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…

Trade boost for Nigeria?

Trade boost for Nigeria?

Trade boost for Nigeria?

UK Foreign Secretary Boris Johnson has called for an intensification of trade between Britain and Nigeria on a visit to the west African country, underlining the close friendship between both countries. UK bilateral trade with Nigeria is forecast to be £7bn annually by 2030, but the Foreign Secretary has used a visit to Lagos to encourage more British investment in…

Allianz seals deal with Nigerian insurer

Allianz seals deal with Nigerian insurer

Allianz seals deal with Nigerian insurer

Allianz Group has signed a binding agreement to acquire 98% of Nigerian insurer Ensure Insurance, from its core shareholder Greenoaks Global Holdings (GGH). Ensure Insurance offers life and non-life insurance services and generated €11m in gross premiums written in 2016. Allianz Group said it sees Africa as one of the important future growth markets and is now present in 17 countries…

Pensions under threat in Nigeria

Pensions under threat in Nigeria

Pensions under threat in Nigeria

The Pension Fund Operators Association of Nigeria (PenOp) is warning that pension assets valued at NGN6.5trn could be at risk if plans to change the pension system become law. PenOP president, Eguarekhide Longe, said one bill would amend the Pension Reform Act 2014 to exclude members of the Nigeria Police, the Nigerian Security and Civil Defence Corps, Nigeria Customs Service,…

Leadway pushing for market penetration in Nigeria

Leadway pushing for market penetration in Nigeria

Leadway pushing for market penetration in Nigeria

Leadway Assurance has launched a mobile office, designed to create more awareness and deepen penetration of insurance services in the country. Adetola Adegbayi, executive director, Leadway Assurance, said the mobile office initiative is important to get the insuring public to fully understand what insurance is all about. She said insurance is the buying of risks from customers, while the policy…

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