Oil & Gas
By Anthony Isibor
THE ongoing 2022 Nigeria Oil and Gas, NOG, Conference kicked off on Monday in Abuja with the public presentation and showcase of the guidelines from the partnership between the Nigeria Content Development and Monitoring Board, NCDMB, and the National Insurance Commission, NAICom, as well as the exchange of document between Simbi Kasie Wabote, Executive Secretary, NCDMB and Sunday Thomas, National Commissioner for Insurance.
The partnership between the two bodies is in continuation of the efforts of the NCDMB at promoting local content by enhancing the ease of doing business.
While thanking Wabote for his thoughtfulness and leadership capabilities, the NAICom boss said that it was time that the insurance sector was built to a point where financial and technical capacities are enhanced just as it is done in other climes.
He promised to enforce compliance with the agreed framework.
“The implementation framework has been developed and just like the Executive Secretary had mentioned, it would be made available to all operators in the Oil and Gas sector,” he said.
The NAICom boss also urged the practitioners to comply as much as possible with the guidelines, which according to him, are simple, because it will add a lot of value to the system.
On his own part, Wabote noted that with regards to assets and liabilities in the oil and gas industry, sections 49 and 50 of the Nigeria oil and gas industry content act 2010 states the requirements for players in the Nigeria oil and gas activities and the need to engage local insurance companies in insuring their assets, liabilities and so on.
He said that the collaboration was in a bid to carry out its key mandate of carrying out the provisions of the act that the board in collaboration with the National Insurance Commission, NAICom, developed the insurance guidelines for the oil and gas industry.
Wabote noted also that the goal was not to create more impediments but to create job opportunities in in-country value retention so as to address threats to the social/economic stability of the nation.
According to him, the guidelines will contribute significantly towards promoting the development of insurance services in the country and will also drive the retention of financial spending in-country thereby contributing towards reversing capital flight.
This year’s NOG, which is tagged “Expanding the Nigerian Content Frontier Through Intra-African trade” is expected to run through Monday, July 4th to Wednesday, July 7, 2022, will feature industry leaders, and discussions on how to promote the Nigerian Content.
KN
Tags: Anthony Isibor NAICOM NCDMB NOG Simbi Kasie Wabote
