the National Insurance Commission 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."

He explained that the purpose of the above provisions of the NOGICD Act is to ensure the full utilisation of available in-country capacity in the insurance sector before seeking offshore insurance services.

He said this is expected to improve the capacity of Nigerian insurance companies in the oil and gas industry.

He also noted that the implementation of the insurance guidelines would further strengthen the board’s local content drive, adding that the insurance guidelines, would lead to more value-addition and usage of Nigerian insurance firms registered in the country.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

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