A Review of the Nigerian Energy Industry

NAICOM tasks insurance operators on professionalism

The National Insurance Commission (NAICOM) has called on insurance practitioners to be professionals and shun all action that will give operators in the sector negative perception.

Mr. Fola Daniel, the Commissioner for Insurance (CFI) who made this assertion noted that insurers’ words must be their bonds and they must not under any guise fail to meet genuine claim settlement.

In his words “The relevance of ethics and integrity to insurance business cannot be over emphasised. Where they exist, it breeds trust, confidence and creates a boost in business generation. The non-existence of these virtues amongst some practitioners has helped in giving the industry a negative image. We cannot continue in this path any longer.

There must be a change of attitude and behaviour amongst practitioners. We cannot continue to do the same thing all the time and expect a different result.”

Meanwhile, NAICOM said that it will not allow laundered money to find its way into the insurance sector as the banks begin their divestment from their insurance subsidiaries.

Daniel said the Commission is poised to block off all laundered money as well as people with unscrupulous character from investing in the insurance sector, stating that the industry is not a hiding place for money launderers that are looking for places to hide stolen monies.

While decrying the risk involved in letting laundered money find its way into the insurance system, Daniel reiterated that the perpetrators of money laundering will not add any value to any company that they may invest in.

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  • If GE were to come in, their role will not be the actual bnildiug or construction stuff their role will be project management. The sad truth is that almost every Nigerian company, that has successfully done any large scale project worth talking about in the last 8 years has in part or in whole outsourced the project management aspect of the job. However what has changed is that a lot of the subcontracting for projects (i.e most of the billable work) is being done in naij by nigerian companies and people and these companies are bnildiug skills and competence. For example the expenditure profile for the oil and gas industry in the next 5 years is over $50 billion and the expenditure profile in power is about $20 billion. An obscene amount of that $70 billion will be earned by Nigerian companies. Here is what a lot of people forget, “development industries” and the oil and gas industry tends to make the only the people directly involved stupid money. There are not that many forward and backward linkages between those industries and other sectors of the economy. However they create an enabling environment for other things to work cos we roads, refineries, power and so on. So we should be more concerned about the end result than about the nationality of the person that gets the 30% (or 40% in some cases) profit margin.

    • Olusegun Adeolu / How many insurance coampny do we have in Nigeria before re-capitalisation?How many are left after re-capitalisation?Can you please tell me 3 Insurance companies that merge together and the 3 that acquire other insurance companies. Thank you so much, i’ll appreciate it if you can send the reply my mail address.