The National Insurance Commission (NAICOM) has urged operators in the oil and gas sector to comply with relevant guidelines and patronise the local insurance sector.
The Commissioner for Insurance/Chief Executive Officer, NAICOM, Olorundare Sunday Thomas, in his keynote address at the Oriental News Summit in Lagos, reiterated NAICOM’s commitment to creating an enabling environment that will consistently enhance increased capacity of insurance institutions both financially and technically in line with the guidelines for oil and gas insurance business.
He called on operators in the oil and gas sector, to ensure timely compliance with the requirements of the guidelines jointly issued by the NAICOM and Nigerian Content Development and Monitoring Board (NCDMB) in pursuant to the requirements of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.
Thomas also urged prospective investors to tap the opportunities in the insurance sector. He said: “If you have any crazy ideas, come and try it. We will give you time to get into the market, we will monitor, and once we are sure it will add value to the public, we will give you the go ahead.”
Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, urged the oil and gas operators to imbibe the practice of local content in their system by patronising local insurance firms.
Wabote, represented by Director, Corporate Services, NCDMB, Patrick Oba, confirmed that the performance of the insurance sector, particularly in relation to oil and gas businesses is low, urging the insurance operators to bridge the capacity and capability gap.
