Joy Agwunobi
The National Insurance Commission (NAICOM) has spearheaded a high-level stakeholder engagement aimed at deepening cross-border collaboration in marine cargo insurance between Nigeria and Ghana.
The meeting, which took place recently in Lagos, served as a bilateral knowledge-sharing platform involving key players from Nigeria’s insurance and maritime sectors and the visiting Ghana Cargo Technical Committee.
In a statement released by NAICOM, the Commission confirmed that the strategic dialogue brought together representatives from a wide range of institutions in both countries. On the Nigerian side, participants included the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), Nigeria Customs Service (NCS), Nigerian Ports Authority (NPA), Nigerian Shippers’ Council, Nigerian Maritime Administration and Safety Agency (NIMASA), Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), and industry associations such as ANCLA and NAGAFF.
The Ghanaian delegation featured officials from the National Insurance Commission (NIC), Ghana Insurance Association (GIA), Ghana Shippers Authority (GSA), Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS), among others.
According to the statement, Olusegun Omosehin, the commissioner for insurance, represented by Julius Odidi, head of the Lagos Control Office emphasised the mutual benefits of the exchange.
Omosehin noted that the forum provided a unique opportunity for stakeholders in Nigeria’s insurance and marine ecosystem to share firsthand experiences and operational insights with their Ghanaian counterparts, while also learning about Ghana’s evolving cargo insurance framework.
“This forum serves as a two-way learning channel. Our Ghanaian colleagues are here to learn from our practical experiences—our processes, challenges, and milestones—and we, in turn, are gaining valuable exposure to how cargo insurance operates within their jurisdiction,” Omosehin stated.
The session featured a presentation by Felicia Mustapha, a former Chairperson of the Marine Offices Committee (MOC) of the NIA, titled “Marine Cargo Insurance: The Role of Port Operators in Nigeria, and the Activities of the MOC.” Mustapha emphasised the critical role marine cargo insurance plays in securing goods in transit during international trade.
She explained that Nigeria’s port operations are overseen by the Nigerian Ports Authority (NPA) in its regulatory capacity, while actual terminal management is handled by private concessionaires such as APM Terminals, TICT, and Port and Cargo Handling Services Ltd.
She further elaborated that insurers depend on the safety protocols and operational standards set by port operators when underwriting cargo risks. These operations, she said, are governed under a regulatory environment monitored by NAICOM, aligning local industry practices with international insurance standards while addressing domestic operational realities.
Adding to the conversation, Wale Oshodi, a governing board member of NCRIB, discussed the vital role of insurance brokers in the cargo insurance value chain. He noted that brokers are instrumental in guiding consignees through the often complex terms and conditions governing marine insurance policies and play a critical role in claim interpretation and processing.
Yahaya Usman, deputy comptroller representing the Nigerian Customs Service, provided clarity on the legal framework governing cargo insurance enforcement. He explained that under the NCS Act of 2023, marine cargo insurance in Nigeria provides end-to-end coverage—from the point of departure to final delivery—ensuring goods are protected throughout the entire transit process.
In his remarks, Fred Asiedu-Darteh, team lead of the Ghana Cargo Technical Committee and representative of the Ghana Shippers Authority, expressed appreciation to NAICOM for hosting the event. He described the visit as highly insightful, noting that the shared experiences would serve as a valuable resource in the rollout of Ghana’s new marine insurance policy.
“This engagement has offered us a deeper understanding of Nigeria’s approach to marine cargo insurance. The insights we have gained will be instrumental in shaping the implementation of our own national marine insurance policy,” Asiedu-Darteh said.
By fostering this kind of regional cooperation, NAICOM is reinforcing its leadership role in driving inclusive and integrated insurance development across West Africa, particularly in specialised sectors like marine and cargo insurance where regional trade and logistics are rapidly expanding.
