To broker an impactful working relationship between the Airline Operators of Nigeria (AON) and the insurance providers in the country, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a high-level stakeholder engagement from the two sectors.
The meeting according to a statement from theSpecial Adviser on Media and Communications to the Minister, Tunde Moshood, aimed at creating new partnerships between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON).
The stakeholders engagement meeting which held at Transcorp Hilton Hotel, Abuja, recently, addressed the persistent concerns regarding aviation insurance within Nigeria and explored solutions to streamline insurance processes for the nation’s airline industry.
The Minister of Industry, Trade, and Investments, Mrs. Jumoke Oduwole, co-chaired the event alongside the Aviation Minister.
In attendance were notable figures including Chairman of the Senate Committee on Banking, Senator Mukhail Abiru; House of Representatives member,
Usman Jaha; Permanent Secretary of the Ministry of Aviation and Aerospace Development, Dr. Emmanuel Meribole; Acting Director General of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo; Chairman of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin; and the Chairman of the Nigeria Insurers Association, Kunle Ahmed, among others.
The event brought together representatives from Nigeria’s aviation and insurance sectors, including Chairman of United Nigeria Airlines, Prof. Obiora Okonkwo, CEO of TopBrass,
Capt. Roland Iyayi; and Jafar Shuaibu from the Presidential Enabling Business Environment Council (PEBEC).
This collaboration marks a significant step towards addressing AON’s concerns that insuring aircraft with Nigerian insurers incurs additional operational burdens, a belief that has hindered full utilisation of local insurance providers.
During a panel session moderated by the Aviation Minister, AON representatives voiced their reservations and raised questions to NAICOM’s leadership.
Omosehin refuted misconceptions around reinsurance in Nigeria, affirming the capacity and readiness of Nigerian insurers to handle aviation-related risks effectively.
Leaders from the NIA, including Director General Bola Odukale, provided evidence-backed presentations to dispel any misconceptions within the aviation industry, emphasising the local industry’s strengths and alignment with international standards.
The forum concluded with an agreement to pursue further engagement and enlightenment initiatives.
Stakeholders underscored the need to reassure foreign insurers and underwriters of Nigeria’s robust insurance capabilities, a crucial step in bolstering Nigeria’s position in the global aviation market.
In line with this objective, representatives from the aviation and insurance sectors committed to participating in the upcoming Economic Conference in Dublin, Ireland, scheduled for January 12 to 15, 2025.
This international event offers a platform to engage with global leasing companies and further underscores Nigeria’s commitment to aviation growth and insurance reform.
The Aviation Minister commended all participants for their candid contributions and expressed optimism that this dialogue marks the beginning of transformative change within Nigeria’s aviation insurance sector.