The Chairman of Geometric Power Limited and former Minister of Power, Professor Barth Nnaji, will serve as the Special Guest of Honour at the forthcoming SUPERNEWS Conference and 10th Anniversary celebration scheduled for July 7, 2026.
The conference, themed “Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth,” will take place at Oriental Hotel, 3 Lekki Road, Victoria Island, Lagos, beginning at 10:00 a.m.
The event is expected to attract key stakeholders from the insurance and oil and gas industries, regulators, civil society organisations, members of the media, students, and other industry participants.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has confirmed his attendance at the conference.
Also confirmed for the event is the Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, who will serve as Chairman of the Conference. The Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote address.
Speaking on the significance of this year’s conference theme, the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, said the event is designed to provide insights into how the insurance and oil and gas sectors can leverage emerging technologies to strengthen collaboration and enhance compliance with existing local content regulations.
According to Onyeakusi, the conference will focus on addressing challenges associated with the implementation of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
The provisions of the Act require operators engaged in activities within the oil and gas sector to insure all insurable risks related to their operations with insurance companies and brokers registered in Nigeria.
The law further stipulates that any operator seeking to place insurable risks offshore must first obtain written approval from NAICOM. Before granting such approval, the Commission must determine that local insurance capacity has been fully exhausted.
To improve compliance and implementation of the Act, the Nigeria Content Development and Monitoring Board (NCDMB) and NAICOM jointly launched operational guidelines in 2022. The guidelines were designed to address identified gaps and strengthen the enforcement of Sections 49 and 50 of the NOGICD Act.
Despite these efforts, industry research indicates that insurance firms have continued to face several challenges, including capital inadequacy and limited capacity to underwrite large risks.
However, stakeholders believe that the introduction of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 has positioned the insurance industry for greater competitiveness on the global stage. In addition, the ongoing recapitalisation exercise is expected to strengthen the sector by creating larger, more resilient, and financially stable insurance companies.
Industry observers expect the SUPERNEWS Conference to provide a strategic platform for dialogue, collaboration, and the exchange of ideas that will support sustainable growth across the oil and gas and insurance sectors.
