Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

US and South Africans to lead risk management initiative in Lagos

US and South Africans to lead risk management initiative in Lagos

US and South Africans to lead risk management initiative in Lagos

Risk management professionals from the US and South Africa are to lead a four-day event in Lagos, aimed at improving risk management in the west Africa region. Anthonia Beri, programme director at National Fire Prevention Awareness and Advocacy (NFPAWA), said the organisation discovered a wide gap in skills and knowledge in life, fire safety, security risk management and mitigation. She added…

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

The Nigerian government has settled the lingering feud between the National Insurance Commission (Naicom) and National Pension Commission (PenCom) on the administration of annuity assets in the country. Both agencies argue that life insurance firms and pension fund custodians have the legal mandate to warehouse and administer annuity assets in Nigeria respectively. To resolve the face-off, the Minister of Finance,…

Nigerian insurer sees profits rise 16%

Nigerian insurer sees profits rise 16%

Nigerian insurer sees profits rise 16%

Guinea Insurance has reported a 16.5% increase in gross premium income to NGN1.01bn for the 2015 financial year, against NGN867.99m recorded in 2014, as its chairman promises greater profitability in future. Business Journal reported that the insurer’s profit before tax increased 226% to NGN47.0m as against NGN14.4m recorded in 2014. Loss for the year decreased by 91.2%, amounting to NGN7.2m,…

Dangote becomes net exporter of cement as Nigerian government pushes for diversification

Dangote becomes net exporter of cement as Nigerian government pushes for diversification

Dangote becomes net exporter of cement as Nigerian government pushes for diversification

Nigeria has become self-sufficient in the production of cement and is now an exporter of the commodity, with the government ascribing the feat to Dangote Cement. Last month Dangote Cement group managing director Onne Van der Weijde had said the company was exporting cement to Nigeria’s neighbours. He said: “We exported nearly 0.4Mt into neighbouring countries and in doing so,…

Confidence boost for Nigeria from S&P

Confidence boost for Nigeria from S&P

Confidence boost for Nigeria from S&P

With oil prices improving, S&P Global Ratings has affirmed its B/B long- and short-term sovereign credit ratings on Nigeria, giving Africa’s largest economy a stable outlook. It has also affirmed its long- and short-term Nigeria national scale ratings at ngBBB/ngA-2 and maintained its transfer and convertibility assessment on Nigeria at B. S&P said: “The ratings on Nigeria are constrained by…

Insurers battle to win trust of Nigerian consumers and businesses alike

Insurers battle to win trust of Nigerian consumers and businesses alike

Insurers battle to win trust of Nigerian consumers and businesses alike

Risk managers in Lagos have spoken out about the level of mistrust around insurance, as a new survey reveals that 138 million out of Nigeria’s 190 million-plus population do not trust insurance will work as a concept. Speaking at a series of roundtables in Lagos earlier this month, risk managers echoed the findings of the survey, complaining that insurers still…

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

  The rise in the price of oil to $50 per barrel and above did not come overnight for the global oil and gas industry. Rather, it was the culmination of three strategic meetings to rein in production and stabilise the market. First was the ‘Algiers Accord’ of the 170th Extraordinary OPEC Conference in Algiers, Algeria on 28 September 2016.…

Nigerian insurance rebranding project suffers another delay

Nigerian insurance rebranding project suffers another delay

Nigerian insurance rebranding project suffers another delay

The rebranding of the Nigerian insurance industry, scheduled to commence by the first quarter of 2017 after initially failing to meet its 1 October 2016 commencement date, could be delayed yet again due to funding and logistic issues. Sources in the industry say the project may not roll out in the first quarter as planned, as members have yet to…

138 million Nigerians do not trust insurance

138 million Nigerians do not trust insurance

138 million Nigerians do not trust insurance

The level of mistrust of insurance in Nigeria is sky high, according to a new survey that reveals 138 million out of the 190 million-plus population do not trust that insurance will work as a concept. The figures emerged as part of a new report by Nigerian rating company Agusto & Co. The report states that the role of insurance…

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