Abuja: The National Insurance Commission (NAICOM) has assured the Bureau of Public Procurement (BPP) that any insurance entity that will give bond or protection to citizens will honor its obligations. The Commissioner for Insurance (CFI), Mr. Olusegun Omosehin, gave the assurance during the signing of a Memorandum of Understanding (MoU) between NAICOM and BPP.
According to News Agency of Nigeria, Omosehin said the Commission would ensure that companies who procured insurance through the process would not put customers in trouble. He emphasized that the Commission would provide a guarantee that no insurance entity issuing bonds or protection would fail to honor its obligations. The collaboration aims to standardize requirements for insurance in public procurement and ensure transparency in the sector.
Also speaking, the Director-General of BPP, Dr. Adebowale Adedokun, stressed the importance of a strong and vibrant insurance sector for a growing economy. He highlighted the need for regulatory frameworks to be well understood, implemented, and patronized by citizens. Dr. Adedokun stated that the Bureau would rely on the data bank and expertise of NAICOM to address insurance procurement problems and improve value for money in the insurance sector.
Dr. Adedokun also called on insurance companies not to insure any government vehicle not assembled in the country, aligning with the Nigerian First Policy of President Bola Tinubu’s administration. He urged compliance with good governance, code of conduct, and ethical practices within the sector.
The News Agency of Nigeria reports that a working group was constituted, drawn from the two agencies, to drive the insurance procurement process.