Former Power Minister Nnaji to grace SUPERNEWS Conference as Special Guest of Honour

Stanley Ihedigbo

Former Minister of Power and Chairman of Geometric Power Limited, Professor Barth Nnaji, has been confirmed as the Special Guest of Honour at the forthcoming SUPERNEWS Conference and 10th Anniversary slated for July 7, 2026, in Lagos.

The conference, themed: “Local content & Digitisation: Building synergy between oil & gas and insurance sectors for inclusive growth,” will take place at the Oriental Hotel, Lekki Road, Victoria Island, Lagos, beginning at 10:00 a.m.
The event is expected to attract top industry regulators, operators, insurance executives, policymakers, civil society organisations, media practitioners, and students, among other stakeholders.

Also expected at the conference is the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, who has confirmed his participation.

According to the organisers, the conference is designed to deepen conversations around collaboration between the oil and gas and insurance sectors, especially in the area of local content implementation and digital transformation.

The Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will serve as Chairman of the occasion, while the Group Managing Director/CEO of Royal Exchange Plc, Mrs. Idu Okeahialam, is expected to deliver the keynote address.

Speaking on the rationale behind the conference theme, Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, explained that the initiative was conceived to provide critical insight into how both sectors can leverage technology-driven solutions to strengthen synergy and overcome implementation challenges associated with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

She noted that the provisions of Sections 49 and 50 of the Act mandate operators involved in oil and gas activities to ensure all insurable risks connected to their businesses are covered with insurance companies and brokers registered in Nigeria.

The Act further stipulates that operators seeking to offshore any insurable risks must first obtain written approval from NAICOM, which must determine that local underwriting capacity has been fully exhausted before granting such approvals.

To improve compliance and address operational loopholes, the Nigeria Content Development and Monitoring Board (NCDMB) and NAICOM jointly launched implementation guidelines in 2022 to strengthen enforcement of the local content insurance provisions.

Despite the regulatory framework, stakeholders have continued to express concerns over several challenges facing indigenous insurance firms, including inadequate capital base and limited underwriting capacity.

However, industry observers believe that the Nigeria Insurance Industry Reform Act (NIIRA) 2025, alongside the ongoing recapitalisation exercise in the sector, will significantly reposition the insurance industry for improved competitiveness, stronger capacity, and enhanced reliability.

The conference is therefore expected to provide a strategic platform for robust engagement among stakeholders on how digitisation, policy reforms, and local content development can drive inclusive growth and sustainable partnerships between the oil and gas and insurance industries in Nigeria.