Brokers bid for NLNG accounts

Brokers bid for NLNG accounts

Chuks Udo Okonta

The Nigerian Liquefied Natural Gas (NLNG) has written to selected insurance brokers to bid for its insurance, Inspen has learnt.

A source from the Nigerian Council of Registered Insurance Broker (NCRIB) said the firm disqualified some brokers and wrote to selected brokers for a financial bid.

He noted that brokers that would be successful in the bidding would be appointed to handle the over N1 billion insurance business of the organisation.

President, Nigerian Council for Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, said brokers have been equipped to provide all types of oil and gas risks, adding that the Local Content Policy has really created enormous opportunities for insurance firms, especially the brokering sector.

Former President, Lagos Area Council (NCRIB), Tunde Oguntade, said the NLNG business is good for brokers, adding that brokers are working assiduously to meet the 70 per cent provided for them in the Nigerian Content Act.

Oguntade said the involvement of brokers in the scheme of oil and gas business would enable them boost their capacity and growth, stressing that the involvement of local operators would stem the outflow of premiums from the country as observed in the past.

“We are looking at 70 per cent as stated in the law. That means that 70 per cent premium that used to go outside the country in the past, now has to be with local underwriters and brokers. This would enable us improve on our capacity, train, source good rates and do corporate social responsibility,” he said.