The Nigerian Content Development and Monitoring Board (NCDMB), has accepted to lead discussion at the 2023 National Conference on Building Local Content Synergy between the Insurance Industry and Oil and Gas Sector.
Executive Secretary of the Board, Simbi Kesiye Wabote, who has confirmed NCDMB’s participation has also accepted to be the Guest speaker at the conference being organized by STANMEG Communications, publishers of Oriental News Nigeria Online.
The conference is bringing key stakeholders and regulatory agencies in both the oil and gas industry and insurance sector together to brainstorm on the benefits and challenges while implementing the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, particularly sections 49 and 50, which deals with insurance of oil and gas activities.
ENERGY TIMES reports that the event is scheduled to hold on Thursday July 20 2023, at Sheraton Hotels, Ikeja Lagos, at 9am.
While the NCDMB is leading the oil and gas industry to examine key issues that might be posing challenges for the industry in exploring huge opportunities provided by the Act, the National Insurance Commission, NAICOM would provide insight to possibilities and value creation which the Act presents.
STANMEG Communications using rigorous research tools observed a huge gap in the insurance industry underwriting capacity in the oil and gas sector.
The NCDMB and the NAICOM, equally after identifying this gap, recently signed an insurance services guideline which will oblige the oil and gas industry to patronize the local insurance sector, thereby retaining spending in the economy.
The Executive Secretary, NCDMB, Engr. Simbi Kesiye Wabote and the Commissioner for Insurance, Mr. Sunday Thomas signed the guidelines recently on behalf of their organizations in Yenagoa.
The Executive Secretary of the NCDMB, at the ceremony stated that the provisions of sections 49 and 50 of the NOGICD Act require all operators engaged in any form of activity or project in the Oil and Gas industry to insure all insurable risks related to its oil and gas business with an insurance company, through an insurance broker registered in Nigeria.
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He stressed further that the Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM before the issuance of the approval must ascertain that local capacity has been fully exhausted.
He also reiterated that the Insurance guideline will strengthen the Board’s local content drive and ensure that a greater portion of the spend in the Insurance industry as it relates to oil and gas activities in Nigeria is retained in-country.
It is based on this that STANMEG Communications, Publishers of Oriental News Nigeria Online, along with its partners has taken up the initiative to create a national platform that will bring operators in the two sectors together to broaden discussion and conversation around the key sections of the Act, identify challenges, opportunities and build stronger synergy to promote local content in the insurance sector.
