By Henry Uche
To deepen understanding of marine cargo insurance technicalities, processes, and challenges in Nigeria, and to explore avenues for fruitful collaboration, the National Insurance Commission (NAICOM) recently facilitated a knowledge-sharing engagement between Nigerian insurance and maritime stakeholders and the Ghana Cargo Technical Committee during their study tour in Lagos.
The meeting brought together representatives from key Nigerian institutions, including the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), Nigeria Customs Service (NCS), Nigerian Port Authority (NPA), Nigerian Shippers Council, Nigerian Maritime Administration and Safety Agency (NIMASA), and freight forwarding regulators, alongside members of ANCLA and NAGAFF.
The Ghana delegation comprised officials from Ghana’s National Insurance Commission (NIC), Ghana Insurance Association (GIA), Ghana Shippers Association (GSA), Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS).
In his remarks, the Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Dr. Julius Odidi, Head of NAICOM’s Lagos Control Office, highlighted the forum’s value as a platform for bilateral exchange: “This forum allows Nigerian insurance and marine operators to share practical knowledge with the Ghana Cargo Technical team, while equally gaining insights into Ghana’s cargo insurance operations. We appreciate all contributions and are confident our Ghanaian counterparts leave with valuable knowledge from both our successes and challenges.”
During a presentation titled “Marine Cargo Insurance: The Role of Port Operators in Nigeria and the Activities of the Marine Offices Committee (MOC) of the NIA,” Mrs. Felicia Mustapha, former Chairman of NIA-MOC, emphasized marine cargo insurance’s critical role in protecting goods from risks encountered during international transportation. She explained, “Port operations in Nigeria are regulated by the Nigerian Port Authority (NPA), which acts as the landlord, while terminal operations are managed by private concessionaires such as APM Terminal, TICT, and Port and Cargo Handling Services Ltd.”
Mustapha noted that insurers depend heavily on the safety standards and handling protocols enforced by port operators when assessing cargo insurance coverage. She affirmed that marine cargo insurance in Nigeria operates within a regulated framework overseen by NAICOM, which ensures compliance with international best practices while adapting to local conditions.
Mr. Wale Oshodi, Governing Board Member of the Nigerian Council of Registered Insurance Brokers (NCRIB), underscored the important role of brokers in bridging understanding between insurers and policyholders. He said brokers “strive to interpret the terms and conditions governing marine cargo insurance to consignees, explaining how to process claims when they arise.”
Representing the Nigerian Customs Service, Deputy Comptroller Mr. Yahaya Usman clarified that marine cargo insurance in Nigeria covers goods from point of transit to final delivery, adding that “NCS operates under the mandate of the 2023 Act that governs our activities.”
The Ghana Cargo Technical Committee team leader, Mr. Fred Asiedu-Darteh of the Ghana Shippers Authority, expressed appreciation for the engagement, stating, “NAICOM’s hosting provided invaluable insights into Nigeria’s cargo insurance practices and will greatly assist in implementing Ghana’s new marine insurance policy.”
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