Insurance Operators Seek Review of 2024 NNPC Insurance Application, Outcomes—–Insurance operators who participated in the bid for the 2024 insurance programme of the Nigerian National Petroleum Company Limited (NNPCL) have asked that an independent committee be set up to review the outcome of the work of the NNPC selection committee
The request was because of the alleged incompetence and non-transparency of the Risk Management and Insurance Unit in the selection process of the current insurance programme of the NNPC and the appointment of Zebra Insurance Brokers as the leader of the insurers on the Non-Oil Assets of the NNPC.
“We are suggesting that the bid submissions of selected known top 20 practitioners (including that of Zebra Insurance Brokers) in the industry be reviewed by an independent committee and the result made public” one of the insurance broker who complained about the process and the outcome stated.
Operators are grumbling about the outcome of the selection process for the current insurance programme of the oil company. They accused the Risk Management and Insurance department of the NNPC of under-table dealing and non-transparency in the selection of insurance companies for the NNPC insurance.
They particularly complained about Margaret Aaron, the head of the NNPC insurance unit, and alleged that she has a record of doing deals since her days in NAPIMS (Now NUIMS) from where she was allegedly removed in 2020.
“While at NAPIMS Margaret supervised a divided department with herself leading a faction that was reporting to a factional General Manager, while her colleague (a manager) was in another faction reporting to another General Manager” they alleged.
“This is a woman who knows nothing about the rudiments of Insurance”, stated the broker who noted, “The earlier the NNPC Ltd professionalises its insurance operations, the better for its image, corporate governance and stakeholders”.
Some insurance brokers who spoke to our correspondents and preferred anonymity to avoid victimization by the NNPC queried the appointment of Zebra Insurance Brokers whom they said do not merit the appointment to lead the insurance of the Non-Asset of the Corporation.
“Zebra is not capable of scoring the cut-off mark set for the exercise. In the last 10 years of the NNPC insurance programme, Zebra Insurance has never made the list up to two times and, surprisingly, the same company emerged as leader above all the major players in the market. This is a clear manipulation and an affront to all meaningful practitioners in the market”.
They alleged that Zebra is a nefarious deal maker such as returning premium, rate-cutting and negotiating non-payment of claims to insureds after premium must have been paid.
They also said Zebra struck deals on how much to be refunded to the Head of Risk Management and Insurance and the Chief Non-Energy Investment Officer of NNPC Ltd.