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SUPERNEWS Nigeria has announced that the Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will be the Chairman of its highly anticipated Annual Conference and 10th Anniversary Celebration scheduled for July 7, 2026.
Likewise, the Group Managing Director/CEO of Royal Exchange Plc, Mrs. Idu Okeahialam, will present the keynote paper at the annual conference which is currently in its fourth edition.
The theme of the conference; “Local Content and Digitalisation: Building Synergy between the Oil and Gas and Insurance Sectors for Inclusive Growth” will take place at the Oriental Hotel, 3 Lekki Road, Victoria Island, Lagos, at 10am sharp.
The event is expected to attract regulators, operators, industry CEOs, politicians, civil society organisations, media professionals, students, among other stakeholders.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has confirmed his participation as the special guest of honour, while the Chairman of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, will be present on the occasion.
The erudite and prominent speakers set for the conference include Managing Director/CEO of Stanbic IBTC Insurance, Akinjide Orimolade and Managing Director/CEO Guinea Insurance Plc. Mr Ademola Abidogun.
Others include the MD/CEO Deepshores Energy Limited, Mrs. Nneka Obi and Professor Olajide Fadun, of the Department of Insurance and Actuarial Sciences, University of Lagos.
Speaking on the rationale behind choosing the conference theme, the Editor of SUPERNEWS Nigeria and organizer of the momentous event, Ngozi Onyeakusi, explained that the entire effort was geared towards providing insights into how both sectors can leverage technology-driven solutions to strengthen synergy, so as to overcome the challenges associated with the implementation of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
He noted that the provisions of sections 49 and 50 of the Act require operators involved in oil and gas activities to ensure that all insurable risks associated with their activities are covered by insurance companies and brokers registered in Nigeria.
The law also provides that if an operator seeks to place an insurable risk offshore, written approval from the National Insurance Commission (NAICOM) must first be sought and obtained and that NAICOM must first determine that local capacity has been fully exhausted before issuing approval.
In a bid to facilitate the implementation and enforcement of the Act, the Nigeria Content Development and Monitoring Board (NCDMB) and NAICOM in 2022 launched the relevant guidelines which were expected to address identified gaps in the implementation of the provisions of the Act, particularly sections 49 and 50
However, research has shown that before now, insurance companies still faced many challenges, ranging from capital inadequacy, among others.
With the birth of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, the insurance sector is now positioned for global competitiveness, while the ongoing recapitalization exercise is expected to pave the way for large, strong and reliable insurance companies.
The conference therefore provides a real platform for a robust discussion on how digitalisation, policy reforms and the implementation of local content guidelines can foster inclusive growth and a sustainable partnership between the oil and gas and insurance sectors.
