Former Minister of Power and Chairman of Geometric Power Limited, Prof. Barth Nnaji, has been confirmed as the Special Guest of Honour at the forthcoming SUPERNEWS Conference and 10th Anniversary celebration scheduled for July 7, 2026.
The conference, themed “Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth,” will take place at the Oriental Hotel, Victoria Island, Lagos, beginning at 10:00 a.m.
The event is expected to bring together regulators, industry leaders, operators in the oil and gas and insurance sectors, civil society organisations, members of the media, and students to discuss strategies for strengthening collaboration between the two critical sectors.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has also confirmed his participation in the conference.
Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will chair the event, while the Group Managing Director/CEO of Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote address.
Speaking on the significance of the conference, Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, said the theme was carefully chosen to explore how insurance and oil and gas operators can leverage digital technologies to deepen collaboration and address challenges associated with the implementation of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
According to her, the provisions of the Act require all operators engaged in oil and gas activities in Nigeria to insure all insurable risks related to their operations with Nigerian-registered insurance companies through locally registered insurance brokers.
The law further stipulates that operators seeking to place insurance risks offshore must obtain prior approval from NAICOM, which must first determine that local underwriting capacity has been fully exhausted before granting such approval.
To strengthen compliance with the Act, the Nigerian Content Development and Monitoring Board (NCDMB) and NAICOM jointly introduced implementation guidelines in 2022 aimed at addressing loopholes and operational challenges associated with the enforcement of Sections 49 and 50.
Despite these efforts, industry stakeholders have continued to identify challenges, including inadequate capital capacity among insurance firms, which have limited the sector’s ability to underwrite large-scale oil and gas risks.
However, the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and the ongoing recapitalisation exercise are expected to enhance the industry’s capacity, improve competitiveness, and position Nigerian insurers to take on larger and more complex risks within the oil and gas sector.
Industry observers expect the conference to provide a platform for robust discussions on local content development, digital transformation, regulatory compliance, and opportunities for deeper integration between the insurance and oil and gas industries.
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