Keyamo Engages Indigenous Insurers, Airlines for Enhanced Aviation Insurance Partnerships
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, in a move aimed at transforming Nigeria’s aviation insurance landscape, held a high-level stakeholder engagement session yesterday – Wednesday, November 6, 2024, at the Transcorp Hilton Hotel in Abuja.
According to Tunde Moshood
Special Adviser on Media and Communications to the Minister, the meeting sought to foster stronger alliances between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON), addressing long-standing concerns over aviation insurance processes and costs.
Co-chaired by the Minister of Industry, Trade, and Investments, Mrs. Jumoke Oduwole, the event assembled prominent figures across Nigeria’s aviation and insurance sectors.
Key attendees included Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking; Hon. Usman Ahmed Jaha from the House of Representatives; 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); and Olusegun Ayo Omosehin, Chairman of the National Insurance Commission (NAICOM).
Also present were airline industry leaders such as Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines, and Capt. Roland Iyayi of TopBrass.
The meeting addressed AON’s ongoing concern that utilising Nigerian insurers adds undue operational burdens, leading some airlines to favour international insurers.
During an interactive panel moderated by Minister Keyamo, representatives from AON expressed their reservations, prompting discussions on how local insurance services could better meet their needs.
In response, Olusegun Ayo Omosehin, Chairman of NAICOM, refuted prevalent misconceptions, affirming the readiness of Nigerian insurers to adequately manage aviation-related risks.
He emphasised that Nigerian insurers possess both the capacity and resources to handle complex reinsurance requirements, underscoring the local industry’s alignment with global standards.
This sentiment was echoed by NIA leaders, including Director-General Bola Odukale, who presented data-driven insights to dispel any remaining doubts and highlight the strengths of Nigeria’s insurance sector.
The session concluded with a mutual commitment to ongoing dialogue and educational initiatives, aiming to bolster confidence among foreign insurers and underwriters in Nigeria’s aviation insurance capabilities.
Key stakeholders also agreed to take this conversation to an international platform, as Nigerian representatives from both the aviation and insurance sectors prepare to attend the upcoming Economic Conference in Dublin, Ireland, scheduled for 12th-15th January 2025.
This prestigious event is expected to enhance Nigeria’s connections with global leasing companies and further underscore the nation’s commitment to advancing its aviation industry.
Minister Keyamo lauded the engagement as a promising milestone for aviation insurance reform in Nigeria, expressing optimism that this initial dialogue will catalyse meaningful changes that can sustain and elevate the nation’s standing in the global aviation market.
