The National Insurance Commission (NAICOM) has stepped up efforts to deepen insurance penetration in Nigeria through closer collaboration with the Bureau of Public Procurement (BPP).
During a working visit to the BPP headquarters in Abuja, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, met with the Director-General of BPP, Adebowale A. Adedokun, to explore areas of strategic cooperation.
Driving Transparency and Regulatory Compliance
Omosehin said the visit formed part of NAICOM’s broader strategy to strengthen partnerships with key government agencies in order to enhance regulatory effectiveness and improve compliance within the insurance sector.
He reaffirmed the Commission’s commitment to transparency, fairness and strict enforcement of solvency standards and claims settlement obligations among insurers.
According to him, NAICOM under his leadership will continue to ensure that all insurance operations—particularly those involving public sector contracts—are conducted in line with statutory requirements.
The Commissioner also used the opportunity to discuss implementation plans for the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing the legislation as a pivotal framework for strengthening regulation and expanding the industry’s contribution to the economy.
BPP Pledges Continued Support
In his response, Adedokun welcomed the engagement and reiterated BPP’s readiness to work closely with NAICOM to enhance accountability and operational efficiency across both sectors.
He pledged to lead a reciprocal visit to NAICOM’s headquarters in the near future, signaling sustained institutional engagement.
The BPP Director-General further urged stakeholders to prioritise inter-agency cooperation as a means of promoting public trust, improving procurement processes and ensuring proper insurance coverage in government projects.
The renewed collaboration comes as NAICOM intensifies its campaign to expand insurance coverage nationwide and reinforce regulatory oversight in alignment with ongoing sector reforms.
