The Infrastructure Concession Regulatory Commission (ICRC) in collaboration with the National Insurance Commission (NAICOM) will in 2025 introduce guidelines that will require concessionaires of government assets under Public Private Partnership (PPP) arrangements to procure insurance covers.

The guidelines are set to be released by the first quarter of 2025.

It was the highlight of agreement reached by both commissions when the Commissioner for Insurance of NAICOM, Mr. Olusegun Omosehin, led a management delegation on a visit to the Director-General of the ICRC, Dr Jobson Ewalefoh, in Abuja, on Monday, December 2.

A statement by the ICRC read: "We have to ensure that the concessionaires obtain the appropriate insurance policy that they are required by law to undertake in line with the value of the asset.

"So, working in collaboration with NAICOM, we would be able to determine if the right insurance policy has been obtained.”

The CEO of NAICOM also stated: “One key thing that made this meeting possible was the position of the DG on insurance of PPP assets when he met with the Interior Minister.

"This was the origin of our desire to meet with ICRC.

“We are here to forge that partnership that will enable that provision in the law to be enforced.

"I hope NAICOM and ICRC will use this opportunity to forge a quick alliance in ensuring that the partnership works as well as ensuring that the compliance part of the law works.”