WorldStage– The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have signed a Memorandum of Understanding (MoU) to improve compliance, risk protection in the aviation sector.
The MoU which was signed on Wednesday in Abuja is expected to establish a framework for aviation operations to remain adequate, valid and responsive to emerging risks.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, said the agreement was a significant milestone in strengthening institutional cooperation between the insurance and aviation regulators.
He said the partnership demonstrated the shared commitment of both institutions to the safety, integrity and resilience of Nigeria’s aviation ecosystem.
According to him, although NAICOM and NCAA have distinct statutory mandates, their responsibilities are mutually reinforcing risk management, consumer protection and industry stability.
“The aviation industry occupies a strategic position in our economy, providing critical services that support commerce, tourism, investment and national development,” he said.
The commissioner said NAICOM would continue to provide regulatory oversight and technical expertise on insurance matters under the partnership.
He said that the commission would support initiatives aimed at protecting Nigerians and promoting compliance across the aviation and insurance industries.
He said the committee would facilitate information sharing, reviews of insurance requirements, coordinate stakeholder engagements and promote capacity building for both regulators and industry participants.
Omosehin assured the NCAA management of NAICOM’s full commitment to the effective operation of the committee, and provide the necessary technical expertise to deliver on its mandate.
“These measures will contribute significantly to improved regulatory effectiveness and enhanced confidence among stakeholders,” he said.
He said the partnership went beyond regulatory compliance, adding that it is an initiative to protect policyholders and strengthen investor confidence in Nigeria’s aviation ecosystem.
According to him, insurance provides critical financial protection to passengers, airlines, and members of the public by ensuring that legitimate liabilities, accidents and losses are appropriately addressed when they occur.
“Compulsory aviation liability insurance remains an important safeguard for air travellers and other users of aviation services.
“A robust insurance framework, therefore, promotes public confidence in air transportation, supports business continuity, and contributes to the stability required for sustainable economic growth,” he said.
The commissioner said the initiative was part of the Federal Government’s broader economic ambitions of attaining a one trillion-dollar economy by 2030 under the Renewed Hope Agenda.
He said that aviation safety and passenger protection were shared responsibilities requiring sustained collaboration among regulators, operators, insurers and other stakeholders.
“Through effective cooperation between NAICOM and NCAA, we can better safeguard passengers, protect third parties and contribute to a safer, more resilient and more trusted air transport system,” he said.
In his remarks, the Director-General of the NCAA, Capt Chris Najomo, said the partnership was designed to strengthen aviation safety through adequate financial protection and sustainable insurance practices.
Najomo said that the objective of the partnership was not merely to enforce compliance but to create an effective framework capable of addressing regulatory and operational challenges.
“Our objective is not merely to enforce compliance, but to establish a balanced regulatory environment in which aviation safety and financial protection complement each other.“Effective collaboration between the two regulatory bodies will promote sustainable insurance practices,” he said.
