• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NAICOM intensifies effort to meet oil, gas industry needs

NAICOM

The Matters Press by The Matters Press
July 21, 2023
Reading Time: 3 mins read
0
2021 premium income for insurance industry hits N630bn — NAICOM

Lagos, July 21, 2023: The National Insurance Commission (NAICOM), says it has intensified its ongoing drive to facilitate platforms that address the demand-supply gap in the oil and gas Industry.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Mr Sunday Thomas, Commissioner For Insurance, NAICOM, said this while delivering a keynote address at the 2023 Oriental News Summit on Thursday in Lagos.

The theme of the summit is: “Building Local Content Synergy between the Oil and Gas, and Insurance Sectors in Nigeria”.

Thomas, also the Chief Executive Officer of the commission, said that the platform would encourage specialised insurance products that meet the needs of the industry.

Thomas said the commission was poised to address all potential regulatory impediments, support the development of human capacity and ensure technical capacities of insurance suppliers in the industry.

Others, he said include adequate risk pricing, comprehensive coverages and risk management.

“As a regulator, we are committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, both financially and technically.

“Beyond our promises and without pre-empting the paper presenters and discussants, I will express the need for reciprocal expectations from the operators in the oil and gas sector.

“One of which is timely compliance with the requirements of the guidelines, jointly issued by the commission and the Nigerian Content Development and Monitoring Board (NCDMB).

According to him, the drive toward enhancing local content speaks to the long-term plan of the government, burn out of good intention and strategy to grow its economy, develop the Nigerian industries and human capital.

Thomas explained that prior to the Nigeria Oil and Gas Industry Content Development Act of 2010 (NOGICD ACT), the Insurance Act 2003 made provisions for the domestication and domiciliation of insurance services in Nigeria.

He said that this is stated, in Section 65(7), which made it compulsory for any property located in Nigeria, whether moveable or immovable to be insured with a Nigerian registered insurer.

The commissioner said Section 67 requires that insurance of all imports into Nigeria must be insured by registered insurers.

Thomas stated that the historical relationship between both the oil and gas, and insurance industries could be traced to the birth of the latter, following the issuance of the NOGICD ACT.

He expressed that the insurance industry, in collaboration with the NCDMB, brainstormed and came up with the issuance of the Guidelines for oil and gas insurance business issued in 2010.

According to him, the guideline, among others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law.

He, however, said that was with the primary consideration of ensuring actual exhaustion of available In-Country Insurance Capacity.

Thomas said the overall aim of the guideline is the development of indigenous content through increased local participation.

“The synergy between both industries was renewed when both agencies identified the need for a veritable platform for inter-agency collaboration.

“This is in order to give effect to the requirements of Sections 49 and 50 of the NOGICD Act 2010 by providing guidance to operators in the oil and gas, necessary for satisfying the provisions of the law in relation to insurance transactions.

“The journey for the renewed collaboration transited to the signing and unveiling of the guidelines on submission of insurance programme by operators, project promoters, Alliance partners, and indigenous companies in the Nigerian oil and gas industry,” he said.

According to him, NAICOM has shown a positive attitude to market development by the release of the Soundbox Guidelines which is an instrument to test ingenuities in the market.

Thomas said, the commission sought to facilitate and promote innovative insurance solutions that would address the gaps in current insurance offerings.

The NAICOM boss stated that following the mandate to develop indigenous capacities to participate in the oil and gas industry, both regulators would collaboration to facilitate and promote adequate assessment of the needs of the oil and gas industry.

He noted that both regulators must also be able to influence the behaviour of Insurers, Reinsurers and Brokers in manners that address the needs for national growth and development.

ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Nigeria approves new policy on bitumen

Senate considers Bitumen as catalyst for development.

Covid-19 causes GDP’s contraction

NEC endorses deployment of CNG-powered vehicles for public transportation

Recommended Stories

We have nothing to hide – NNPC

Jesse group gives NNPCL, PPMC ultimatum on abandoned hospital project

April 5, 2023
Deaf Eagles leave for Sierra Leone

Deaf Eagles leave for Sierra Leone

September 26, 2019
Marketers hail unveiling of new NNPC

NNPC’s joint venture business under scrutiny

September 21, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us