NAICOM and BPP Sign MoU to Boost Insurance Compliance

The National Insurance Commission (NAICOM) has signed a Memorandum of Understanding (MoU) with the Bureau of Public Procurement (BPP) to deepen insurance compliance within public procurement processes in Nigeria. The agreement was welcomed by Olusegun Ayo Omosehin, the Commissioner for Insurance at NAICOM, and Adebowale Adedokun, the Director General of BPP, during a work visit.

The MoU aims to strengthen the insurance industry by promoting regulatory compliance and enhancing the growth of Nigeria's insurance sector. NAICOM's current reform priorities include policyholder protection, regulatory capacity building, legal modernization, and increasing insurance penetration.

The partnership is aligned with President Bola Ahmed Tinubu's vision to transform Nigeria's economy into a trillion-dollar economy, emphasizing the need for strong inter-agency cooperation. Furthermore, BPP plans to establish a platform to monitor and verify insurance coverage for public procurement items, ensuring strict adherence to established rules and standards.