NAICOM Signs MoU with BPP to Deepen Insurance Compliance in Public Procurement

Ebere Nwoji

The National Insurance Commission (NAICOM), has signed a Memorandum of Understanding (MoU) with the Bureau of Public Procurement (BPP) for collaboration and strengthening of the insurance industry, in the area of public procurement processes.

The Commissioner for Insurance, Olusegun Ayo Omosehin, welcoming  the Director-General of BPP, Adebowale Adedokun, and his delegation to NAICOM for a working visit,  during which the agreement was signed,  highlighted the role of NAICOM as the statutory regulator charged with supervising, regulating and promoting the growth of Nigeria’s insurance industry.

He further stated that NAICOM’s current reform priorities include policyholder protection, regulatory capacity building, legal modernisation, recapitalisation, and increasing insurance penetration.

He emphasised that the collaboration would reinforce the principles of public procurement and insurance practice in Nigeria. He noted that achieving President Bola Ahmed Tinubu’s vision of transforming Nigeria’s economy into a one-trillion-dollar economy required strong inter-agency cooperation.

He stressed that the commission’s reform objectives could not be fully realised without strategic collaboration with agencies such as BPP. The Commissioner further disclosed plans to establish a platform to monitor and verify insurance coverage for public procurement items and assured that insurance operators would strictly adhere to established rules and standards.

In his remarks, the Director-General of BPP, Adedokun, commended the ongoing transformation in the insurance industry, describing the Commission’s environment as serene and reflective of its readiness to support the Federal Government’s economic growth agenda. 

Adedokun, welcomed the partnership and highlighted implementation as the critical next phase: “Signing MoU is only the beginning — what matters is delivery. BPP has moved to a fully digital submission model to speed approvals and reduce opportunities for corruption”, he stated.