Business
THE Infrastructure Concession Regulatory Commission (ICRC) is partnering the National Insurance Commission (NAICOM) to mandate insurance covers for assets under the Public Private Partnership (PPP) arrangements.
The Commission disclosed this in a statement by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity of ICRC, on Wednesday in Abuja.
The statement revealed that the partnership was based on an agreement reached between the two commissions during the courtesy visit by the Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, to the Director-General of the ICRC, Dr Jobson Ewalefoh.
Ewalefoh reiterated that all strategic assets of the Federal Government should be insured, while commending NAICOM for following it up with a visit.
He also stated that insurance of PPP assets was not optional, but mandatory as stipulated in Section 7(2)a of the ICRC Act (2005).
“The project proponent or contractor shall undertake appropriate insurance policy on the concession with an insurance company approved by the National Insurance Commission.
“We have to ensure that the concessionaires obtain the appropriate insurance policy that they are required by law to undertake, in line with the value of the asset.
“So, by working in collaboration with NAICOM, we will be able to determine if the right insurance policy has been obtained.”
Ewalefoh also stated that ICRC was already requesting concessionaires of new PPP projects, to provide proof of insurance cover for the projects they are about to undertake.
He further said the ICRC will work out modalities in conjunction with NAICOM, to be issued in January 2025 to all concessionaires, to ensure their compliance of ongoing projects, yet to procure insurance for the project.
On his part, Omosehin said that the Insurance Commission was charged with the task of regulating and supervising the insurance sector in Nigeria, while advising government and its agencies on insurance matters.
Omosehin said, “We are responsible for ensuring that critical National assets have adequate cover.
“One key thing that made this meeting possible was the position of the DG on insurance of PPP assets, when he met with the Interior Minister.
“This was the origin of our desire to meet with ICRC; we are here to forge partnership that will enable that provision in the law to be enforced.
“I hope NAICOM and ICRC will use this opportunity to forge quick alliance, in ensuring the partnership works and the compliance part of the law works.” (NAN)
A.I
Dec. 5, 2024
Tags: Dr Jobson Ewalefoh. ICRC Mr Ifeanyi Nwoko Mr Olusegun Omosehin NAICOM
