Lagos, Nigeria (VOICE OF NAIJA)- Leading players in Nigeria’s oil and gas, insurance, financial services and regulatory sectors will converge in Lagos on July 7 for the fourth edition of the SUPERNEWS Nigeria Annual Conference, where discussions will focus on leveraging local content and digital transformation to drive inclusive economic growth.
The conference, which coincides with SUPERNEWS Nigeria’s 10th anniversary, is themed “Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth.”
The event is expected to bring together regulators, policymakers, chief executives, energy operators, insurance professionals, investors, academics and other stakeholders to explore strategies for strengthening indigenous participation, improving risk management and enhancing collaboration between two of Nigeria’s most strategic industries.
In a statement ahead of the conference, the organisers announced that the Managing Director/Chief Executive Officer of Universal Insurance Plc, Jeff Duru, will chair the event, while the Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Idu Okeahialam, will deliver the keynote address.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, is expected to attend as the Special Guest of Honour. Also expected are the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, alongside senior executives from the insurance, energy and financial sectors.
READ ALSO: African Nations Adopting Nigeria’s Local Content Model -NCDMB
Other speakers include the Managing Director/Chief Executive Officer of Stanbic IBTC Insurance, Akinjide Orimolade; Managing Director/Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun; Managing Director/Chief Executive Officer of Deepshores Energy Limited, Nneka Obi; and Olajide Fadun of the Department of Insurance and Actuarial Science, University of Lagos.
Publisher of SUPERNEWS Nigeria and Convener of the conference, Ngozi Onyeakusi, said the forum is designed to generate practical solutions that will deepen collaboration between the oil and gas and insurance industries through technology, digital innovation and stronger local content implementation.
According to her, a key focus will be addressing implementation challenges surrounding Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which require oil and gas operators to insure operational risks through Nigerian-registered insurance companies and brokers.
The legislation also stipulates that offshore placement of insurance risks requires prior approval from NAICOM after confirming that local underwriting capacity has been fully exhausted.
To strengthen compliance, the Nigerian Content Development and Monitoring Board (NCDMB) and NAICOM jointly introduced implementation guidelines in 2022. However, industry participants say challenges such as limited underwriting capacity, inadequate capital and operational constraints have continued to hinder full implementation.
Stakeholders believe the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, alongside the ongoing recapitalisation of insurance companies, has positioned the sector to underwrite larger oil and gas risks locally, improve competitiveness and retain more insurance premiums within Nigeria.
The conference is expected to provide a platform for policy dialogue on how regulatory reforms, digitalisation and local content initiatives can strengthen investor confidence, deepen indigenous participation and unlock new growth opportunities across the energy and insurance value chains.
As SUPERNEWS Nigeria celebrates a decade of financial and business journalism, the organisers said the conference is expected to produce policy recommendations that will help shape the future of Nigeria’s oil and gas and insurance sectors.
