NAICOM, BPP strengthen ties to drive transparency, NIIRA 2025 implementation

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Blessing Chuks Okonta

The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) have committed to a deeper strategic partnership aimed at enhancing transparency and ensuring strict regulatory compliance within the public procurement space.

The commitment was made during a working visit by the Commissioner for Insurance (CFI), Olusegun Ayo Omosehin, to the Director-General of the BPP, Dr. Adebowale A. Adedokun, at the Bureau’s headquarters in Abuja.

Focus on Regulatory Standards
Mr. Omosehin noted that the visit aligns with NAICOM’s strategic objective to promote inter-agency collaboration. He emphasized the Commission’s dedication to fairness and transparency, assuring that under his leadership, NAICOM will remain steadfast in enforcing:

Strict adherence to insurance claims processes.

Solvency requirements for operators.

High regulatory standards across the board.

The CFI also used the medium to discuss the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, affirming that all insurance-related matters would be handled in strict accordance with the laws of the Federation.

Reciprocal Synergy
Responding, the DG of BPP, Dr. Adebowale A. Adedokun, expressed his readiness to foster a seamless working relationship with the insurance regulator. He lauded the CFI’s proactive approach and promised a reciprocal visit to the NAICOM headquarters to further solidify the partnership.

Dr. Adedokun urged stakeholders to prioritize inter-agency cooperation as a tool to:

Enhance accountability.

Promote operational efficiency.

Uphold public trust in both the procurement and insurance sectors.