The insurance team of the Nigeria Liquefied Natural Gas (NLNG) is making moves to understand more about energy and special risk insurance policies, especially as the energy sector continues to evolve and face fresh challenges.
In a recent development, the team, led by the Managing Director of First Standard Insurance Brokers Limited, Dr. Adetayo John-Fishers, paid a strategic courtesy visit to the Director-General of the Nigerian Insurers Association (NIA), Mrs. Bola Odukale. The meeting took place at the NIA headquarters and focused on building stronger connections between energy industry players and insurance professionals.
The Nigerian Insurers Association (NIA), which was formed in 1971, acts as the voice of the insurance industry in the country. It brings together all insurance and reinsurance companies operating in Nigeria and represents their interests when dealing with the government and other major stakeholders. Over the years, the NIA has played a crucial role in shaping the policies and structure of the insurance sector in the country.
The recent meeting gave the NLNG insurance team a chance to interact directly with key figures in the insurance industry. According to a statement by the NIA, the discussion helped the NLNG team gain clearer insights into how the insurance market is changing and what modern risk management strategies are now being applied, especially in the energy space.
The NIA noted that the gathering highlighted a strong commitment to improving collaboration within the industry. It also stressed the importance of staying informed about best practices in the insurance world—especially those relating to critical national infrastructure like power and energy.
Dr. John-Fishers, who led the NLNG team, expressed appreciation for the opportunity to engage with the NIA. He noted that the visit was timely, considering the need to build a better understanding of how insurance can be used to protect Nigeria’s energy investments from unexpected events, including natural disasters, fire outbreaks, equipment breakdowns, and other large-scale risks.
Mrs. Bola Odukale, the NIA DG, welcomed the NLNG team warmly and described the visit as a step in the right direction. She said regular engagement between energy companies and insurance operators would help strengthen Nigeria’s entire risk management framework and reduce exposure to large-scale losses.
She also noted that with Nigeria being one of the leading exporters of liquefied natural gas, it is important for companies like NLNG to be well protected through suitable and comprehensive insurance policies. She added that understanding energy-specific risk cover, including special risk and technical insurance products, is vital to keeping businesses safe and ensuring long-term stability.
NLNG plays a huge role in Nigeria’s energy industry. It was set up to make the most of Nigeria’s natural gas resources, produce liquefied natural gas (LNG) and natural gas liquids (NGLs), and export them to global markets. The company is also seen as a major driver of Nigeria’s economic growth and energy sustainability.
Both parties expressed hope that this kind of partnership and interaction would continue in the future. They agreed that collaboration is key in strengthening the nation’s insurance industry and making sure critical sectors like oil and gas are well covered and prepared for any risks that may come.
