Former Minister of Power and Chairman of Geometric Power Limited, Prof. Barth Nnaji will serve as the Special Guest of Honour at the forthcoming SUPERNEWS Conference and 10th Anniversary scheduled for July 7, 2026.
The conference, themed “Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth,” will hold at Oriental Hotel, 3 Lekki Road, Victoria Island, Lagos, beginning at 10:00 a.m.
Also expected at the event is the Commissioner for Insurance, National Insurance Commission, Mr. Olusegun Ayo Omosehin, who has confirmed his attendance.
According to the organisers, the conference will bring together regulators, key stakeholders in the oil and gas and insurance sectors, civil society organisations, members of the media, and students, among others.
The Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will chair the conference, while the Group Managing Director/CEO of Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote address.
On the choice of theme, the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, said it was informed by the need to provide insight into how the insurance and oil and gas sectors can deploy cutting-edge technology to strengthen collaboration and address challenges associated with the implementation of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development Act.
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She noted that the provisions of Sections 49 and 50 of the Act require all operators involved in any activity or project in the oil and gas industry to insure all insurable risks related to their operations with an insurance company, through an insurance broker registered in Nigeria.
The Act also stipulates that where an operator seeks to place an insurable risk offshore, prior written approval must be obtained from NAICOM. Before granting such approval, the commission must determine that local capacity has been fully exhausted.
To improve implementation and compliance with the Act, the Nigeria Content Development and Monitoring Board and NAICOM in 2022 launched guidelines aimed at addressing identified loopholes, particularly in relation to Sections 49 and 50.
Despite this, research indicates that insurance firms had continued to face several challenges, including capital inadequacy.
However, with the emergence of the Nigeria Insurance Industry Reform Act 2025, the industry is seen as better positioned for global competitiveness, while the ongoing recapitalisation exercise is expected to pave the way for bigger, stronger and more reliable insurance firms.
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