Friday, April 4, 2025
Home Business NAICOM, ICRC PARTNERS TO IMPLEMENT INSURANCE FOR ASSET UNDER PUBLIC-PRIVATE PARTNERSHIP ARRANGEMENTS.

NAICOM, ICRC PARTNERS TO IMPLEMENT INSURANCE FOR ASSET UNDER PUBLIC-PRIVATE PARTNERSHIP ARRANGEMENTS.

The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to partner to implement insurance provisions for assets under public-private partnership arrangements, as outlined in the law.
This was discussed during a courtesy visit of the Commissioner for Insurance  Olusegun Ayo Omosehin to the Office of the Director General of the ICRC Dr Jobson Oseodion Ewalefoh at his office
 According to the two agencies, the  partnership marks a significant milestone in Nigeria’s infrastructure development. By ensuring that infrastructure projects are properly insured, in order to mitigate potential risks, protect investments, and promote economic growth.
The Commissioner for Insurance stated that as the apex insurance regulator, NAICOM plays a crucial role in advising the government on insurance matters and ensuring the protection of strategic government assets. Meanwhile, ICRC has been driving public-private partnerships (PPPs) to fast-track infrastructure development in Nigeria and by working together, NAICOM and ICRC can ensure that insurance coverage for PPP projects is robust, reliable, and compliant with regulatory requirements.
“This partnership will likely have a positive impact on Nigeria’s infrastructure development, attracting more investments and promoting economic growth”.
A joint Committee was up to draw up modalities for the partnership and a strong statement for compliance with insurance requirements in any contract going forward will be collectively issued by January 2025.
RELATED ARTICLES

UPDATE ON PAYMENT OF UNINSURED SUMS TO DEPOSITORS OF HERITAGE BANK (IN-LIQUIDATION)

In response to concerns raised by depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, the...

SAVE THE CONSUMERS CONDEMNS MULTICHOICE’S DISCRIMINATORY PRICING BETWEEN NIGERIAN AND SOUTH AFRICAN SUBSCRIBERS.

The executive Director save the consumer Dr. Aliyu Ilias, a non-governmental organisation committed to defending consumer rights, strongly condemns the recent 21% price increase...

HERSHOWCASE 2025: EMPOWERING WOMEN ENTREPRENEURS TO TRADE BEYOND BORDERS.

The Nigerian Export Promotion Council (NEPC) in collaboration with the International Trade Centre (ITC), is set to host HerShowcase 2025 in Abuja, Nigeria, under...

Most Popular

FG CALLS ON IOCs IN NIGERIA TO RAMP UP INVESTMENT .

The Federal Government has called on International Oil Companies (IOCs) operating in Nigeria to ramp up investments in the country’s oil and gas sector,...

UPDATE ON PAYMENT OF UNINSURED SUMS TO DEPOSITORS OF HERITAGE BANK (IN-LIQUIDATION)

In response to concerns raised by depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, the...

NNPC LTD READY FOR INITIAL PUBLIC OFFER .

The Nigerian National Petroleum Company Limited says,  is at the final stage of getting listed in the capital market, in keeping with the provisions...

SAVE THE CONSUMERS CONDEMNS MULTICHOICE’S DISCRIMINATORY PRICING BETWEEN NIGERIAN AND SOUTH AFRICAN SUBSCRIBERS.

The executive Director save the consumer Dr. Aliyu Ilias, a non-governmental organisation committed to defending consumer rights, strongly condemns the recent 21% price increase...

Recent Comments