By Ginika Okoye
Abuja, March 2, 2026 (NAN) 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 honour 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.
Omosehin said the Commission would ensure that companies who procured insurance through the process would not put customers in trouble.
”Provided we issue the license and we approve that process, we will give you the guarantee that there is no insurance entity that will give bond or protection and will not honor its obligation.
”That is the assurance we are giving you,” he said.
He said the collaboration was to standardise requirements for insurance in public procurement.
Omosehin said the objective of the pact was to ensure transparency in the sector.
Also speaking, the Director-General of BPP, Dr Adebowale Adedokun, said any growing economy must have a strong and vibrant insurance sector where the regulatory frameworks were well understood, implemented, and patronised by the citizens.
Adedokun said the Bureau would rely on the data bank and expertise of NAICOM to address insurance procurement problems to improve value for money in the insurance sector.
“We realise that a lot of insurance companies need to be updated in their knowledge of how procurement is being carried out,” he said.
He called on insurance companies not to insure any government vehicle not assembled in the country.
The director-general said the call was in line with the Nigerian First Policy of President Bola Tinubu’s administration.
”We need this message to be sent to all insurers companies that they cannot insure any vehicle that has not been assembled in this country.
”We need your support, collaboration to share this message.
We want to also appeal to you that we will not condone unethical practices.
”Everybody in this sector that you regulate must comply with good governance, must comply with code of conduct and must comply with good ethical practices,” he said.
The News Agency of Nigeria (NAN) reports that a working group was constituted drawn from the two agencies to drive the insurance procurement process. (NAN)(www.nannews.ng)
Edited by Chinyere Joel-Nwokeoma
