By Chioma Obinagwam
Nigeria’s power sector czar and oil and gas insurance compliance are set to collide at one high-stakes gathering on July 7.
Confiance News gathered from a statement issued by the company.
Professor Barth Nnaji, Chairman of Geometric Power Limited and former Nigerian Minister of Power, will attend the SUPERNEWS Conference and 10th Anniversary as Special Guest of Honour. The event holds at Oriental Hotel, Victoria Island, Lagos, beginning at 10:00 a.m.
The conference is themed “Local Content and Digitisation: Building Synergy Between Oil and Gas and Insurance Sectors for Inclusive Growth.”
Insurance Commissioner Olusegun Ayo Omosehin of the National Insurance Commission (NAICOM) has confirmed his attendance. Universal Insurance Plc Managing Director and Chief Executive Officer, Dr. Jeff Duru, will chair the session, while Royal Exchange Plc Group Managing Director and CEO, Mrs. Idu Okeahialam, will deliver the keynote address.
SUPERNEWS Nigeria Publisher Ngozi Onyeakusi said the theme responds to a pressing compliance gap. Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act require oil and gas operators to insure all insurable risks through Nigerian-registered firms. Where offshore placement is sought, NAICOM approval is mandatory and can only be granted after local capacity is confirmed to be fully exhausted.
To strengthen compliance, NAICOM and the Nigeria Content Development and Monitoring Board (NCDMB) jointly released implementation guidelines in 2022. Yet insurance firms continued to grapple with capital inadequacy and structural limitations that stalled full enforcement.
Confiance News reports that the landscape is now shifting. The Nigeria Insurance Industry Reform Act (NIIRA) 2025 has repositioned the sector for global competition. An ongoing industry recapitalisation exercise is expected to produce larger, better-capitalised insurers capable of absorbing the risk exposure that the NOGICD Act demands.
The SUPERNEWS Conference brings together regulators, oil and gas stakeholders, insurers, civil society organisations, media practitioners and students.
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