Insurance critical to Nigeria’s Federal Government development initiatives.

Nigeria’s Minister of Finance, Kemi Adeosun, recently stated that Nigeria needs to build a solid financial plan for the future through life insurance amidst the various economic developmental initiatives of the Nigerian Federal Government. Adeosun, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr George Onekhena, at an insurance conference in… Continue reading Insurance critical to Nigeria’s Federal Government development initiatives.

20,000 agents inadequate for insurance services in Nigeria.

NIGERIAN insurers have indicated that the insurance industry is under-served with only about 20,000 agents covering the country. They noted that the number of agents in the Nigerian insurance industry is low compared to what is obtainable in other countries, adding that this shortfall is one of the factors undermining insurance penetration and growth in… Continue reading 20,000 agents inadequate for insurance services in Nigeria.

Nigerian Insurance companies and banks to issue integrity bond to contractors.

INSURANCE companies and banks in Nigeria are to issue fiduciary bonds, also known as, integrity bonds to contracts for infrastructure projects, consultancy engagements and so on. Nigeria’s Vice-President, Yemi Osinbajo, who disclosed this at a breakfast meeting in Abuja, the Nigerian capital with the theme, ‘Rethinking Business Conduct and Practices: A Sustainable Concept to Transforming… Continue reading Nigerian Insurance companies and banks to issue integrity bond to contractors.

Nigeria’s Federal Government to introduce new classification for insurance firms in Nigeria.

Nigeria’s Federal Government, through its National Insurance Commission (NAICOM), plans to introduce a new classification policy in the Insurance industry, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Muhammad Kari, has said. Kari stated this at an executive breakfast meeting organised by the Society for Corporate Governance Nigeria, in Lagos, Nigeria on… Continue reading Nigeria’s Federal Government to introduce new classification for insurance firms in Nigeria.

Aviation, Oil & Energy pools generate $750.98m premium income in Africa

THE African Aviation and Oil and Energy pools have generated premium income of $750.98 million from January 1, 2017 to March 31, 2018. The pools are made up of 32 Nigerian insurance companies and 20 from 15 other African countries. The other 15 countries are Algeria, Egypt, Ethiopia, Ghana, Kenya, Libya, Madagascar, Morocco, Senegal, Sudan,… Continue reading Aviation, Oil & Energy pools generate $750.98m premium income in Africa

Fintech poses huge threat to traditional banking, says CIBN

The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State branch, has said the financial space is being revolutionized with the deployment of financial technology by Deposit Money Banks to meet the financial needs of their customers. The Chairman, CIBN Lagos branch, Mr Kola Abdul, said in a statement that recent reports indicated that investment… Continue reading Fintech poses huge threat to traditional banking, says CIBN