•As STANMEG holds confab
By Adewale Sanyaolu
The Nigerian Content Development and Monitoring Board (NCDMB), is to lead discussions at the 2023 National Conference on Building Local Content Synergy between the insurance industry and the oil and gas sector.
Executive Secretary of the Board, Simbi Kesiye Wabote, who confirmed NCDMB’s participation , also accepted to be the guest speaker at the conference being organised by STANMEG Communications, publishers of Oriental News Nigeria Online.
The conference will bring key stakeholders and regulatory agencies in both the oil and gas industry and insurance sector together to brainstorm on the benefits and challenges in implementing the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, particularly sections 49 and 50, which deals with insurance of oil and gas activities.
The event is scheduled to hold on July 20, 2023 at Sheraton Hotels, Ikeja Lagos, at 9am.
While the NCDMB leads the oil and gas industry to examine key issues that pose challenges for the industry against exploring huge opportunities provided by the Act, the National Insurance Commission, NAICOM on the other hand would provide insight to possibilities and value creation which the Act presents.
A statement by STANMEG Communications explained that using rigorous research tools , the media outfit observed huge gap in the insurance industry underwriting capacity in the oil and gas sector.
The NCDMB and the NAICOM, equally after identifying this gap recently signed insurance services guideline which will oblige the oil and gas industry to patronize the local insurance sector, thereby retaining spend in the economy.
Wabote and the Commissioner for Insurance, Mr. Sunday Thomas signed the guidelines recently on behalf of their organisations in Yenagoa.
The Executive Secretary of the NCDMB, at the ceremony stated that the provisions of sections 49 and 50 of the NOGICD Act 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.
He stressed further that the Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM before the issuance of the approval must ascertain that local capacity has been fully exhausted.
Wabote also reiterated that the Insurance guideline will strengthen the Board’s local content drive and ensure that a greater portion of the spend in the Insurance industry as it relates to oil and gas activities in Nigeria is retained in-country.
‘‘It is based on this that STANMEG Communications, Publishers of Oriental News Nigeria Online, along with its partners has taken up the initiative to create a national platform that will bring operators in the two sectors together to broaden discussion and conversation around the key sections of the Act, identify challenges, opportunities and build stronger synergy to promote local content in the insurance sector.
According to the conference organizers, partners have designed a theme that centers on the possible outcome of the implementation of the Act as it concerns the insurance industry.
The conference will be chaired by Dr. Muda Yusuf, Chief Executive Officer, CEO Center For The Promotion of Private Enterprise, CPPE.