The Infrastructure Concession Regulatory Commission (ICRC), in collaboration with the National Insurance Commission (NAICOM), will introduce new guidelines in 2025 requiring Public Private Partnership (PPP) concessionaires to procure insurance for government assets. This move aligns with Section 7(2)a of the ICRC Act (2005), which mandates project proponents to insure concession projects with NAICOM-approved companies. The guidelines are expected to be finalized in the first quarter of the year, ensuring greater accountability and risk management for strategic federal assets.
During a recent meeting between NAICOM’s Commissioner for Insurance, Mr. Olusegun Omosehin, and ICRC Director-General, Dr. Jobson Ewalefoh, the commissions committed to enforcing the law. Dr. Ewalefoh emphasized that obtaining appropriate insurance policies would no longer be optional, citing the importance of safeguarding public assets. The ICRC has already started requiring proof of insurance from concessionaires of new PPP projects and will ensure compliance for ongoing projects through a collaborative framework with NAICOM.
NAICOM’s CEO reiterated the significance of the partnership, emphasizing their shared goal of enforcing compliance and offering technical training to ICRC officers. This collaboration aims to establish robust mechanisms for monitoring and evaluating insurance coverage in PPP arrangements, fostering a more secure infrastructure ecosystem in Nigeria.
