Risk management maturity proves challenging in Nigeria

Risk management maturity proves challenging in Nigeria

Risk management maturity proves challenging in Nigeria

Manufacturing companies are, for a large part, unregulated in Nigeria which many risk managers believe is the reason for the slow development of risk management as a concept within these businesses. Liz Booth met a group of risk managers from the manufacturing sector to discuss the issue Risk management teams among Nigerian manufacturers are at hugely different stages of maturity,…

Nigeria faces major skills risk

Nigeria faces major skills risk

Nigeria faces major skills risk

Better education is key if Nigeria is to plug its “Herculean” skills risk, according to a new report. The Future of Work in Nigeria. Bridging the Skills Gap: The Key to Unlocking Nigeria’s Inherent Potential, published by General Electric (GE) Nigeria, highlights the need for investment in sustainable skills development. The report found quality education is crucial to Nigeria’s future…

Nigerian oil giant receives 577 bids for insurance programme

Nigerian oil giant receives 577 bids for insurance programme

Nigerian oil giant receives 577 bids for insurance programme

The Nigerian National Petroleum Corporation (NNPC) has publicly opened 577 bids submitted by firms seeking to secure the insurance renewal contract for the corporation’s oil and non-oil assets. NNPC group general manager, risk management and insurance, Modupe Bameke, said that, apart from being a requirement of the Bureau of Public Procurement, the public opening of bids has become part of…

Nigeria on track for improving business environment

Nigeria on track for improving business environment

Nigeria on track for improving business environment

Nigeria’s GDP expanded by 1.4% in the third quarter of 2017 (year on year), the second quarter of growth after the recession of 2016. The World Bank said the growth reflects recovery in oil production, good performance in agriculture and stronger non-oil industry growth due to the easing of foreign exchange constraints. However, it warns many fiscal challenges remain at…

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,…

1 2 3 9