NAICOM, BPP Strengthen Collaboration to Enhance Regulatory Coordination

By Oluwakemi Kindness

The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) have moved to strengthen inter-agency collaboration as part of efforts to improve regulatory coordination across the public sector.

The initiative formed the focus of a working visit by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, to the Director-General of BPP, Adebowale Adedokun, at the Bureau’s headquarters in Abuja.

According to a statement on Thursday by the commission, during the meeting, Omosehin underscores NAICOM’s commitment to transparency, fairness, and due process in its engagement with sister agencies.

He assured that the Commission would continue to enforce strict compliance with insurance claims settlement, solvency requirements, and other regulatory standards in line with extant laws.

The NAICOM boss expressed appreciation to the BPP leadership for its continued support and emphasized that all insurance-related matters would be administered strictly in accordance with the laws of the Federal Republic of Nigeria.

He also briefed the Director-General on ongoing efforts toward the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, highlighting the importance of inter-agency cooperation to ensure effective implementation.

In his response, Adedokun welcomed the visit and reaffirmed BPP’s commitment to fostering synergy with NAICOM.

He described collaboration among regulatory institutions as critical to strengthening accountability, improving efficiency, and enhancing public confidence in government processes.

The Director-General further disclosed plans for an official return visit to NAICOM headquarters and called on stakeholders to sustain inter-agency cooperation in order to promote transparency and uphold public trust in the procurement and insurance sectors.