The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM), have collaborated to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, to get Nigerian oil and gas companies to patronise local insurance firms and retain spend in the economy.
The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, disclosed this on Tuesday when he led the management team from the board on a visit to the Commissioner for NAICOM, Mr. Sunday Olorundare Thomas in Abuja.
The visit by the new NCDMB boss was aimed at familiarising himself with chief executives of institutions that are represented on the NCDMB’s Governing Council as well as exploring areas of collaboration.
He conveyed the willingness of the NCDMB 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.
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Responding, the Commissioner for Insurance of the National Insurance Commission (NAICOM), Mr. Sunday Olorundare 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 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.
The NCDMB boss also visited the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, and reiterated the need for teamwork and partnership amongst various agencies under the Ministry of Petroleum Resources, to sustain the growth of the Nigerian oil and gas industry.
