Monday, October 13, 2025
Home Business NAICOM/ NEMSA PARTNERS TO  ENSURE COMPLIANCE WITH ELECTRICAL SAFETY REGULATIONS AND INSURANCE...

NAICOM/ NEMSA PARTNERS TO  ENSURE COMPLIANCE WITH ELECTRICAL SAFETY REGULATIONS AND INSURANCE REQUIREMENTS

In a bid to enhance public safety and regulatory enforcement, the National Insurance Commission (NAICOM) and the Nigerian Electricity Management Services Agency (NEMSA) signed  Memorandum of Understanding to
underscore a shared commitment in ensuring compliance with electrical safety regulations and insurance requirements, reinforcing the protection of lives and property across Nigeria.
Reflecting on the significance of this collaboration, industry stakeholders recall years of fragmented enforcement, where electrical accidents led to substantial financial losses and fatalities.
” The absence of a structured mechanism linking technical certification with insurance coverage had left gaps in consumer protection’
‘This historic MoU aims to bridge that divide by ensuring that electrical installations in residential, commercial, and industrial spaces are both technically certified and adequately insured”
Managing Director/CEO of NEMSA, Engr. Aliyu Tahir reiterated the agency’s mission to uphold technical standards through inspections, testing, and certification of electrical infrastructure. He says , that the partnership with NAICOM would not only enhance compliance but also mitigate risks that have long threatened businesses and households.
 Commissioner for Insurance,  Olusegun Ayo Omosehin, described the agreement as a “landmark strategy” that will drive economic resilience by aligning regulatory oversight with proactive risk management.
“For NAICOM, this MoU represents a significant stride in deepening insurance penetration in critical sectors’
His deputy, Dr. Usman Jankara, reinforced NAICOM’s dedication to ensuring seamless execution, emphasizing that collaboration is key to achieving measurable progress.
“This MoU serves as a reflection of Nigeria’s evolving regulatory landscape—one that prioritizes preventive measures over reactive responses. By intertwining technical enforcement with insurance compliance, NAICOM and NEMSA have set a new precedent in safeguarding national infrastructure and consumer welfare. The legacy of this partnership will likely be measured not only in reduced electrical hazards but also in a more structured and resilient insurance ecosystem, fostering long-term economic stability”.
RELATED ARTICLES

OMOSEHIN CALLS ON WEST AFRICAN INSURERS TO LEAD CLIMATE RESILIENCE EFFORTS

  The Commissioner for Insurance, Federal Republic of Nigeria,  Olusegun Ayo Omosehin, has called on West African insurers to rise beyond traditional boundaries and lead...

FCCPC HAILS CBN’S 48-HOUR REFUND POLICY AS MAJOR WIN FOR BANK CUSTOMERS

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate commercial banks...

CUSTOMS RALLIES STAKEHOLDERS FOR SUCCESSFUL NATIONAL SINGLE WINDOW PROJECT

  The Nigeria Customs Service (NCS) has rallied stakeholders in the nation’s trade and logistics sector to unite in driving the successful implementation of the...

Most Popular

OMOSEHIN CALLS ON WEST AFRICAN INSURERS TO LEAD CLIMATE RESILIENCE EFFORTS

  The Commissioner for Insurance, Federal Republic of Nigeria,  Olusegun Ayo Omosehin, has called on West African insurers to rise beyond traditional boundaries and lead...

FCCPC HAILS CBN’S 48-HOUR REFUND POLICY AS MAJOR WIN FOR BANK CUSTOMERS

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate commercial banks...

CUSTOMS RALLIES STAKEHOLDERS FOR SUCCESSFUL NATIONAL SINGLE WINDOW PROJECT

  The Nigeria Customs Service (NCS) has rallied stakeholders in the nation’s trade and logistics sector to unite in driving the successful implementation of the...

NDIC SEEKS STRONGER CIBN COLLABORATION ON EMERGING RISKS

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, Thompson Sunday, has called for stronger collaboration between the Corporation and the Chartered Institute...

Recent Comments