The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM), have commenced moves to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, with a view to encouraging oil and gas operators in the country to patronize local insurance firms.
The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, gave this hint on Tuesday when he led the management team of the board on a working visit to the Commissioner for NAICOM, Mr. Sunday Olorundare Thomas, at the commission’s head office in Abuja
According to him, the visit is made to s familiarize the team with chief executives of institutions that are represented on the NCDMB’s Governing Council as well as exploring areas of collaboration.
Ogbe expressed the readiness of the NCDMB to deepen its partnership with key agencies of government as a means of achieving the economic aspirations of President Bola Tinubu administration’s Renewed Hope Agenda, adding that cooperation and teamwork are key to accomplishing any objective.
In his remarks, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Sunday Thomas, congratulated the Executive Secretary of the NCDMB on his appointment which, he said, would enable him to consolidate on the solid foundation laid by his predecessors.
He described the Board NCDMB as strong institution and lauded its past Executive Secretaries for their innovative projects and achievements they recorded during their tenures, especially on the contributions to the economy over the year.
The NAICOM boss described insurance as the oxygen of business operations and expressed concern that the insurance services regulations signed by the commission and NCDMB were yet to be implemented.
Thomas charged the NCDMB chief to address the militating challenges, stressing that implementing the regulations will bring the needed changes in the insurance subsector of the oil and gas industry before being extended to other key sectors of the economy.
Also, Ogbe paid a similar visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, during which he reiterated the need for teamwork and partnership amongst various agencies under the Ministry of Petroleum Resources, to sustain the growth of the nation’s hydrocarbon resources industry.
