April 16, 2024

NCDMB, NAICOM, others set to converge in Lagos over impact of Nigerian content act in oil, gas insurance policies

Oredola Adeola

 

The Nigerian Content Development Monitoring Board (NCDMB), National Insurance Commission, NAICOM, insurance brokers and other critical stakeholders in both the oil and gas industry and insurance sector are scheduled to meet in Lagos in July, to brainstorm on the benefits and challenges faced by operators in the process of 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.

 

 

Mrs. Margaret Izuora, Managing Director, Stanmeg communications, organiser of the event, made this known in statement obtained by EnergyDay.

 

According to her, the 2023 National Conference – scheduled to hold on Thursday, July 20, 2023, at Sheraton Hotels, Ikeja Lagos – will focus on discussions relating to the fundamentals required in building Local Content Synergy between the insurance industry and oil and gas sector.

 

 

She said, “The conference is bringing together key stakeholders and regulatory agencies in both the oil and gas industry and insurance sector to brainstorm on the benefits and challenges while 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.

 

 

“Simbi Wabote, Executive Secretary, NCDMB who will be making a presentation as a guest speaker at the conference in July, has also confirmed NCDMB’s participation.

 

“While the NCDMB is leading the oil and gas industry to examine key issues that might be posing challenge to the industry in exploring huge opportunities provided by the NOGICD Act, the National Insurance Commission, NAICOM, would also provide insight into the possibilities and value creation which the act presents,” the organiser said.

 

Mrs Izuora noted that her organisation, in the course of gathering research tools for the conference, also observed a huge gap in the insurance industry underwriting capacity in the oil and gas sector.

 

She further disclosed that the discussions at the conference later in July will consolidate gains that have been achieved over the years after the signing of an insurance services guideline between NCDMB and the NAICOM, that has obliged the oil and gas industry the opportunity to patronize the local insurance sector, thereby retaining spending in the economy.

 

 

Izuora stated that the provisions of sections 49 and 50 of the NOGICD Act recently reviewed by the NCDMB and NAICOM 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.

 

 

She stated that the Conference is dedicated to creating 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.

 

 

She further stated that the conference themed: BUILDING LOCAL CONTENT SYNERGY BETWEEN THE OIL AND GAS AND THE INSURANCE SECTORS IN NIGERIA” with sub-theme HARNESSING INSURANCE OPPORTUNITIES IN THE OIL AND GAS INDUSTRY, centers on the possible outcome of the implementation of the Act as it concerns the insurance industry.

 

Panel discussions during the conference will include; Expectations of the oil and gas sector from the Nigerian Insurance Industry, the Role of insurance brokers in unlocking insurance opportunities in the oil and gas industry, and the roles of reinsurance in unlocking insurance opportunities in the oil and gas sector for Nigerian companies.

 

 

The organiser, therefore, noted that other panel discussion sessions at the conference will feature the Nigerian Insurance Association, NIA, Nigerian Council of Registered Insurance Brokers, NCRIB, Independent Petroleum Producers Group, IPPG, among others.

 

EnergyDay gathered the conference is chaired by Dr. Muda Yusuf, Chief Executive Officer, Chief Executive Officer, Center for The Promotion Of Private Enterprise, CPPE.