NOG Logo

ICC, ABUJA, NIGERIA

29 JUNE - 3 JULY 2025

THE GLOBAL MEETING PLACE FOR NIGERIA'S ENERGY INDUSTRY

Nigerian Energy News

View Exclusive Content From Majorwaves View Exclusive Content From Hawilti View Exclusive Content From The Energy Republic

9000+ SQM

Exhibition Floor Space

7000+

Attendees

800+

Delegates

350+

Exhibiting Companies

115+

Industry Expert Speakers

36

Networking Hours

35+

Conference Sessions

 

Mr Simbi Wabote, Executive Secretary, NCDMB, and Mr Sunday Thomas, Commissioner for Insurance, NAICOM, delivered the guidelines during the 2022 Nigerian Oil and Gas Conference (NOG) in Abuja on Monday.

According to Wabote, the recommendations will compel the oil and gas industry to use the local insurance sector, thereby keeping money in the economy. It will also close gaps discovered when executing the terms of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

He stated that the provisions of sections 49 and 50 of the NOGICD Act mandate that all operators involved in any kind of industry activity insure all insurable risks associated with their operations with an insurance company via an insurance broker registered in Nigeria.

According to him, the statute requires an operator to seek and acquire written clearance from NAICOM before placing an insurable risk abroad.

Thomas, on his part, charged all parties involved in any type of business, operation, or contract in the Nigerian oil and gas industry to maintain compliance with relevant laws and insurance rules.