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According to Wabote, the recommendations will compel the oil and gas industry to use the local insurance sector, thereby keeping money in the economy. It will also close gaps discovered when executing the terms of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
He stated that the provisions of sections 49 and 50 of the NOGICD Act mandate that all operators involved in any kind of industry activity insure all insurable risks associated with their operations with an insurance company via an insurance broker registered in Nigeria.
According to him, the statute requires an operator to seek and acquire written clearance from NAICOM before placing an insurable risk abroad.
Thomas, on his part, charged all parties involved in any type of business, operation, or contract in the Nigerian oil and gas industry to maintain compliance with relevant laws and insurance rules.