The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) have signed a Memorandum of Understanding to harmonise requirements for issuing insurance bonds within Nigeria’s public procurement system. The agreement was formalised on Monday in Abuja by the heads of both agencies. Speaking at the signing ceremony, the Commissioner for Insurance, Olusegun Omosehin, said the partnership would enhance transparency and accountability in the sector. “This will ensure that citizens benefit from the transformation in the sector,” he said. Insurance bonds, also known as financial guarantee insurance, provide assurance that bond issuers, such as government entities or corporations, will repay principal and interest to investors in the event of default. Omosehin noted tha...