The Bureau of Public Procurement (BPP) and the National Insurance Commission (NAICOM) have signed a memorandum of understanding (MoU) to deepen partnership as the two agencies are combining oversight to strengthen procurement in the public service.
The Director-General, Bureau of Public Procurement, Dr. Adebowale A Adedokun, FCIPS, FCILT, FSA made this known during the visit to the National Insurance Commission office in Abuja.
The objective of the MoU is to explore the possibilities of Nigerians benefitting from the transformation started by His Excellency, President Bola Ahmed Tinubu on transiting to an economy of one Trillion Dollars which requires the genuine effort of all to reduce youth restiveness, unemployment and security challenges and facilitate Foreign Development Investment (FDI).
Procurement has changed to multi-disciplinary functions and BPP partners with NAICOM to develop procurement for insurance sector so that those in the field would understand the requirement, reduce crime, increase efficiency and turn-around time, create bigger markets and encourage foreign investors in the country.
Dr. Adedokun commended and expressed his confidence in the leadership of NAICOM for the great transformation in using insurance to strengthen government policies and programmes and stressed that the use of insurance bonds was essential in conducting business in both public and private sectors.
According to DG BPP, the aim of signing an MoU is achieved when it is effectively implemented, as he called on all contractors to begin to take advantage of these insurance bonds.
Strong insurance sector fosters economic growth in various sectors, and investors have strong support for investing in any country with strong and vibrant insurance sectors, where the regulatory framework that guides insurance is well understood, implemented, and good citizens patronage, he said.
He called on NAICOM to digitalise their procurement processes by developing simple platforms that could be used to create business opportunities and reduce poverty, as he highlighted some of the BPP initiatives in line with the Renewed Hope Agenda of Mr. President administration, which include:
- The digitalization of the Procurement sector, in which documents are no longer submitted manually. All procurement submissions are uploaded on the required portal.
- Debarment Policy which restricts contractors from fraudulent procurement practices. BPP does not condone unethical conducts.
- Affirmative Procurement which gives opportunities for women-owned business to thrive, likewise SMEs, Youths and People with disabilities.
- Nigeria First Policy which is the President’s priority to promote local content and made-in-Nigeria goods and services.
He said that the president’s wish was to diversify, create more investments, and patronise local content.
He encouraged all Nigerians to get insurance bonds as the Public Procurement Act allowed insurance bonds.
The Commissioner of Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin stated that the two agencies were collaborating to standardise requirements for insurance in public procurement.
Mr. Omosehin reiterated that NAICOM was an agency responsible for supervising and regulating the growth of the insurance sector with three clear mandates packed into one.
He said that to enable insurance to perform its roles in the sector, it becomes critical for NAICOM to deliver on its mandate and operate within the clear guidelines and live up to the obligation by being financially stable and providing necessary support.
The Commissioner stated that the transforming journey of NAICOM started by defining clearly their priorities which included Policy holders’ protection; Enhancing capacity—for proper and effective regulation, and capitalization of the sector for transparency; Stability—which ensured financial stability of entities to meet obligations; Innovations; and Insurance creation.
He said that BPP was one of the critical agencies vital for the success of NAICOM transformation journey, hence the need for mutual understanding and deep collaboration as BPP has a broader vision on procurement processes.
He suggested ways of tracking insurance procurement after approval by creating monitoring digital platforms.
Mr. Omosehin commended BPP for believing in the insurance processes as he assured him of the resuscitation of the joint retreat between NAICOM and BPP.
He said that this vision of the President’s Agendas would be attained by partnering BPP as he assured that no insurance entity in Nigeria would deviate from the insurance bond.
e-Signed:
Zira Zakka Nagga,
Head of Press and Public Relations (BPP)
March 5, 2026
