The National Insurance Commission (NAICOM) and the Nigerian Electricity Management Services Agency (NEMSA) have entered into a historic partnership, signing a Memorandum of Understanding (MoU) on enforcement. This collaborative effort aims to establish a framework for mutual understanding and cooperation in achieving their regulatory obligations, prioritizing the safety of lives and property in relation to electrical incidents.

At the signing ceremony held at the NAICOM Headquarters on Friday, February 7, 2025, the Managing Director/CEO of NEMSA, Engr. Aliyu T. Tahir, highlighted the agency’s mandate to enforce technical standards and regulations, conduct inspections, testing, and certification of electrical installations. He emphasized the importance of synergy between NAICOM and NEMSA to ensure safety and mitigate risks.

*Key Objectives of the MoU:*

– Synergy and Cooperation_: Both agencies will work together to ensure safety of lives and property.

– Certification and Compliance_: NEMSA will certify electrical installations in residential, commercial, and industrial premises, while  ensuring that facility applicants are insured with licensed insurance companies.

– Risk Mitigation and Economic Growth: The partnership aims to mitigate potential risks, protect investments, and promote economic growth.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed his enthusiasm for the partnership, describing it as a “landmark strategy” that will foster development through collaboration and enforcement. He reaffirmed NAICOM’s commitment to achieving expected compliance.

The Deputy Commissioner for Insurance Technical, Dr. Usman Jankara, reassured the NEMSA delegation of NAICOM’s commitment to the partnership, emphasizing the importance of teamwork in achieving their shared objectives.

The signing of the MoU marks a significant milestone in the collaboration between NAICOM and NEMSA, paving the way for enhanced electrical safety and insurance compliance in Nigeria.