Abuja: The Infrastructure Concession Regulatory Commission (ICRC) is set to collaborate with the National Insurance Commission (NAICOM) to ensure concessionaires secure insurance covers for assets under Public Private Partnership (PPP) arrangements. This initiative was announced in a statement by the Acting Head of Media and Publicity at ICRC, Ifeanyi Nwoko.
According to News Agency of Nigeria, the agreement was reached during a visit by NAICOM’s Chief Executive Officer, Mr. Olusegun Omosehin, to ICRC’s Director General, Dr. Jobson Ewalefoh, in Abuja. Ewalefoh emphasized the importance of insuring all strategic assets of the Federal Government and praised NAICOM for its proactive engagement.
Ewalefoh highlighted that insurance for PPP assets is mandatory as stipulated in Section 7(2)a of the ICRC Act (2005). The Act mandates that project proponents or contractors must secure appropriate insurance policies approved by NAICOM. He stressed the necessity of ensuring that concessionaires obtain the required insu
rance policies in alignment with the asset’s value. By collaborating with NAICOM, the ICRC aims to verify the adequacy of the insurance policies obtained.
The ICRC is already requesting concessionaires of new PPP projects to provide proof of insurance coverage for their projects. Ewalefoh stated that the ICRC would work with NAICOM to establish compliance modalities for ongoing projects lacking insurance. These modalities are expected to be issued by January 2025 to all concessionaires.
NAICOM’s CEO, Omosehin, reiterated his commission’s role in regulating and supervising Nigeria’s insurance sector and advising the government and its agencies on insurance matters. He noted that NAICOM is responsible for ensuring adequate insurance coverage for critical national assets. Omosehin emphasized the significance of the partnership in enforcing the law’s provisions on PPP asset insurance.
Omosehin praised the ICRC for its stance on enforcing insurance, acknowledging that the power to enforce insurance across all s
ectors is not included in the NAICOM Act but in the ICRC Act and similar legislations. He expressed NAICOM’s willingness to provide effective training to ICRC officers participating in the technical committee.
The meeting concluded with the appointment of a joint technical committee by the two agencies, tasked with developing modalities to optimize insurance coverage for all government PPP assets.