The Infrastructure Concession Regulatory Commission (ICRC) has partnered with the National Insurance Commission (NAICOM) to enforce mandatory insurance coverage for all Public-Private Partnership (PPP) assets under Federal Government concession agreements.

This collaboration was formalised on Monday during a courtesy visit by NAICOM’s Chief Executive Officer, Mr Olusegun Ayo Omosehin, to the ICRC Director-General, Dr Jobson Oseodion Ewalefoh, in Abuja.

Dr Ewalefoh underscored the significance of ensuring insurance compliance for PPP assets, citing Section 7(2)a of the ICRC Act (2005), which mandates concessionaires to obtain insurance policies approved by NAICOM.

“Insurance for PPP assets is not optional but mandatory,” he emphasised.

He added that ICRC is already requiring proof of insurance for new projects and will soon extend this compliance mandate to ongoing projects.

Modalities for enforcement are expected to be issued by the first quarter of 2025.

On his part, Mr Omosehin commended ICRC’s proactive stance, stating, “NAICOM is responsible for ensuring that critical national assets have adequate insurance cover.”

He highlighted the need for inter-agency collaboration, saying, “This partnership will enable us to enforce compliance and ensure PPP assets are adequately insured.”

The meeting also marked the establishment of a joint technical committee tasked with drafting the modalities for optimising insurance coverage for government PPP assets.

NAICOM also offered to train ICRC officers to enhance the enforcement process. The initiative aims to protect critical national assets by ensuring they are adequately insured in accordance with the law.

The partnership between ICRC and NAICOM is expected to strengthen compliance and provide a framework for safeguarding federal infrastructure.