The National Insurance Commission, NAICOM, and the Bureau of Public Procurement, BPP, have signed a Memorandum of Understanding to harmonise requirements for issuing insurance bonds in Nigeria’s public procurement system.
The agreement, formalised on Monday in Abuja, aims to ensure transparency, accountability, and regulatory compliance in the sector, particularly for financial guarantee insurance used by government entities and corporations.
NAICOM Commissioner Olusegun Omosehin said the partnership would strengthen consumer protection and financial stability, while BPP Director-General Adebowale Adedokun said the agency would rely on NAICOM’s technical expertise when reviewing insurance procurement requests.
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Data from the Central Bank of Nigeria shows that total assets held by Nigerian insurance companies reached a record N4.619 trillion by mid-2025, reflecting growth and resilience in the sector despite macroeconomic pressures.
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