Lens1000
VIP Contributor
The National Insurance Commission (NAICOM), which is responsible for Nigeria's insurance industries, has established regulations to ensure that all federal government resources are protected.
In addition, this move will increase the availability of protected areas.
NAICOM's Deputy Director for Technology, Sabiu Abubakar, voiced this at the second edition of his 2022 Business Perspectives Seminar, the Chartered Institute of Insurers of Nigeria (CIIN), was slated in Lagos.
He said the regulations, which will be drawn up in cooperation with the Ministry of Finance, will be released soon.
He believed the regulations would help eliminate the evils propagated by Federal Ministries, Departments and Agencies (MDAs) and protection administrators.
He said the rules also have ample leeway for defaulters.
Abubakar noted that the regulation is only for central government resources and that NAICOM is seeking to have state legislatures enact safeguards that would allow companies to provide adequate protection to state resources. Added.
He presented that NAICOM has stepped up its administrative oversight and asked administrators to timely resolve certifiable cases and release their obligations.
Abubakar said that insurance policy and oversight are generally the basis for the conversion of public funds, and that NAICOM's changes and control efforts. This is indeed a good development.
In addition, this move will increase the availability of protected areas.
NAICOM's Deputy Director for Technology, Sabiu Abubakar, voiced this at the second edition of his 2022 Business Perspectives Seminar, the Chartered Institute of Insurers of Nigeria (CIIN), was slated in Lagos.
He said the regulations, which will be drawn up in cooperation with the Ministry of Finance, will be released soon.
He believed the regulations would help eliminate the evils propagated by Federal Ministries, Departments and Agencies (MDAs) and protection administrators.
He said the rules also have ample leeway for defaulters.
Abubakar noted that the regulation is only for central government resources and that NAICOM is seeking to have state legislatures enact safeguards that would allow companies to provide adequate protection to state resources. Added.
He presented that NAICOM has stepped up its administrative oversight and asked administrators to timely resolve certifiable cases and release their obligations.
Abubakar said that insurance policy and oversight are generally the basis for the conversion of public funds, and that NAICOM's changes and control efforts. This is indeed a good development.
