Official Unveiling of the Revised Regulation on Leased Aircrafts by the National Insurance Commission (NAICOM)
Nigeria’s aviation and insurance industries marked a historic shift on Monday as the National Insurance Commission (NAICOM) officially unveiled the Revised Regulation on Insurance of Leased and Financed Aircrafts.
Speaking at the launch held at the Ministry of Aviation, the Commissioner for Insurance and CEO of NAICOM, Mr. Olusegun Ayo Omosehin, described the regulation as a “game-changer” for aviation leasing and financing in Nigeria. He said the move aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda to improve the ease of doing business and unlock capital for key sectors.
“Today signals a revolution in the aviation sector—a turning point that promotes stability, investor confidence, and growth,” Omosehin declared.
The revised framework was the product of months of collaboration between NAICOM, the Ministry of Aviation and Aerospace Development, and major stakeholders across the insurance and aviation value chains. It is designed to bring legal clarity, reduce bottlenecks, and encourage foreign and local investment into the aviation ecosystem.
Omosehin praised the Hon. Minister of Aviation, Mr. Festus Keyamo SAN, for his strong leadership and support, alongside the contributions of the Presidential Enabling Business Environment Council (PEBEC), the Airline Operators of Nigeria (AON), the Nigerian Insurers Association (NIA), and others.
“With this reform, Nigeria sends a clear message to the global market—we are open for business, and our regulatory environment is built to support innovation and investment,” he added.
The regulation introduces liberalized insurance requirements for leased and financed aircraft, addressing longstanding concerns by international lessors and financiers. It is also structured to ensure sound underwriting, robust prudential oversight, and increased capacity within Nigeria’s insurance institutions.
Omosehin emphasized NAICOM’s continued commitment to technical excellence, noting that this initiative is just the beginning of a broader agenda to modernize Nigeria’s aviation insurance landscape.
“Let us work together to unlock the full potential of this sector and drive economic development across the country,” he urged.
The event marks a significant milestone in Nigeria’s push to become a hub for aviation finance and insurance in Africa.
Here are the key takeaways from the story:
1. Major Regulatory Shift:
NAICOM officially unveiled a Revised Regulation on Insurance of Leased and Financed Aircrafts, signaling a major reform in aviation insurance in Nigeria.
2. Support for Tinubu’s Economic Agenda:
The regulation aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at improving the ease of doing business and attracting investment.
3. Collaborative Development:
The regulation was developed through extensive stakeholder engagement involving NAICOM, the Ministry of Aviation, PEBEC, AON, NIA, insurers, lessors, and financiers.
4. Clarity and Confidence for Investors:
The new framework offers legal certainty and predictability, sending a strong message to global investors that Nigeria is committed to a stable business environment.
5. Boost for Aviation Leasing and Financing:
The regulation is expected to ease capital access for Nigerian aviation operators and improve Nigeria’s reputation in global aircraft leasing markets.
6. Liberalized Insurance Requirements:
It relaxes certain insurance requirements while maintaining strict prudential standards to build trust with international stakeholders.
7. Strengthened Insurance Sector Capacity:
NAICOM reaffirmed its commitment to enhancing the financial and technical strength of Nigerian insurance firms.
8. Economic Impact:
The reform is projected to attract foreign investment, support infrastructure development, and create job opportunities in Nigeria’s aviation sector.
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