NAICOM, BPP collaborate on public procurement compliance

The Nationwide Insurance coverage Fee has signed a Memorandum of Understanding with the Bureau of Public Procurement to strengthen the insurance coverage trade, notably in relation to public procurement processes.

In keeping with a press release from the insurance coverage regulator, the Commissioner for Insurance coverage, Olusegun Omosehin, on Monday welcomed the Director-Normal of BPP, Adebowale Adedokun, and his delegation to NAICOM for a working go to, which culminated within the signing of the settlement.

In the course of the go to, Omosehin highlighted the position of NAICOM because the statutory regulator charged with supervising, regulating and selling the expansion of Nigeria’s insurance coverage trade.

He additional said NAICOM’s present reform priorities embrace policyholder safety, regulatory capability constructing, authorized modernisation, recapitalisation, and growing insurance coverage penetration.

Describing the go to as vital, the Commissioner emphasised that the collaboration would reinforce the rules of public procurement and insurance coverage observe in Nigeria.

 He famous that attaining President Bola Tinubu’s imaginative and prescient of reworking Nigeria’s economic system right into a one-trillion-dollar economic system requires sturdy inter-agency cooperation.

The CFI pressured that the Fee’s reform aims can’t be totally realised with out strategic collaboration with companies such because the BPP. The Commissioner additional disclosed plans to determine a platform to watch and confirm insurance coverage protection for public procurement gadgets and warranted that insurance coverage operators would strictly adhere to established guidelines and requirements.

The CFI said that the signing of the MoU is a pivotal step in aligning the position of insurance coverage with nationwide growth objectives.

The MoU comes amid NAICOM’s ongoing reform following the Nigerian Insurance coverage Business Reform Act 2025. The reform has initiated a recapitalisation and verification train to strengthen the monetary resilience of insurers, enhance market confidence, and catalyse innovation and penetration. The BPP’s sector-specific procurement method and digitalisation agenda complement NAICOM’s aims by guaranteeing insurance coverage procurement is clear, environment friendly and aligned with nationwide growth priorities such because the Nigeria First coverage and affirmative procurement for girls, youth, startups and individuals with disabilities.

The MoU formalises joint commitments to standardise and make clear insurance coverage necessities throughout public procurement, together with insurance coverage bonds for public procurement; promote monetary stability and shopper safety; use insurance coverage bonds to help native insurance coverage market progress and improve native content material in public contracts; and set up a joint technical working group and periodic retreats to watch implementation, troubleshoot challenges and refine sector-specific procurement templates and tips.

In his remarks, the Director-Normal of BPP recommended the transformation within the insurance coverage trade, describing the Fee’s setting as serene and reflective of its readiness to help the Federal Authorities’s financial progress agenda.

Adedokun welcomed the partnership and highlighted implementation because the essential subsequent section, saying, “Signing an MoU is simply the start; what issues is supply. The BPP has moved to a completely digital submission mannequin to hurry approvals and cut back alternatives for corruption.”

He known as on contractors and procuring entities to undertake insurance coverage bonds to help Nigerian insurance coverage sector progress and growth and adjust to the Nigeria First coverage and affirmative procurement rules of the present administration.

Adedokun reiterated the BPP’s dedication to sector-specific procurement approaches that match worth for cash and help native trade growth. He additionally reaffirmed that regulatory oversight rests with each NAICOM and the BPP, guaranteeing transparency and accountability. On capability constructing, he advisable nearer collaboration between each companies and pledged the BPP’s dedication to attaining shared objectives.

He emphasised that underneath his management, the BPP wouldn’t condone unethical practices or grant approvals to unqualified operators, urging insurance coverage firms to make sure their inclusion within the BPP database for efficient monitoring.

The signing of the MoU between each our bodies marks a big milestone in strengthening transparency, defending public belongings, and institutionalising strong danger administration inside Nigeria’s procurement system.

The partnering companies added that by embedding insurance coverage extra firmly into public procurement processes, the partnership enhances governance requirements and builds better confidence in authorities transactions.