NAICOM, aviation ministry collaborate to curb capital flight

The National Insurance Commission (NAICOM) has collaborated with the Ministry of Aviation to prevent capital flight from the sector. The Commissioner for Insurance, Olusegun Omosehin, said at a courtesy visit to the Minister of Aviation and Aerospace Development, Festus Keyamo, that the collaboration is necessary to promote the country’s image, adding that it would also help to attract and retain credible relationships with international stakeholders. He stressed the need for local content provisions of the law and the global practice of risk sharing.

For him, the collaboration would also develop local capacity and expertise and manage capital flight to support the growth of the country’s gross domestic product (GDP).

According to him, the commission is committed to its mandate of regulating, supervising, and developing the insurance industry in the country, and also ensuring the protection of insurance policyholders and public trust.

The aviation minister, Festus Keyamo, observed that the meeting was necessary to discuss critical issues impacting the operations of domestic airlines.The minister pledged to convene a stakeholders meeting involving the commission, airline operators, and insurance operators to reach an agreeable position for all parties.

The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Oguntade, urged the government to consider that many insurance companies had invested heavily in building expertise and capacity to underwrite aviation risks.

“We further believe that collaboration and capacity building can address the government’s concerns. We are willing to work with the government to identify areas where the industry needs to improve and develop strategies to address those gaps,” he added.