By Chioma Obinagwam
The Nigerian Content Development and Monitoring Board (NCDMB) has pledged to work closely 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.
Confiance News learnt that the Executive Secretary of NCDMB, Felix Omatsola Ogbe said this during his courtesy visit to National Insurance Commission (NAICOM) on Tuesday.
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 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.
