Risk Frontiers West Africa report

Risk Frontiers West Africa report

Risk Frontiers West Africa report

On 19 October 2017, Commercial Risk Africa hosted the Risk Frontiers West Africa conference at the Four Points by Sheraton hotel in Lagos, Nigeria. Download our post-event report to catch up on all the news, analysis, debates and pictures from the day, which was based around the theme: ‘Understanding the New Normal’.

Senior Shell executives charged in long-running Nigerian oil saga

Senior Shell executives charged in long-running Nigerian oil saga

Senior Shell executives charged in long-running Nigerian oil saga

Four senior Royal Dutch Shell executives have been charged in Italy for their alleged role in a vast bribery scheme that deprived the Nigerian people of more than a billion dollars. The case has been described as potentially the largest corporate bribery case in history. The Milan Public Prosecutor’s Office has confirmed those facing trial include Malcolm Brinded CBE, the…

Insurance capital requirements under review in Nigeria

Insurance capital requirements under review in Nigeria

Insurance capital requirements under review in Nigeria

Nigeria’s National Insurance Commission (NAICOM) is reviewing capitalisation in the insurance sector to ascertain the deployment of current capital. Mohammed Kari, NAICOM’s commissioner for insurance, stressed that the commission will not engage in reckless introduction of capital requirements for insurers. Mr Kari added that the commission will conduct a pilot inspection on the insurance industry under its risk-based supervision initiative…

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa currently has 301 hotel projects in the pipeline, accounting for 57,011 rooms, or 11.0% of the continent’s existing room supply, according to STR. Thomas Emanuel, STR’s director of business development, said: “Across Africa, we’ve seen mixed performance results to date. In local currencies, rates are up in several countries, including Egypt, Morocco and South Africa, but in many instances…

Public appeal to reduce supply chain risks

Public appeal to reduce supply chain risks

Public appeal to reduce supply chain risks

Nigeria-based Dangote Industries is appealing to the public to help it reduce its supply chain risk. It has urged the public to assist in monitoring both the recklessness and the illegal haulage of contraband goods by some of its truck drivers. The company has launched a hotline for the public, reminding people that the trucks belonging to Dangote Cement are…

Nigerian bank changes money movement rules

Nigerian bank changes money movement rules

Nigerian bank changes money movement rules

Risk managers should be watching moves made by the Central Bank of Nigeria (CBN), as it reviews daily mobile money wallet transaction and balance limits, as well as the bank verification number (BVN) requirement for mobile money wallet holders. CBN stated: “In line with the initiative of the bank to enhance access to financial services through the mobile money services,…

Linkage promises support for Nigerian SMEs

Linkage promises support for Nigerian SMEs

Linkage promises support for Nigerian SMEs

Linkage Assurance has committed to helping small and medium enterprises (SMEs) survive business challenges and grow into the future. It hopes to boost the chances of business continuity through one of its newest products, SME Comprehensive Insurance Plan, which provides financial protection to SMEs against an array of insurable risks to ensure business continuity. According to the managing director and…

Nigeria needs $3trn to plug investment gap

Nigeria needs $3trn to plug investment gap

Nigeria needs $3trn to plug investment gap

Nigeria needs as much as $3trn in the next 30 years to plug the nation’s infrastructure gap and achieve rapid sustainable development, according to Andrew Alli, president/CEO, Africa Finance Corporation (AFC). Mr Alli said, while the government must be a primary source of funding, federal and state governments’ fiscal inflows are grossly inadequate to match the pace of investments required…

New supply chain director for Guinness Nigeria

New supply chain director for Guinness Nigeria

New supply chain director for Guinness Nigeria

Among a raft of senior appointments at Guinness Nigeria, Colman Hanna has been appointed supply chain director, after two years with Diageo US Virgin Islands as vice-president of operations. During his tenure leading operation of the company’s rum distillery on St Croix, Mr Hanna led a significant improvement in output and under his leadership the St Croix site has an…

Nigeria and South Africa move out of recession

Nigeria and South Africa move out of recession

Nigeria and South Africa move out of recession

Two of Africa’s top economies have moved out of recession, heralding good news for risk managers and their organisations. Credit insurer Coface reports, as expected, that quarterly national accounts data published by national statistical agencies in Nigeria and South Africa indicates that both countries have emerged from recession. “In Q2 2017, Nigeria GDP grew by a dismal 0.6% year on…

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