REMARKS BY THE COMMISSIONER FOR INSURANCE, NATIONAL INSURANCE COMMISSION, MR. OLUSEGUN AYO OMOSEHIN AT THE OFFICIAL UNVEILING OF THE REVISED INSURANCE REGULATION ON LEASED AND FINANCED AIRCRAFTS HELD AT THE OFFICE OF THE HON. MINISTER OF AVIATION, ABUJA ON MONDAY 12TH MAY 2025.
Protocol!
I am honoured to stand before you this morning on the occasion of the unveiling of the Revised Regulation on Insurance of Leased and Financed Aircrafts, an event that marks a significant milestone in promoting a stable and sustainable aviation insurance market and a testament to this administration’s commitment to creating an enabling environment that fosters growth, investment, and development in Nigeria.
Today signals the beginning of a revolution in the aviation sector. A turning point in aviation leasing and financing to Nigerian Aviation operators. This is clearly in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu in ensuring the Ease of Doing Business and Access to Capital. This revised regulation, which is a product of several rigorous stakeholders’ engagements and collaborations with key players across the aviation and insurance sectors, including financiers and lessors, is issued in fulfilment of the desire of this administration to create the necessary enabling environment for businesses to flourish.
In this regard, the National Insurance Commission (NAICOM) in collaboration with the Hon. Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN has chosen a path that strikes a balance between facilitating insurance business operations and enhancing infrastructural development. We have created a framework that promotes certainty, stability, predictability and confidence in aircrafts financing and the required protection for those huge assets through a carefully designed national mechanisms.
Distinguished Ladies and Gentlemen, please permit me to express my sincere gratitude to the Honourable Minister, Mr. Festus Keyamo SAN for his unwavering commitment and tireless efforts in bringing together stakeholders on this subject and more importantly the role played by the Presidential Enabling Business Environment Council (PEBEC). Your dedication to improving the ease of doing business in the Nigerian insurance and aviation sectors has been instrumental in shaping this new regulation. Other stakeholders who have contributed to this outcome are Airline Operators of Nigeria (AON), the Nigerian Insurers Association (NIA), and other operators in the Nigerian Insurance Industry.
This revised regulation is a key outcome of President Bola Ahmed Tinubu’s administration reform efforts, and we believe it marks a new era in insurance regulation for leased and financed aircrafts in Nigeria. By providing clarity and certainty, we are sending a strong signal to investors and operators that Nigeria is open for business and committed to creating a conducive environment for growth in the aviation sector.
The Nigerian insurance industry is adequately regulated, and the Commission enforces Prudential requirements that ensures sound underwriting. Also, liberalization of requirements for leased and financed aircrafts is to further assure the international market that the Aviation market in Nigeria exhibits growing capacity with significant increase in market exposure and support for healthy spreading of risks.
As we launch this revised regulation, the National Insurance Commission is committed to an enabling environment that will consistently enhance increased capacity of the Insurance Institutions both financially and technically.
We look forward to working with all stakeholders to ensure its successful implementation in ways that enhance growth and development, as well as attract investment, and create opportunities for Nigerians. This is anchored on our firm believe that with the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to changes, and thrive in an ever-evolving landscape.
Let us work together to harness the full potential of our aviation sector and drive economic growth and development of the Nigerian Nation.
Thank you.
Olusegun Ayo Omosehin
Commissioner for Insurance/Chief Executive Officer
National Insurance Commission
May 12, 2025
