The Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, convened a high-level stakeholder engagement aimed at creating new partnerships between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON). The stakeholders engagement meeting, held at Transcorp Hilton Hotel, Abuja, addressed the persistent concerns regarding aviation insurance within Nigeria and explored solutions to streamline insurance processes for the nation’s airline industry.
The Honourable Minister of Industry, Trade, and Investments, Mrs. Jumoke Oduwole, co-chaired the event alongside the Aviation Minister. In attendance were notable figures including Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking; Hon. Usman Ahmed Jaha, House of Representatives member; Dr. Emmanuel Meribole, Permanent Secretary of the Ministry of Aviation and Aerospace Development; Capt. Chris Ona Najomo, Acting Director General of the Nigerian Civil Aviation Authority (NCAA); Olusegun Ayo Omosehin, Chairman of the National Insurance Commission (NAICOM); and Kunle Ahmed, Chairman of the Nigeria Insurers Association, among others.
The event brought together representatives from Nigeria’s aviation and insurance sectors, including Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines; Capt. Roland Iyayi of TopBrass; 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 utilization 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. Chairman Olusegun Ayo 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, emphasizing 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 12-15, 2025. This international event offers a platform to engage with global leasing companies and further underscore 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.
