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NCDMB Espouses Benefits of Insurance Industry Collaboration

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The Nigeria Content Development Monitoring Board, NCDMB, has craved the understanding and support of the insurance sector to strengthen the Boards desire towards the implementation of the Nigerian Oil and Gas Industry Content Act, NOGICD, in the sector.

Simbi Wabote, the Executive Secretary, ES, of the Board, who made the call at the 2023 Oriental News Nigeria conference in Lagos, with the theme, “Building Local Content Synergy between the Oil and Gas and the Insurance Sector in Nigeria” said over the years, the Board has taken deliberate steps to forge collaboration with various critical stakeholders to support the attainment of its strategic goals and mandate.

Wabote, who was represented by Mr. Daziba Patrick Obah. Director, Corporate Services of NCDMB, said that stakeholders’ engagement and collaboration is one of the key enablers to the Board’s ten-year strategic road map designed to achieve 70 per cent Nigerian content performance by the year 2027.

This he said is the reason for various engagement and collaboration between NCDMB and several MDAs, including the National Insurance Commission, NAICOM which crystalized in the joint issuance of the Insurance Guideline in 2022 to support the implementation of the insurance requirements contained in Sections 49 and 50 of the NOGICD Act 2010.

The main benefit of the guidelines according to Wabote, is the creation of a database of all insurance programs procured by the operators, project promoters, alliance partners, and Nigerian indigenous companies, to enable the Board monitor utilization of in-country insurance capacity thereby enhancing in-country value retention.

“It is worthy to emphasize that collaboration between government agencies is crucial for effective public service delivery through alignments of areas of strength, better decision-making, sharing of resources, optimization of opportunities and better understanding of issues and challenges with policy implementation.

“This ultimately, create huge benefits for both country and citizens, as it enables collaborating agencies to understand and respond to the needs and expectations of Nigerians. In NCDMB, we recognize the importance of collaboration and synergy amongst government organizations and other stakeholders to the fulfilment of our statutory mandate.

The Executive Secretary described the theme of the conference as apt and timely as it underscores the imperative of fostering the much-needed collaboration and synergy amongst MDAs and critical stakeholders; in this case between two critical regulators in the Oil and Gas Industry and the Insurance Industry.

“There is no doubt that Nigeria has not extracted sufficient value across the Nigerian oil and gas industry value chain since the commencement of hydrocarbon mining in Nigeria. It is this very low indigenous participation in the hydrocarbon value-chain in Nigeria that necessitated the enactment of the NOGICD Act in 2010 with the sole aim of deepening local content in the nations’ economy.

“Similarly, the performance of the insurance sector, particularly in relation to oil and gas businesses, is also sub-optimal due to various reasons.” Wabote observed.

Speaking further he said that building synergy between these two critical sectors of our economy holds huge potentials for growth and development of the Nigerian economy, adding, “The summit, therefore, presents a great opportunity for key stakeholders to brainstorm on the benefits and challenges impeding optimal performance in these two critical sectors.

“Furthermore, this summit offers us a strong veritable platform for the Insurance Industry, the Oil and Gas Industries, and other stakeholders to articulate processes, procedures, and practices to forge sustainable collaboration in optimizing opportunities and harnessing benefits for themselves as Nigerians.”

Dwelling more on the legislation, he said that, “In addition to various provisions of the NOGIC Act and the Insurance Act, Sections 49 and 50 of the NOGICD Act specifically provide concrete basis for NCDMB and NAICOM to work together to extract maximal value from both the Insurance and the Oil and Gas Industry for the Nigerian economy.

The Section 49(1) states: “All operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry, shall insure all insurable risks related to its oil and gas business, operations or contracts with an insurance company, through an insurance broker registered in Nigeria under the provisions of the Insurance Act as amended”

Also, Section 49(2) states: Each operator in subsection (1) of this section shall submit to the Board, a list of all insurance companies and insurance brokers through which insurance covers were obtained in the past six months, the class of insurance cover obtained, and the expenditures made by the operator while Section 50 states, No insurance risk in the Nigerian oil and gas industry shall be placed offshore without the written approval of the National Insurance Commission which shall ensure that Nigerian local capacity has been fully exhausted.”

Wabote further noted that Section 49 makes it mandatory for operators, project promoters and other entities in the oil and gas industry to obtain insurance coverage for all insurable risks with insurance companies and brokers that are registered in Nigeria in line with the Insurance Act (as amended).

“It is important to note that Section 50 forbids entities in the oil and gas industry from offshore placement of any insurable risks except with the written approval of NAICOM. The essence of these two provisions of the NOGIC Act is to ensure full utilization of available in-country capacity in the insurance sector by oil and gas industry players. The goal ultimately is to promote more capital retention in country and to boost the capacity of Nigerian insurance companies and brokers to support the Nigerian oil and gas industry.

“To give life to these sections of the NOGIC Act, NCDMB and NAICOM set up a   Technical Committee which developed the structures and strategies to promote and ease interface between both regulatory institutions.

“One of the tools to ease the interface between the two bodies involved the development of the NOGIC JQS Statutory Reporting Module which makes submission of insurance performance report by oil and gas companies to NCDMB automatically accessible to NAICOM for prompt review and feedback to NCDMB.

“The benefit of this virtual interface is to reduce the turnaround time and to promote the ease of doing business. NCDMB and NAICOM are still fine-tuning the Application Programming Interface to enhance its functionality and efficiency.” he said.

Speaking on seeming, challenges, the ES, said, “Despite the commitment of both agencies to optimize the benefit of the NOGICD Act and the Insurance Act, there are still some obstacles in the way of full implementation.

“One of the challenges of utilizing Nigerian loss adjusters or brokerage firms is the low capital base of the insurance industry. Closely related to it is the capacity of local insurance firms to underwrite the huge loss associated with a typical upstream petroleum project.”

He said, however that in response, NAICOM has made remarkable efforts to mitigate some of these limitations, but a lot still needs to be done.

He added that in the spirit of collaboration, NCDMB is poised to work with NAICOM as a credible partner every inch of the way to get around some of these obstacles particularly within the boundaries of our statutory mandate.

On the way forward he said the Board will not only look at the challenges of building sustainable synergies but will also come up with feasible proposals to encourage collaboration to surmount impediments.

“To address the issue of low capital base of the industry, for example, we call on all stakeholders to support NAICOM to push for an increase in the minimum capital base of insurance companies.

“Secondly, NAICOM and other stakeholders need to also work assiduously to forge and promote mergers of insurance companies to enhance their efficiencies and improve their market share as part of their collective benefits.

“I am aware that some steps have been taken in this direction, but these efforts need to crystallize into reality.” he added.


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NITDA Partners OGP to Drive Presidential Digital Goals

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The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE, has reaffirmed Nigeria’s commitment to open governance, transparency and inclusive digital development as the Open Government Partnership (OGP) team formally presented the award and certificate received at the OGP Global Summit Spain 2025 to the Agency’s leadership.

Nigeria emerged as the overall global winner in the Digital Governance category in recognition of the country’s excellence in deploying digital tools and policies to strengthen government transparency, accountability, and citizen engagement. In addition, Nigeria received the Regional Award for advancing Open Digital Governance across Africa and the Middle East, reaffirming its leadership role in promoting open government principles and driving digital transformation across the region.

These recognitions were largely attributed to initiatives led by NITDA in collaboration with civil society partners, such as Dataphyte, which showcased innovative and inclusive approaches to digital governance at the summit.

The summit, which was organised in Vitoria-Gasteiz, Spain, brought together more than 1,500 high-level representatives of governments, civil society leaders, and policymakers from around the world to exchange experiences, best practices, and progress on open government initiatives and implementation on key issues.

Receiving the OGP delegation at NITDA, Inuwa described the recognition as a national honour rather than an institutional one, stressing that the award reflects Nigeria’s collective efforts across government, civil society and the private sector in advancing open governance principles through the digital space.

According to him, such global recognition comes with heightened responsibility to deliver on commitments made under the OGP framework.

“This is not just about NITDA. It is a national recognition, and every recognition comes with responsibility,” the DG said.

“If we fail to execute the commitments we have made, it will not only affect our image locally but also at the international stage. This is also not something NITDA can do in isolation,” he added.

Inuwa linked the achievement directly to the Renewed Hope Agenda of President Bola Ahmed Tinubu, noting that digital transformation, transparency, economic diversification, job creation and efficient public service delivery remain central presidential priority areas.

He emphasised that leveraging digital technologies to deepen openness and accountability aligns with national objectives of strengthening institutions, improving governance outcomes and building trust between government and citizens.

Highlighting the importance of collaboration, the NITDA boss underscored the role of the OGP platform as a catalyst for a strong multi-stakeholder approach in Nigeria’s digital ecosystem.

He called on civil society organisations, development partners, the private sector and other government institutions to provide technical expertise, guidance and sustained engagement to ensure effective implementation of agreed commitments.

“We need to leverage the OGP platform. We need your expertise, your guidance, your support and your commitment to hand-hold us in delivering on these commitments,” he said.

He further noted that “a multi-stakeholder approach in the digital space is critical to fostering a resilient ecosystem that delivers real value to citizens.”

Inuwa disclosed that NITDA has already begun internal reviews of its OGP commitments and has tasked its representatives, including Dr Rousseau, to work with colleagues to develop a clear execution strategy.

He proposed the creation of joint work streams with OGP stakeholders to support implementation, ensure accountability and keep all parties on track.

“We are humans. Oversight and collaboration help us stay focused. With commitment, nothing is impossible, and I believe these goals are achievable,” he added, assuring the delegation of NITDA’s readiness and political will to deliver on all agreed commitments.

Inuwa also welcomed the idea of engaging the political leadership of OGP, including the Honourable Minister of Budget and Economic Planning, with a view to briefing President Tinubu on the achievement. He noted that celebrating milestones is important, as it reinforces morale and demonstrates that Nigeria’s efforts in digital governance are gaining global recognition.

“It’s also good when there are wins, we should celebrate, because we too never knew that the little things we are doing are noticed not just within Nigeria, but globally, to the extent of earning us this award,” he asserted.

He concluded by expressing gratitude to the Nigerian National OGP Secretariat and the global OGP leadership, reaffirming NITDA’s commitment to strengthening collaboration and building a more productive working relationship that will translate open governance principles into measurable national impact.

Earlier in his remark, Mr Olusoji Apampa, who led the OGP deelegation, said the honours were earned through a strong partnership between government and civil society, with NITDA playing a critical role, particularly in commitments focused on improving digital governance in Nigeria.

Apampa expressed hope that the awards would serve as added momentum to deepen ongoing commitments under NITDA’s leadership and accelerate the practical implementation of reforms aimed at strengthening digital governance across the country.


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PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips

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PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.

The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.

At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World  Card, which unlocks a share of the prize pool.

The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.

Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.

 The travel grand prize covers:

  1. Visa fees
  2. Round-trip international airfare
  3. 5-day, 4-night hotel accommodation
  4. Side attraction
  5. Meal expenses
  6. Airport pick-up and drop-off
  7. All transportation for scheduled tour activities during the trip

Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.

Participation is simple:

  1. Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
  2. Collect all five city cards.
  3. Swap cards with friends to complete your collection.
  4. Combine cards to form a World Card and earn cash rewards.
  5. Perform more transactions to climb the leaderboard for a chance at the global trip prize.

To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.

Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”


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REA, NBS Partner to Deliver Comprehensive Energy Data for Nigeria

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The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.

Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.

The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.

Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.

The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.

Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.

Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.


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