The Nigerian Content Development and Monitoring Board (NCDMB) has pledged to review and operationalise the insurance services regulations jointly issued by both agencies in June 2022, to the Nigerian oil and gas companies.
The regulation was to ensure that local insurance firms are patronised to retain spending in the economy.
Engr. Omatsola Ogbe, the Executive Secretary of NCDMB made this known when he paid a courtesy visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe and the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas at their respective offices in Abuja.
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The content of the visit by the NCDMB was also to strengthen the existing collaboration with key agencies of government.in order to achieve economic aspirations of the present administration.
He said the visit was aimed at familiarizing himself with chief executives of institutions that are represented on the NCDMB’s Governing Council as well as exploring areas of collaboration.
The Executive Secretary conveyed the willingness of the NCDMB to deepen its partnership with key agencies of the Federal Government to achieve the economic aspirations of President Bola Tinubu administration’s Renewed Hope Agenda, adding that cooperation and teamwork were key to accomplishing any noble objective.
Ogbe promised that NCDMB would work closely with NAICOM to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022.
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Thomas congratulated the executive secretary on his appointment, noting that he would be building on the solid foundation laid by his predecessors.
The NUPRC’s boss highlighted the important role of the NCDMB in the operations of the upstream sector of the petroleum industry and commended the new Executive Secretary for seeking closer cooperation among the agencies.
He described the move as expedient, especially at a time when every hand is on the deck towards increasing Nigeria’s crude oil production, earning higher revenue for the nation, and reviving the economy.
