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42 brokers get NNPC’s N50bn business

By Rosemary ONUOHA

The Nigerian National Petroleum Corporation, NNPC, has appointed about 42 insurance brokers for its over N50 billion insurance risks for this year.

Investigations show that the corporation has paid part of the premium, while negotiations are still on-going for the payment of the outstanding sum. Efforts to determine how much was paid and how much was outstanding were unsuccessful, as some of the brokers contacted refused to give details.

It was also learnt that the appointed brokers having successfully placed the risks with reliable local underwriters, have collected their commissions as specified in the new premium collection and remittance law.

The 42 brokers against the 14 appointed last year, were assigned oil and gas and non-oil portfolios.

President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mrs. Laide Osijo, who was excited over the development, said she appealed to the corporation to increase the number of brokers when only 14 brokers were appointed last year.

She said, “I told them that we have almost 500 brokers, and every one of us is studying oil and gas and we are all attending courses to improve our knowledge on oil and gas. In our last programme in Canada, we did courses in oil and gas, last year we did oil and gas programme in Dubai. Many brokers are attending conferences because they want to improve their knowledge. I am very happy about the increase this year.

“As the President of NCRIB, I want to commend the NNPC for prompt payment of premium. Immediately the business was given, they complied with the ‘No premium no cover’ rule, and paid the premium. All the brokers that were approved for the business have taken their commission, which is highly commendable. With the payment, when claims occur, definitely underwriters will pay their claims. Brokers will help the NNPC in ensuring that the claims are paid promptly too.”

She noted that though she was not among the brokers selected, but, as the President of the brokering fraternity, she is pleased that her people are well represented.

“I commend the effort of the NNPC for giving them that opportunity; I am sure that by next year, they will increase the number again. By that time, most of us would have gathered the required experience. I appreciate them for exposing more of my members to knowing oil and gas which will also help us in developing human capital.

“I am using this opportunity to appeal to other ministries, departments and agencies of government to follow suit. So far, many MDAs have paid their premiums and we want others to do so. I must commend the efforts of the Federal Government for assisting the insurance industry in growing the Gross Domestic Product (GDP), and adding more to the economic growth of the nation,” she said.


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