Look no further; Why the Nigerian stock market is in a frenzy

The Nigerian Stock Market is on a roll. It has gained over 12% since the start of the year and it looks like nothing will stop its momentum. This is after gaining 43% in 2017 alone. We have put forward a theory about why the bulls are here and why they might be here for…

Nigeria’s Pension Commission (PenCom) clears 83 firms for Federal Government contracts

Nigeria’s National Pension Commission (PenCom) has issued compliance certificates to 83 companies which serve as approval to bid for Federal Government contracts this year. This was against 13,592 issued in 2017. PenCom noted that the reduction in number is due to the reluctance of federal government Ministries, Departments, and Agencies, MDAs, to cooperate with it.…

2018 National Budget: Nigeria’s Federal Government Plans Group Life Insurance For 89,000 Workers

The federal government of Nigeria has made budgetary provision to the tune of N5.4 billion as 2018 Group Life Insurance cover for its 89,000 workforce, in the 2018 national budget currently before the National Assembly (NASS). To this end, all Federal government workers who die or suffer accidents while in active service will have access…

Nigeria Council of Registered Insurance Brokers set to drive industry’s potential with brokerage firms

This was disclosed by the President of the Council, Shola Tiunubu, at the December edition of members evening hosted by AIICO Insurance Plc, who said the difference in commission rates and other benefits are aimed at justifying the remarkable differentiation in their competencies and experience. Tinubu said: “while sustaining the tempo of technical relations with…

Nigeria’s NAICOM Moves to Save Weak Insurance Firms from Collapse

 The Nigerian National Insurance Commission (NAICOM) recently took a decision that may serve as a final step to save  identified weak firms in the system from total collapse. The commission, was said to have written administrative letters to insurance firms that are presently undergoing financial challenges as revealed by published financial reports, guiding them on…

Plans to domesticate Insurance in 36 Nigerian States underway.

. . .As Nigeria’s NAICOM targets N30bn from each state Plans are underway to persuade all the 36 states of the federation of Nigeria, including the Federal Capital Territory (FCT), to domesticate insurance in their respective state laws. Since insurance law is governed by federal law, it needs to be domesticated in order to be…

2018: What insurance players can expect in the next 12 months

Sensors monitoring your everyday physical and digital life, artificial intelligence tailoring your insurance to fit your needs? Sound like the future? Sure—if the future is 2018. Nordic Director of Insurance in Accenture, Jacob Tovborg-Jensen, explains what’s in store—near-term—when it comes to innovation. Developments in insurance are moving at break-neck speed: 2017 saw a year that…

9 Insurance Companies Face Legal Battle Over N3b Legacy Funds

Nigeria’s Pension Transitional and Arrangement Directorate (PTAD) is weighing up the possibility of taking legal action against some nine insurance companies still owing the Directorate about N3billion legacy funds, as was revealed by investigations. PTAD had earlier set a December 2017 deadline for defaulting insurers to pay their respective legacy Fund to the agency, which…

Nigeria Risks Losing N136b Gain of Transit Cargoes

Nigeria’s early gains which saw it reclaiming about N136 billion transit cargoes from neighbouring countries like Togo and Benin Republic may be eroded as the port of Cotonou has signed a management agreement with the Port of Antwerp to manage and modernize its port facilities. Stakeholders in the Nigeria’s maritime industry said the move could…

Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Life Assurance underwriting Companies in Nigeria generated a total of N124.6billion gross premium in the year 2016. The companies ceded a total of N7.3billion to their reinsurers while retaining N117.2 billion as net premium. Gross claim paid by the life operators during the period stood at N67.2billion while net claims stood at N54.6billion. Management expenses…