Prof. Barth Nnaji, former Minister of Power and Chairman of Geometric Power, has been confirmed as the Special Guest of Honour at the SUPERNEWS Conference and 10th Anniversary Celebration scheduled for July 7, 2026, in Lagos.
The conference, themed “Local Content and Digitisation: Building Synergy Between the Oil & Gas and Insurance Sectors for Inclusive Growth,” will hold at the Oriental Hotel, Victoria Island, Lagos, from 10:00 a.m.
The event is expected to bring together key stakeholders from the oil and gas, insurance and financial services sectors, including regulators, industry leaders, operators, civil society organisations, media professionals and students, to explore strategies for strengthening collaboration and driving sustainable growth.
Also confirmed for the conference is Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM).
Dr. Jeff Duru, Managing Director/Chief Executive Officer of Universal Insurance Plc, will serve as Chairman of the occasion, while Mrs. Idu Okeahialam, Group Managing Director/CEO of Royal Exchange Plc, will deliver the keynote address.
Speaking on the significance of the event, Ngozi Onyeakusi, Publisher of SUPERNEWS Nigeria, said the conference theme was selected to encourage discussions on how digital innovation can deepen collaboration between the insurance and oil and gas sectors while addressing challenges surrounding the implementation of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
According to her, the Act requires operators in Nigeria’s oil and gas industry to insure all insurable risks associated with their operations through Nigerian-registered insurance companies, using locally registered insurance brokers.
The law further provides that offshore placement of insurance risks can only be undertaken with the approval of NAICOM after it has been established that local underwriting capacity has been fully exhausted.
To strengthen compliance and close existing gaps, the Nigerian Content Development and Monitoring Board (NCDMB) and NAICOM introduced implementation guidelines in 2022 to support the effective enforcement of the relevant provisions of the Act.
Despite these measures, stakeholders have continued to highlight challenges, particularly the limited capital base of some insurance firms, which has constrained the industry’s ability to underwrite large and complex oil and gas risks.
However, industry experts believe the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and the ongoing recapitalisation exercise will significantly strengthen the capacity of local insurers, enhance competitiveness and improve their ability to retain more oil and gas risks within the country.
The conference is expected to serve as a strategic platform for discussions on local content development, digital transformation, regulatory compliance and opportunities for stronger integration between the oil and gas and insurance industries, with the ultimate goal of promoting inclusive economic growth.
