NCDMB, NAICOM Restates Insurance Value Addition In Oil, Gas Sector
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has given assurance of his efforts to promote and increase the level of local insurance participation in the country’s oil and gas sector.
Ogbe stated this when he paid a familiarization visit to the Commissioner for Insurance at the National Insurance Commission (NAICOM), office in Abuja.
The visit by NCDMB helmsman was aimed at familiarizing himself with chief executives of institutions that are represented on the NCDMB’s Governing Council as well as exploring areas of collaboration.
Engr Ogbe said NCDMB was willing to deepen its partnership with key agencies of the Federal Government to achieve the economic aspirations of President Bola Tinubu administration’s Renewed Hope Agenda, adding that cooperation and teamwork were key to accomplishing any noble objective.
He promised a close working relationship with NAICOM to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, to get Nigerian oil and gas companies to patronize local insurance firms and retain spend in the economy.
The Commissioner for Insurance, Mr. Sunday Thomas congratulated the Executive Secretary on his appointment, noting that he would be building on the solid foundation laid by his predecessors.
He described NCDMB as a formidable institution and commended the founding fathers of the Board for their foresight in creating such an important agency.
He also lauded the former Executive Secretaries of the NCDMB for their innovative projects and achievements while in office that added value to the economy.
The Commissioner for Insurance described insurance as the oxygen of business operations.
He expressed concern that the insurance services regulations that were signed by the commission and NCDMB were yet to be implemented.
He requested the Executive Secretary to address the challenges, hinting that implementing the regulations would bring the needed changes in the insurance subsector of the oil and gas industry before being extended to other key sectors of the economy.
