Barth Nnaji to headline SUPERNEWS conference on oil, insurance synergy

Former Minister of Power and Chairman of Geometric Power Limited, Prof. Barth Nnaji, has been named Special Guest of Honour at the forthcoming SUPERNEWS Conference and 10th Anniversary celebration scheduled to hold on July 7, 2026, in Lagos.

The event, themed “Local Content and Digitisation: Building Synergy Between Oil and Gas and Insurance Sectors for Inclusive Growth,” is expected to bring together regulators, industry operators, policymakers, academics, civil society groups, media practitioners and students to discuss strategies for deepening collaboration between the two critical sectors of the economy.

The conference will take place at the Oriental Hotel, Victoria Island, Lagos.

Organisers also confirmed the participation of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, alongside other key stakeholders from the insurance and oil and gas industries.

The Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will chair the conference, while the Group Managing Director and Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, is expected to deliver the keynote address.

Speaking on the rationale behind the theme, Publisher of SUPERNEWS Nigeria, Ms. Ngozi Onyeakusi, said the conference was designed to explore how digital innovation and local content policies can strengthen cooperation between the insurance and oil and gas sectors while addressing implementation challenges associated with existing regulatory provisions.

According to her, discussions will focus on ways stakeholders can leverage emerging technologies and industry partnerships to improve compliance with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The provisions require operators involved in oil and gas activities in Nigeria to insure all insurable risks related to their operations through insurance companies and brokers registered within the country.

The Act further stipulates that any operator seeking to place insurance risks offshore must first obtain approval from NAICOM, which is required to determine that local underwriting capacity has been fully exhausted before granting such approval.

Industry observers note that despite the introduction of these provisions, implementation challenges have persisted over the years due to issues including limited underwriting capacity, inadequate capitalisation and other structural constraints within the insurance industry.

To address some of these concerns, the Nigeria Content Development and Monitoring Board (NCDMB) and NAICOM launched implementation guidelines in 2022 aimed at strengthening compliance with the local content requirements of the Act and closing identified regulatory gaps.

Stakeholders believe recent reforms, particularly the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, have positioned the sector for stronger growth and enhanced competitiveness.

The ongoing recapitalisation exercise across the insurance industry is also expected to produce larger and financially stronger operators capable of underwriting major oil and gas risks that were previously ceded to foreign markets.

Participants at the conference are expected to examine how digitisation, regulatory reforms and local content policies can be harnessed to create a more resilient insurance industry while supporting investment and growth in Nigeria’s oil and gas sector.

The event forms part of activities marking the 10th anniversary of SUPERNEWS Nigeria and is expected to provide a platform for policy dialogue and industry engagement on issues critical to economic development and financial inclusion.