NAICOM, ICRC in Synergy to Enforce Insurance in PPP contracts and Projects
By Ewache Ajefu
The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to partner to implement insurance provisions for assets under public-private partnership arrangements, as outlined in the law.
This was discussed during a courtesy visit of the Commissioner for Insurance Mr. Olusegun Ayo Omosehin to the Office of the Director General of the ICRC Dr Jobson Oseodion Ewalefoh at his office today December 02, 2024. According to the two agencies, this partnership marks a significant milestone in Nigeria’s infrastructure development. By ensuring that infrastructure projects are properly insured, in order to mitigate potential risks, protect investments, and promote economic growth.
The Commissioner for Insurance stated that as the apex insurance regulator, NAICOM plays a crucial role in advising the government on insurance matters and ensuring the protection of strategic government assets. Meanwhile, ICRC has been driving public-private partnerships (PPPs) to fast-track infrastructure development in Nigeria and by working together, NAICOM and ICRC can ensure that insurance coverage for PPP projects is robust, reliable, and compliant with regulatory requirements. This partnership will likely have a positive impact on Nigeria’s infrastructure development, attracting more investments and promoting economic growth.
A joint Committee was up to draw up modalities for the partnership and a strong statement for compliance with insurance requirements in any contract going forward will be collectively issued by January 2025.
