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NAICOM Assures On Increased Capacity Of Insurance Firms Financially, Technically

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By Sola Alabadan

The National Insurance Commission (NAICOM) has reiterated its commitment to creating an enabling environment that will consistently enhance increased capacity of the Insurance Institutions in Nigeria, both financially and technically.
The Commissioner for Insurance, Olorundare Thomas, gave this assurance during the signing and unveiling of the Guidelines on the submission of Insurance Programme by Operators, Project Promoters, Alliance Partners, and Nigerian Indigenous Companies in the Nigerian Oil and Gas Industry in Yenagoa, Bayelsa State on Wednesday.
He said whilst we note the need to secure domestic supply chains through strong backward domestic integration which has the potency of protecting economies from imported contagion of both a health and economic variety, we are also mindful of the capacity gap of the Supply side.
He reminded the gathering that, prior to the NOGICD Act 2010, the Insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria.
“In particular Section 65 (7) of the Insurance Act 2003 makes it compulsory for any property located in Nigeria, whether moveable or immovable to be insured by a Nigerian registered insurer. Section 67 requires that insurance of all imports into Nigeria must be insured by insurers registered in Nigeria,” he pointed out.
He added that “Section 72 prohibits any person from transacting insurance or reinsurance with foreign insurers/reinsurers except with the written permission of the Commission.”
In similar vein, he said “Sections 49 and 50 of the NOGICD Act specifically relate to Insurance & Reinsurance and Approval for Offshore Insurance respectively. The Act also contains a Schedule with recommended minimum levels of Nigerian Content Level measured by percentage spend.”
He emphasised that the joint Guidelines was issued with the objectives of enforcing and strengthening compliance with the provisions of the referenced sections of the NOGICD Act and relevant provisions of the Insurance Act, with respect to companies carrying on insurance business in the Nigerian oil and gas industry, as well as to also enable the Board monitor utilisation of in-country insurance capacity.
Thomas therefore implored all operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry to note that “the sighted relevant laws have demanded our adherence and continued compliance, hence the issuance of this Guidelines.”

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Insurance

The Advantages of Making Use Of Neteller for Online Casino Sites

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On the internet gambling establishments have actually come to be increasingly popular recently, giving a convenient and available way for gamers to appreciate their favored casino sit mobil online kaszinóe games from the comfort of their very own homes. With advancements in modern technology, on the internet casinos (more…)

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Best Online Gambling Enterprises that Approve Mastercard

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Mastercard is one of one of the most extensively approved repayment approaches at on-line gambling establishments all over the world. With its simple and protected purchases, many gamers prefer utilizing Mastercard for their on-line betting activities. In this article, we will present you to the best online gambling establishments that accept Mastercard (more…)

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IMT 2025 Edition Names Former McKinsey Partner As Speaker

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By Sola Alabadan

The fourth edition of Insurance Meets Tech (IMT), a conference focusing on the convergence of insurance and technology, is scheduled to hold on September 11 in Lagos.
With the theme, “Innovating for the New Trybe,” IMT 4.0 will convene stakeholders across the financial, tech, and creative ecosystems, redefining how insurance meets digital innovation, lifestyle, and Africa’s future economy. This year’s edition will once again deliver a powerful dual-experience format:
IMT 4.0, the flagship C-suite and policy-focused discourse
IMT Redefined 2.0, the youth-forward segment exploring the convergence of insurance, culture, and innovation.
The 2025 headline speaker is Per Lagerström, a global thought leader, an insurtech innovator, financial expert, and entrepreneur with over 30 years of experience across financial services, technology, FMCG, and strategy consulting. A former Partner at McKinsey & Company, he founded BehaviorTech, a groundbreaking field that merges behavioural science, AI, and innovation to deliver transformative outcomes for people, businesses, and society.
As CEO of Yellowspot, an Ireland-based venture studio, he leads the development of disruptive ventures focused on financial planning, education, longevity, and human-centred digital transformation. Known for navigating complexity with clarity, Per has advised boards and executives across Europe, Africa, and the Americas. His work is driven by an unrelenting passion for unlocking potential at the intersection of science, technology, and human insight.
Odion Aleobua, Convener of IMT and CEO of Modion Communications, expressed his delight ahead of the event. “We are incredibly honoured to welcome Per Lagerström to Lagos, Nigeria for IMT 4.0. His experience at the cutting edge of behaviour-tech research, an astute financial guru and huge insight into insurtech innovation align with the conversations we drive at this year’s conference. IMT is about the future of protection for a new generation, and we are convening voices and celebrating ideas that matter.”
IMT 4.0 will also continue to explore the role of predictive technology, embedded insurance, disruptive underwriting, and inclusive innovation. With engaging panels, immersive workshops, product demos, and youth-led showcases, the event promises actionable insights and bold ideas for building relevance in a shifting risk landscape.
Commenting, Per Lagerström stated, “Financial services are undergoing rapid and fundamental change, driven by AI inflection and BehaviorTech advances, blurring industry boundaries and shifting consumer behaviours. The result places incumbent business models under tremendous pressure and create unrivaled opportunities for growth and value creation. I am excited to join the year’s edition of IMT to unpack the forces at work and share my playbook for navigating these extraordinary times.”
IMT 4.0 proudly announces an early strategic partner powering this year’s event. CubeCover, one of Nigeria’s leading insurtech and microinsurance providers, comes aboard as a proud Gold Sponsor, racing ahead as early co-travelers for this year’s edition.
To register for IMT 2025, visit www.insurancemeetstech.com. For inquiries, contact Odion at +234 902 222 2226.
About Insurance Meets Tech (IMT)
The Insurance Meets Tech (IMT) Conference is one of West Africa’s leading platforms for exploring the future of insurance through the lens of technology, innovation, and culture.
In its fourth year, IMT offers a robust, multi-stakeholder, two-pronged experience featuring IMT 4.0, focused on C-suite insights, and IMT Redefined, a dynamic youth engagement segment inspired by innovation, lifestyle and creativity. IMT is curated by Modion Communications, one of Africa’s most celebrated young Public Relations consultancies.

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