News Highlights:
- Former Power Minister and Geometric Power Chairman, Prof. Barth Nnaji, alongside NAICOM Commissioner Olusegun Ayo Omosehin, will headline the SUPERNEWS Conference.
- The conference will focus on leveraging local content and digitisation to strengthen collaboration between Nigeria’s oil & gas and insurance sectors.
Former Minister of Power and Chairman of Geometric Power Limited, Professor Barth Nnaji, has been confirmed as a Special Guest of Honour at the forthcoming SUPERNEWS Conference and 10th Anniversary celebration slated for July 7, 2026, in Lagos.
The conference, themed “Local Content and Digitisation: Building Synergy Between the Oil & Gas and Insurance Sectors for Inclusive Growth,” is expected to attract top industry leaders, regulators, policymakers and stakeholders seeking to deepen collaboration between two critical sectors of the Nigerian economy.
Also confirmed for the event is the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, who will join other prominent participants to discuss strategies for leveraging local content development and digital innovation to drive sustainable and inclusive economic growth.
Scheduled to be held at the Oriental Hotel, Victoria Island, Lagos, beginning at 10:00 a.m., the conference will provide a platform for robust discussions on strengthening partnerships between the oil and gas industry and the insurance sector, while addressing emerging opportunities and challenges in an increasingly digital economy.
The event is expected to bring together regulators, operators in the oil and gas and insurance industries, representatives of civil society organisations, members of the media, academics and students, among other stakeholders.
The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Jeff Duru, will chair the conference, while the Group Managing Director/CEO, Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote paper.
The Publisher, SUPERNEWS Nigeria, Ngozi Onyeakusi, said the choice of this year’s theme was borne out of the quest to provide insight on how the two sectors, insurance and oil & gas, can leverage on cutting-edge technologies to boost collaboration and synergy towards surmounting challenges associated in implementing the Provisions of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
For instance, 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 their oil and gas business with an insurance company, through an insurance broker registered in Nigeria.
The NOGICD Act also provides that where an operator seeks to place an insurable risk offshore, a written approval of the National Insurance Commission (NAICOM) must first be sought and obtained, and that NAICOM, before the issuance of the approval, must first determine that local capacity has been fully exhausted.
In a bid to smooth the implementation and compliance with the Act, the Nigeria Content Development and Monitoring Board (NCDMB) and NAICOM in 2022 launched the relevant guidelines, which were expected to address the loopholes that were identified in implementing the provisions of the Act, particularly Sections 49 and 50.
However, research has shown that insurance firms have still faced lots of challenges ranging from capital inadequacy and others.
With the birth of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, the insurance industry is now positioned for global competitiveness, while the ongoing recapitalisation exercise is expected to pave the way for big, strong, and reliable insurance firms.
