The Chairman of Geometric Power Limited, Prof. Barth Nnaji will be a Special Guest of Honour at the SuperNews Conference and 10th anniversary scheduled for 7 July 2026.
Nnaji is also a former Minister of Power.
In a statement on Tuesday, the Publisher of SuperNews Nigeria, Ngozi Onyeakusi, said that the conference, which would come under the theme “Local Content and Digitisation: Building Synergy Between Oil and Gas and Insurance Sectors for Inclusive Growth”, will be held at the Oriental Hotel, Victoria Island, Lagos, starting at 10 am.
According to Onyeakusi, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has confirmed his attendance at the conference, which will bring together other regulators, key stakeholders in the oil and gas and insurance sectors, civil society organisations, the media and students, among others.
The Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr Jeff Duru, will chair the conference, while the Group Managing Director/CEO of Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote paper.
Onyeakusi said that the choice of this year’s theme was borne out of the quest to provide insight on how the insurance and oil and gas industries can leverage cutting-edge technologies to boost collaboration and synergy towards surmounting challenges associated with implementing the Provisions of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
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 ensure all insurable risks related to their oil and gas business are insured with an insurance company through an insurance broker registered in Nigeria.
The NOGICD Act also provides that, where an operator seeks to place an insurable risk offshore, written approval from NAICOM) must first be sought and obtained, and that, prior to issuing the approval, NAICOM must determine that local capacity has been fully exhausted.
In a bid to streamline implementation and compliance with the Act, the Nigeria Content Development and Monitoring Board and NAICOM launched the relevant guidelines in 2022, which were expected to address loopholes identified in implementing the Act’s provisions, particularly Sections 49 and 50.
However, research has shown that insurance firms have still faced lots of challenges, ranging from capital inadequacy to others.
With the birth of the Nigeria Insurance Industry Reform Act 2025, the insurance industry is now positioned for global competitiveness, while the ongoing recapitalisation exercise is expected to pave the way for big, strong and reliable insurance firms.
