• Home
  • Top Stories
  • News
    • Photo News
  • Politics
  • Business
  • Crime & Security
  • Sports
  • Intimacy
  • About Us
    • Contact Us
    • Privacy Policy
    • Advert Rate
  • More
    • Opinion
    • Lifestyle & Entertainment
    • Foreign News
    • Health
Facebook Twitter Instagram
Sunday, July 20
Facebook Twitter Instagram
Prompt News
  • Home
  • Top Stories
    Featured

    Japa: Woman allegedly defrauds Pastor, 65 others of N159m

    Crime & Security July 20, 2025
    Recent

    Japa: Woman allegedly defrauds Pastor, 65 others of N159m

    July 20, 2025

    Father elopes with his son’s 22-year-old fiancée

    July 20, 2025

    Ghana edge Algeria in penalty drama to reach WAFCON 2024 Semi-Finals

    July 20, 2025
  • News
    1. Photo News
    Featured

    Teachers threaten strike over delay in N70,000 minimum wage

    News July 20, 2025
    Recent

    Teachers threaten strike over delay in N70,000 minimum wage

    July 20, 2025

    Court dismisses bid to stop national assembly from approving Rivers budget

    July 19, 2025

    Refurbished N150bn Presidential jet returns to Abuja

    July 19, 2025
  • Politics
    Featured

    How Atiku, Obi will suffer another defeat in 2027 – APC chieftain reveals

    Politics July 20, 2025
    Recent

    How Atiku, Obi will suffer another defeat in 2027 – APC chieftain reveals

    July 20, 2025

    Too little, Too late’ – ADC slams Tinubu’s northern appointments

    July 20, 2025

    Criticisms of Tinubu’s state burial for Buhari in bad taste, APC tackles ADC

    July 19, 2025
  • Business
    Featured

    NSML Wins Maritime Excellence Award, Reaffirms Commitment to Capacity Building 

    Business July 19, 2025
    Recent

    NSML Wins Maritime Excellence Award, Reaffirms Commitment to Capacity Building 

    July 19, 2025

    FAAC: FG, States, LGs share N1.8trn June, 2025 revenue

    July 19, 2025

    T.Pumpy Boss, Femi Adebayo Visit Katampe Extension Estate

    July 18, 2025
  • Crime & Security
    Featured

    Japa: Woman allegedly defrauds Pastor, 65 others of N159m

    Crime & Security July 20, 2025
    Recent

    Japa: Woman allegedly defrauds Pastor, 65 others of N159m

    July 20, 2025

    Notorious thug found with knife, marijuana arrested by Police

    July 20, 2025

    Hoodlums burgled Ghanaian Ambassador’s residence in Abuja

    July 20, 2025
  • Sports
    Featured

    On the Road to Glory: Morocco Face Ghana, South Africa Reignite Rivalry with Nigeria

    Sports July 20, 2025
    Recent

    On the Road to Glory: Morocco Face Ghana, South Africa Reignite Rivalry with Nigeria

    July 20, 2025

    Ghana edge Algeria in penalty drama to reach WAFCON 2024 Semi-Finals

    July 20, 2025

    EXCLUSIVE: Work not done yet in WAFCON 2024 – Super Falcons’ coach Madugu

    July 19, 2025
  • Intimacy
  • About Us
    • Contact Us
    • Privacy Policy
    • Advert Rate
  • More
    • Opinion
    • Lifestyle & Entertainment
    • Foreign News
    • Health
Prompt News
Home » NCDMB Backs Confab On Local Content Implementation In Insurance Industry 
Business

NCDMB Backs Confab On Local Content Implementation In Insurance Industry 

News EditorBy News EditorJune 14, 2023Updated:June 14, 2023No Comments4 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
NCDMB-LOGO
Share
Facebook Twitter LinkedIn Pinterest Email

LAGOS – The Nigerian Content Development and Monitoring Board, NCDMB, has accepted to lead discussion at the 2023 National Conference on Building Local Content Synergy between the Insurance Industry and Oil and Gas Sector.

Executive Secretary of the Board, Simbi Kesiye Wabote, who has confirmed NCDMB’s participation has also accepted to be the Guest speaker at the conference being organized by STANMEG Communications, publishers of Oriental News Nigeria Online.

The conference is bringing key stakeholders and regulatory agencies in both the oil and gas industry and insurance sector together to brainstorm on the benefits and challenges while implementing the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, particularly sections 49 and 50, which deals with insurance of oil and gas activities.

The event is scheduled to hold on Thursday July 20 2023, at Sheraton Hotels, Ikeja Lagos, at 9am.

While the NCDMB is leading the oil and gas industry to examine key issues that might be posing challenges for the industry in exploring huge opportunities provided by the Act, the National Insurance Commission, NAICOM would provide insight to possibilities and value creation which the Act presents.

STANMEG Communications using rigorous research tools observed huge gap in the insurance industry underwriting capacity in the oil and gas sector. 

The NCDMB and the NAICOM, equally after identifying this gap recently signed insurance services guideline which will oblige the oil and gas industry to patronize the local insurance sector, thereby retain spend in the economy. 

The Executive Secretary, NCDMB, Engr. Simbi Kesiye Wabote and the Commissioner for Insurance, Mr. Sunday Thomas signed the guidelines recently on behalf of their organisations in Yenagoa.

The Executive Secretary of the NCDMB, at the ceremony stated that the provisions of sections 49 and 50 of the NOGICD Act require all operators engaged in any form of activity or project in the Oil and Gas industry to insure all insurable risks related to its oil and gas business with an insurance company, through an insurance broker registered in Nigeria.

He stressed further that the Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM before the issuance of the approval must ascertain that local capacity has been fully exhausted.

He also reiterated that the Insurance guideline will strengthen the Board’s local content drive and ensure that a greater portion of the spend in the Insurance industry as it relates to oil and gas activities in Nigeria is retained in-country.

It is based on this that STANMEG Communications, Publishers of Oriental News Nigeria Online, along with its partners has taken up the initiative to create a national platform that will bring operators in the two sectors together to broaden discussion and conversation around the key sections of the Act, identify challenges, opportunities and build stronger synergy to promote local content in the insurance sector.

According to the conference organizers, partners have designed a theme that centers on the possible outcome of the implementation of the Act as it concerns the insurance industry.

The Conference Theme is: BUILDING LOCAL CONTENT SYNERGY BETWEEN THE OIL AND GAS  AND THE  INSURANCE SECTORS IN NIGERIA” with sub theme HARNESSING INSURANCE OPPORTUNITIES IN THE OIL AND GAS INDUSTRY.

During the conference there will be Panel Discussions on the following 

1. EXPECTATIONS OF OIL AND GAS SECTOR FROM THE NIGERIAN INSURANCE INDUSTRY. 

2. ROLE OF INSURANCE BROKERS IN UNLOCKING INSURANCE OPPORTUNITIES IN THE OIL AND GAS INDUSTRY. 

3. ROLE OF REINSURANCE IN UNLOCKING INSURANCE OPPORTUNITIES IN THE OIL AND GAS SECTOR FOR NIGERIAN COMPANIES.

There will be panel discussion to on the subject matter which will include the Nigerian Insurance Association , NIA, Nigerian Council of Registered Insurance Brokers, NCRIB, Independent Petroleum Producers Group, IPPG, among others

The conference will be chaired by Dr. Muda Yusuf, Chief Executive Officer, CEO Center For The Promotion Of Private Enterprise, CPPE

Post Views: 111
Insurance Industry NAICOM NCDMB Oil & Gas
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleDouble Celebrations For Hilda Baci, Becomes Latest Landlady At Yomade Heritage
Next Article Junior doctors in England go on strike over pay dispute
News Editor

Related Posts

NSML Wins Maritime Excellence Award, Reaffirms Commitment to Capacity Building 

July 19, 2025

FAAC: FG, States, LGs share N1.8trn June, 2025 revenue

July 19, 2025

T.Pumpy Boss, Femi Adebayo Visit Katampe Extension Estate

July 18, 2025
Add A Comment

Comments are closed.

Latest Stories

Why I did BBL – Actress Temitope Solaja Opens Up

July 20, 2025

Japa: Woman allegedly defrauds Pastor, 65 others of N159m

July 20, 2025

Teachers threaten strike over delay in N70,000 minimum wage

July 20, 2025

Father elopes with his son’s 22-year-old fiancée

July 20, 2025

How Atiku, Obi will suffer another defeat in 2027 – APC chieftain reveals

July 20, 2025

Too little, Too late’ – ADC slams Tinubu’s northern appointments

July 20, 2025

After viral video of embracing employee, Astronomer CEO resigns

July 20, 2025

On the Road to Glory: Morocco Face Ghana, South Africa Reignite Rivalry with Nigeria

July 20, 2025

Notorious thug found with knife, marijuana arrested by Police

July 20, 2025

Hoodlums burgled Ghanaian Ambassador’s residence in Abuja

July 20, 2025
CONTACT INFORMATION

Prompt News Online is published by PNO Dynamic Media Limited.

Address: Suite 24, Abebi Plaza, Oluseyi, Sango – Eleyele Road, Ibadan, Oyo State, Nigeria.

Managing Editor/CEO: Akeem Oyetunji

Email: promptnewsonline@gmail.com or editor@promptnewsonline.com

Phone/WhatsApp: +234806 286 2057
Or 0805 386 6284

ABUJA OFFICE: 
Address: Suite D76, EFAB Mall
Off Gimbya Street, Area 11, Garki, Abuja
ABUJA BUREAU EDITOR: Harry Awurumibe
Phone: 0803 302 4300
Email: harryawurumibe360@gmail.com
UK OFFICE:
Address: 34 Skipper Court,
Abbey Road, IG 11 7GW.
Barking, London, UK.
EDITOR EUROPE: Bolaji Oyegunle
Phone +447878196776
Email: gb10oyegunle@gmail.com
© 2025 Prompt News Online. Designed by DeedsTech.
  • About Us
  • Contact Us
  • Advert Rate
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.