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NAICOM boss affirms insurance sector’s commitment to grow $1trn economy
Mr Olusegun Omosehin, Commissioner for Insurance, gave the assurance at the investiture of Mrs Yetunde Ilori as the 52nd president of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.Omosehin, also the Chief Executive Officer, NAICOM, said the regulator would also align the industry with the President’s goal of growing the Nigerian economy to one trillion dollars by 2030.
He emphasised the importance of collective commitment to promoting a robust, resilient, strong, and stable insurance industry that contributes to the economic stability and growth of Nigeria.
According to him, emerging realities and developments at the global and national levels, presently, obviously call for a collaborative effort to reposition the insurance profession.
He said it also demanded the rebranding of the industry such that its narratives could be better understood by all, to earn a positive perception of the insurance sector from the public.
To this end, Omosehin congratulated Ilori on her emergence as the 52nd president of the CIIN, adding that leadership in the insurance sector remained more critical than it was.
The commissioner said this was as the sector navigated a world of significant economic challenges and great opportunities.
According to him, Ilori’s leadership will play a pivotal role in driving the desired transformation while ensuring that the institute remains a beacon of excellence and a catalyst for positive change.
“I want to salute the outgoing President and Chairman of Council, Mr Edwin Igbiti, and members of the Governing Council of the CIIN, for their steadfast commitment towards the promotion of insurance education and professionalism among members.
“Ilori’s journey to this prestigious position is a testament to her unwavering dedication, exceptional leadership, and profound commitment to the insurance sector.
“As the immediate past Director General of the Nigerian Insurers Association (NIA), she demonstrated remarkable expertise and visionary leadership that greatly contributed to the advancement of that association and by extension our industry.
“It is on record that during her tenure as the NIA DG and with the support of the Governing Council, NIA delivered a befitting Head Office which has become the pride of the entire insurance industry,” he said.
According to him, Ilori’s achievements and wealth of experience, coupled with her relentless pursuit of excellence, make her the perfect choice at this critical time to lead the Institute to new heights.
The NAICOM boss expressed confidence that under Ilori’s leadership, the CIIN would continue to promote professionalism, uphold ethical standards, and foster educational development within the insurance industry.
Omosehin noted that NAICOM views the institute as one of its veritable partners in the development of the much-needed needed professionals in the course of achieving this goal.
He reiterated the continuous support of the commission to the institute in the discharge of its responsibilities.
The commissioner said: “NAICOM looks forward to exploring additional mechanisms of enhancing the existing relationship with the institute and in facilitating improved perception, transparency, and public confidence in the insurance industry.
“Once again, I congratulate Ilori as the 52nd President of the CIIN and the entire insurance community.
“I pray that your tenure will be marked by significant achievements and that your leadership will leave an indelible mark on the institute and the industry at large.” (NAN)
President Bola Ahmed Tinubu has officially dissolved the board of the Nigerian National Petroleum Company Limited (NNPCL), which includes the removal of Group Chief Executive Officer (GCEO) Mele Kyari and Chairman Pius Akinyelure, along with all other board members appointed in November 2023.
In an announcement, the President introduced an 11-member restructured board, appointing Engineer Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the Non-Executive Chairman. These changes are effective immediately, as stated by Bayo Onanuga, Special Adviser to the President on Information & Strategy.
Emphasizing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC,” President Tinubu exercised his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to implement this significant reorganization.
The newly formed board comprises Adedapo Segun, who continues as Chief Financial Officer (CFO), alongside six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, will serve on the board.
The President has charged the new board with conducting a strategic review of NNPC-operated and Joint Venture assets to optimize value. This includes increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, boosting gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030, and expanding NNPC’s refining capacity to 200,000 bpd by 2027 and 500,000 bpd by 2030. The administration also aims to attract $30 billion in oil investments by 2027 and $60 billion by 2030, building on the $17 billion secured in 2024.
Ahmadu Musa Kida, the new Chairman, is a Borno-born engineer and former Deputy Managing Director of Total Nigeria. He also has a background in basketball, having served as the ex-president of the Nigeria Basketball Federation (NBBF). Bashir Bayo Ojulari, the newly appointed GCEO, hails from Kwara State and was previously the Executive Vice President of Renaissance Africa Energy, where he led a $2.4 billion acquisition of Shell’s Nigerian assets. He brings extensive experience from Elf and Shell, having worked across Europe and the Middle East.
President Tinubu expressed gratitude to the outgoing board for their contributions, particularly their efforts in reviving the Port Harcourt and Warri refineries, which have resumed production after years of dormancy. Analysts view this leadership change as part of Tinubu’s broader reforms in the oil sector, following last year’s removal of fuel subsidies and the promotion of private refinery investments. With the new team established, there are high expectations for enhanced transparency, efficiency, and profitability within Nigeria’s state oil enterprise.
Heineken Lokpobiri, minister of state for petroleum resources, says the federal government plans to commence implementing the drill-or-drop provisions of the Petroleum Industry Act (PIA).
Section 94 of the PIA gives operators a period of three years to begin oil production or relinquish the assets to the federal government.
Speaking during the Cross Industry Group (CIG) meeting held on Tuesday in Florence, Italy, Lokpobiri said it is in the best interest of the country that all inactive wells go to work.
He said the federal government, under the leadership of President Bola Tinubu, has provided every necessary incentive to ensure international oil companies (IOCs) in Nigeria run smoothly and profitably.
“Now, it is imperative for these industry players to match the government’s efforts with increased investment by announcing final investment decisions (FIDs),” he said.
Furthermore, Lokpobiri discussed “the challenges, expectations, and measures to enhance the sector’s contributions towards domestic energy needs and regional expansion across Sub-Saharan Africa”.
He emphasised that while IOCs have highlighted engineering, procurement, and construction (EPC) contractors as a challenge, “EPCs will not come unless they see strong commitments from industry players”.
“The government has done its part to provide the requisite and investment-friendly fiscals, the ball is now in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” he said.
“We must also recognise that domestic crude supply is essential to national energy security. The best solution to this challenge lies in increasing production, which will ensure a balance between domestic supply obligations and external commitments.”
The minister further urged industry players to explore collaborative measures, such as shared resources for contiguous assets and the release of underutilised assets to operators ready to invest in production.
The minority caucus in the house of representatives has condemned the killing of 16 Kano-bound hunters in Edo state.
On Thursday, a mob in the Uromi area of Edo killed 16 hunters of northern descent who were travelling from Elele, Rivers state.
The travellers were attacked and lynched after some vigilance group members raised the alarm on suspicion that they were kidnappers.
The Edo state government said 14 suspects arrested in connection with the killing would be transferred to Abuja for further interrogation.
During a visit to some of the families of the victims at Bankure LGA in Kano, Monday Okpebholo, governor of Edo, assured that justice would be served.
In a statement issued on Monday, the minority caucus described the killing of the hunters as “barbaric”.
“We find such brutal killings of innocent Nigerians in any part of the country by lawless mobs very reprehensible, and if allowed to fester without being put in check by responsible organs of the federal government, such actions could threaten the peace and unity of the country,” the statement reads.
The lawmakers asked Nigerians never to resort to jungle attacks on fellow citizens but to always report any concerns to security agencies.
“We are a nation under the rule of laws, and our law enforcement agencies are always available to partner with every Nigerian to assuage their concerns,” the caucus said.
While noting that the incident is “already setting emotions on edge” in parts of the country, the legislators urged President Bola Tinubu to ensure that the security agencies investigate this matter and bring the perpetrators to justice.
“Also, adequate compensation should be paid to the affected families,” the caucus said.
The lawmakers implored Nigerians to remain calm, peaceful, and law-abiding and allow the federal and state governments to investigate the matter and ensure justice is served.
The statement was signed by Kingsley Chinda, minority leader; Ali Isa, minority whip; and Aliyu Madaki, deputy minority leader.