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By Henry Uche
The National Insurance Commission (NAICOM) and the Chartered Insurance Institute of Nigeria (CIIN) are collaborating to bridge the knowledge gap in insurance and ultimately promote professionalism and sector performance.
The Commission also reiterated its resolve to remain dedicated to fostering a stronger regulatory environment in the Nigerian insurance sector even in the midst of Volatile, Uncertain, Complex and ambiguous business environment.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, revealed this during a courtesy visit by the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, and the Institute’s Council to the Commission in Abuja recently.
The Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, urged the Chartered Insurance Institute of Nigeria (CIIN) to continue its vital role in advancing professionalism and expertise within the insurance sector. He emphasized the importance of maintaining high standards, earning public trust and projecting a positive image of the industry to foster growth and credibility.
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In response, CIIN President, Mrs. Yetunde Ilori, expressed deep appreciation for Mr. Omosehin’s exceptional contributions to the Commission, commending his leadership and the progress achieved under his tenure. She reaffirmed CIIN’s strong commitment to collaborating with NAICOM on initiatives aimed at strengthening the insurance industry and driving sustainable development.
The NAICOM boss extended his gratitude to the CIIN Council for their visit, emphasizing his dedication to maintaining a strong and harmonious relationship with the Institute. He assured them that the Commission remains steadfast in its mission to create a more robust regulatory framework to support the sector’s growth.
In a related development, NAICOM and the Infrastructure Concession Regulatory Commission (ICRC) have announced a strategic partnership to enforce compliance with insurance provisions for assets under public-private partnership (PPP) arrangements in Nigeria. This collaboration aligns with statutory requirements and underscores the commitment to safeguarding investments and fostering accountability within the PPP ecosystem.
The development was unveiled during a courtesy visit by the commissioner for insurance, Olusegun Ayo Omosehin, to the director general of ICRC, Dr. Jobson Oseodion Ewalefoh, at the commission’s Abuja headquarters.
The collaboration aims to safeguard investments in critical infrastructure projects by ensuring proper insurance coverage, mitigating potential risks, and boosting investors’ confidence. Both agencies applauded the partnership as a vital milestone in Nigeria’s quest for sustainable infrastructure development and economic development.
“As the apex insurance regulator, NAICOM is committed to advising the government on insurance-related matters and protecting strategic national assets,” Omosehin stated. This partnership with ICRC will ensure that PPP projects benefit from robust, reliable, and compliant insurance frameworks.”
Dr. Ewalefoh highlighted ICRC’s dedication to accelerating infrastructure development through PPPs, noting that the collaboration would strengthen adherence to insurance regulations. “By working together, we can enhance the credibility and security of PPP agreements, fostering greater investor trust in Nigeria’s infrastructure landscape,” he said.
To effect the agreement, a joint committee has been established to define the modalities for implementation. The committee is expected to release a comprehensive compliance directive by January 2025, outlining mandatory insurance requirements for PPP contracts. This initiative is expected to attract more private investment into Nigeria’s infrastructure sector, ultimately driving economic growth and development.
