OPEC’s biggest producer outside the Gulf and a global heavyweight. Nigeria’s industry has been on the go since the 1950s and there’s a big prize still to be had in deepwater. We estimate 10 billion boe in undeveloped deepwater resource, perhaps the same again in yet-to-find. Geologists acknowledge the best reservoirs as world class. Yet Nigeria… Continue reading How Can Nigeria’s Upstream Become Relevant Again?
Next week world leaders will meet at one of the coldest spots on earth to discuss this divided planet’s burning issues that threaten its very survival. For years, the World’s Davos gathering has been around issues of globalisation, the Fourth Industrial Revolution and artificial intelligence. It is 50 years since the free market optimist Klaus… Continue reading These are the world’s greatest risks.
With increased enlightenment on Annuity package, there are strong indications that the volume and value of Annuity Business, currently worth over N323 billion, will grow rapidly in the near future. There has been increased education and sensitisation of retiring workers by life insurance companies recently on the need to buy Annuity plan at the point… Continue reading Retirees’ Investments To Spark Growth In N323bn Annuity Business in Nigeria.
Agriculture in Nigeria is a critical aspect of the economy, providing direct employment for about 30 percent of the population, while the sector contributes about 24 percent to the Gross Domestic Product, according to the Nigerian Bureau of Statistics. But climate change is threatening this important industry, as its direct effects include fluctuations in rainfall… Continue reading Insurers, IFC and push for multi-billion Naira agricultural cover
The Nigerian Insurers Association, NIA, has said that the Nigerian insurance industry paid out over N207 billion as claims to policyholders in 2018. Director-General, NIA, Yetunde Ilori, who disclosed this at the second edition of the National Insurance Commission, NAICOM’s interactive session for major insurance consumers in Lagos also disclosed that the number of policyholders… Continue reading Nigerian Underwriters settle over N207bn claims in 2018 – Nigerian Insurers Association.
The moves by the Ship Owners Association of Nigeria, SOAN, to establish a specialist insurance outfit in Nigeria to cover all maritime related risks, has drawn the ire of the Nigerian insurance industry. SOAN has said it was moving to establish a maritime insurance outfit in the mode of the Protection & Indemnity, P&I, Club… Continue reading Nigerian Insurers battle ship owners over maritime insurance.
There are indications that the recent upsurge in Foreign Portfolio Investment, FPI, in Nigeria’s stock market is driven by the ongoing recapitalisation exercise in the insurance sector. Some stock market dealers recently revealed that the foreign investors are taking advantage of low share prices of some targeted insurance firms in the Nigerian Stock Exchange, NSE,… Continue reading Nigeria’s Insurance sector recapitalisation: Foreign investors crowding out domestic investors.
Thomas Cook, the world’s oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a… Continue reading 178 year-old Thomas Cook collapses, leaving 600,000 stranded.
…Revenue up by 47% as private sector reawakens to insurance FOLLOWING the failure of public sector group life business segment in their income portfolio, Nigerian insurance companies may have created a bigger income stream in their group life policy in the private sector. Reports of some companies that have so far submitted their 2019 half… Continue reading Group life: Private sector earnings in Nigeria sustain insurers as public sector fails.
A total of 55,820 relatives of deceased workers under Nigeria’s Contributory Pension Scheme have been paid pension and insurance benefits since the commencement of the CPS till March 2019. Recently obtained Figures from the National Pension Commission revealed that the deceased workers were from the private and public sectors. According to the figures, between January… Continue reading Nigeria: Deceased workers’ relatives collect N173bn pension, insurance settlements