REMARKS BY THE COMMISSIONER FOR INSURANCE/CEO, NATIONAL INSURANCE COMMISSION (NAICOM), MR. OLUSEGUN OMOSEHIN AT THE SIGNING OF THE MEMORANDUM OF UNDERSTANDING BETWEEN NAICOM AND THE NIGERIA CIVIL AVIATION AUTHORITY (NCAA).
It is a distinct honour to join you for the formal signing of this Memorandum of Understanding between the National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA).
This occasion represents not only the strengthening of institutional co-operation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem.
Today’s event is therefore a significant milestone in deepening collaboration between two critical regulators whose mandates, while distinct, are mutually reinforcing. Through this partnership, we are advancing a more co-ordinated framework for compliance, risk protection, information sharing, and stakeholder confidence—one that better serves passengers, operators, insurers, financiers, lessors, international partners, and the Nigerian public at large.
The aviation industry occupies a strategic position in our economy, providing critical services that support commerce, tourism, investment, and national development. Given the nature of aviation operations, effective insurance protection is not merely a regulatory requirement; it is an essential risk management tool that safeguards lives, property, businesses, and the broader economy.
It is therefore imperative that regulators work together to ensure that the insurance arrangements supporting the aviation sector remain adequate, valid, and responsive to emerging risks.
For NAICOM, this partnership aligns squarely with our statutory responsibility of ensuring a sound, stable, and reliable insurance industry. Through this collaboration, NAICOM will continue to provide regulatory oversight and technical expertise in insurance matters, including the verification of aviation insurance arrangements, the provision of information on licensed insurers authorized to underwrite aviation risks, and support for initiatives that protect Nigerians and promote industry compliance.
The Memorandum also establishes a Joint Technical Committee which will serve as the engine room for the implementation of our shared objectives. The Committee is expected to facilitate information sharing, conduct periodic reviews of insurance requirements, address operational challenges, coordinate stakeholder engagements, and promote capacity building for both institutions and industry participants.
I wish to assure the NCAA management of NAICOM’s full commitment to the success of this Committee. We will provide the necessary technical support and expertise to ensure effective delivery of its mandate. We regard the Committee as a strategic platform for strengthening regulatory cooperation, enhancing the integrity of aviation insurance arrangements, and promoting stakeholder confidence in the sector.
We are particularly encouraged by the provisions that promote the exchange of information, joint stakeholder engagement, training initiatives, and the periodic assessment of insurance cover maintained by operators within the aviation ecosystem. These measures will contribute significantly to improved regulatory effectiveness and enhanced confidence among stakeholders.
Let me also emphasize that beyond the provisions of this MoU, the success of this collaboration will depend on sustained engagement, mutual trust, and a shared commitment to regulatory excellence. Both institutions have important and complementary mandates, and by working together, we can achieve outcomes that will advance the interests of Nigerians and aviation stakeholders alike.
As we append our signatures to this Memorandum, we are laying the foundation for a stronger framework of cooperation that will ultimately benefit the aviation sector, the insurance industry, and the Nigerian economy as a whole.
Beyond regulatory compliance, this partnership is fundamentally about protecting policyholders, safeguarding air travellers and other third parties, creating economic value, and strengthening investor confidence in Nigeria’s aviation ecosystem. Insurance provides critical financial protection to passengers, airlines, financiers, lessors, service providers, and members of the public by ensuring that legitimate liabilities, accidents, and losses are promptly and fairly addressed when they arise. In this regard, compulsory aviation liability insurance serves as an important safeguard for air travellers and other users of aviation services, providing assurance that compensation will be available where legally due.
A robust insurance framework therefore promotes public confidence in air transportation, supports business continuity, facilitates investment, enhances access to financing, and contributes to the stability required for sustainable economic growth.
As Nigeria pursues the attainment of a one trillion-dollar economy ($1 trillion economy by 2030) under the Renewed Hope Agenda, effective risk management and strong insurance protection must remain key enablers of investment, enterprise, consumer protection, and long-term national development.
On behalf of the Board, Management and Staff of the National Insurance Commission, I express our appreciation to the leadership of the Nigerian Civil Aviation Authority for their partnership, cooperation, and commitment throughout the process leading to this signing. We look forward to a productive and enduring relationship.
In closing, let me reaffirm that aviation safety and the protection of air passengers are shared responsibilities that require sustained collaboration among regulators, operators, insurers, and all stakeholders.
This Memorandum of Understanding therefore represents more than an institutional arrangement; it is a clear commitment to strengthening compliance, enhancing confidence in aviation insurance, and ensuring that Nigeria’s aviation sector continues to align with applicable international conventions and global best practices.
Through effective co-operation between NAICOM and NCAA, we can better safeguard passengers, protect third parties, support the stability of aviation operations, and contribute to a safer, more resilient, and more trusted air transport system.
Thank you for your attention, and I wish us all a successful implementation of this important initiative.
