The Nigeria Civil Aviation Authority (NCAA) and the National Insurance Commission (NAICOM) have signed a memorandum of understanding (MoU) to strengthen regulatory oversight on aviation insurance compliance in Nigeria.
According to a post on the authority’s X account, the agreement was signed on Wednesday at the NCAA’s corporate headquarters in Abuja by Chris Najomo, director-general of the NCAA, and Olusegun Omosehin, commissioner for insurance.
Speaking at the signing ceremony, Najomo said the agreement was built on the long-standing collaboration between the two regulatory institutions, particularly in assessing the adequacy and viability of insurance policies procured by aviation operators in line with the Nigeria Civil Aviation Regulations (Nig. CARs), 2023.
He said aviation remains a “paradoxical industry”, globally recognised as the safest mode of transportation but characterised by high-impact operational risks.
“Hence, the need to strengthen aviation safety, financial resilience, regulatory compliance as well as the protection of the travelling public and other stakeholders in the aviation ecosystem,” he said.
In his remarks, Omosehin described the agreement as a significant milestone in strengthening the safety, integrity, and resilience of Nigeria’s aviation ecosystem.
He said aviation insurance was not merely a regulatory requirement but a critical risk-management instrument for protecting lives, property, businesses and the wider economy against aviation-related losses.
Also speaking, Olayinka Babaoye-Iriobe, director of air transport regulation at the NCAA, said aviation insurance was critical to the safety, stability and sustainability of the industry.
She reaffirmed the NCAA’s commitment to ensuring that appropriate insurance arrangements are maintained to protect passengers, operators, third parties, cargo and other interests against liabilities arising from aviation operations.
According to the post, Suleiman Kilo, representating the minister of aviation and aerospace development, the Nigerian Insurers Association (NIA), the Nigerian Council of Registered Insurance Brokers (NCRIB), the Airline Operators of Nigeria (AON), and the Aviation Ground Handlers Association of Nigeria (AGHAN) attended the ceremony.