Ebenezer Onyeagwu to head Zenith

Ebenezer Onyeagwu to head Zenith

Ebenezer Onyeagwu to head Zenith

Nigeria’s multinational financial service provider Zenith Bank, which includes Zenith Insurance, has announced the appointment of Ebenezer Onyeagwu as group managing director/CEO of the bank effective 1 June 2019, subject to Central Bank of Nigeria approval. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within. Mr Onyeagwu replaces Peter Amangbo, whose tenure expires…

Ethiopia gets boost for renewable funding

Ethiopia gets boost for renewable funding

Ethiopia gets boost for renewable funding

The African Development Bank (AfDB) is to put almost $1m into renewable projects in Ethiopia. The Sustainable Energy Fund for Africa (SEFA), managed by the AfDB, has approved a $995,000 grant to support the rollout of a sustainable procurement framework for independent power producers (IPPs) in Ethiopia. The SEFA grant will encourage private investments into hydropower projects through Ethiopia’s Renewable…

Glyphosate: a new toxic tort timebomb?

Glyphosate: a new toxic tort timebomb?

Glyphosate: a new toxic tort timebomb?

The global spotlight on glyphosate continues, following a third successive US court case finding that the world’s most popular pesticide is carcinogenic. Despite unresolved uncertainties in the scientific evidence, the case resulted in the highest damages award to date, highlighting the burgeoning risk in this developing litigation. Indeed, this may be the beginning of a new toxic tort that has…

ATI secures A3 IFS rating from Moody’s

ATI secures A3 IFS rating from Moody’s

ATI secures A3 IFS rating from Moody’s

The African Trade Insurance Agency (ATI) has secured an A3/stable insurance financial strength (IFS) rating from Moody’s, based on its strong capitalisation and liquidity, among other criteria. The rating stands alongside S&P’s A/stable rating, which ATI has maintained for more than a decade. Securing a second rating is part of ATI’s medium-term strategy to further strengthen its governance and oversight…

Risk managers watch as Ramaphosa wins in South Africa

Risk managers watch as Ramaphosa wins in South Africa

Risk managers watch as Ramaphosa wins in South Africa

Risk managers will be watching to see the political fallout after Cyril Ramaphosa and the incumbent African National Congress (ANC) party won elections in South Africa – but with its worst result since the end of apartheid. The victory gives President Ramaphosa another five years in office but observers warn the party’s poor result will make it difficult for him…

Anchor Insurance sees income improve 72%

Anchor Insurance sees income improve 72%

Anchor Insurance sees income improve 72%

Nigerian insurer Anchor Insurance Company has seen premium income rise to NGN3.5bn in 2018, from NGN2.2bn in 2017. Augustine Ebose, managing director/chief executive officer of Anchor, said the company has also improved its ICT applications, helping to improve service delivery especially in the motor insurance business. He said: “We have been able to improve our premium income in the last…

New microinsurer for Nigeria

New microinsurer for Nigeria

New microinsurer for Nigeria

Nigeria’s National Insurance Commission has granted approval to Casava Microinsurance to operate as a state composite microinsurer. With this approval, Casava Microinsurance will be transacting life and general microinsurance business in Lagos state only. Salami  Rasaaq, head of the commissioner’s directorate, said in a statement that Casava Microinsurance is one successful company among several applications received by the commission, from…

Don’t forget – you could win a trip to Europe!

Don’t forget – you could win a trip to Europe!

Don’t forget – you could win a trip to Europe!

The 2019 Risk Frontiers Africa survey of risk managers across Africa is now open with a quick electronic questionnaire – and every completed entry will automatically qualify for a draw for one lucky person to win a trip to Europe to attend a key risk management event hosted by Commercial Risk Europe. Covering political risk, cyber threats and the new…

Financial crime compliance driving ESG scores

Financial crime compliance driving ESG scores

Financial crime compliance driving ESG scores

Environmental, social and governance (ESG) risk is highest for banks in Asia-Pacific emerging markets, followed by emerging markets in the Americas, the Middle East and Africa, according to a new report from Fitch Ratings. It reveals that financial crime compliance and conduct issues drive the highest-impact ESG relevance scores for bank credit ratings in developed markets. The report notes that,…

Drive to promote blue economy across Africa

Drive to promote blue economy across Africa

Drive to promote blue economy across Africa

African businesses are being challenged to wake up to the economic, social and environmental power of the ‘blue economy’. Momentum is gathering for companies based in Africa’s coastal nations to fully recognise and understand the benefits of backing a blue economy, which covers a wide range of productive sectors that are crucial for the continent’s sustainable development, including fisheries, aquaculture,…

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