Nigerian curfews extending as protests spread

Nigerian curfews extending as protests spread

Nigerian curfews extending as protests spread

Nigeria has extended curfews beyond the city of Lagos as anti-riot officers struggle to quell violence following protests against police brutality. Risk managers in Nigeria, as well as in other parts of the world, have been fearful of political violence in the wake of Covid-19 lockdowns. They said the risk was escalating as people grew angrier about the state of…

Nigerian insurance market offers potential despite challenges

Nigerian insurance market offers potential despite challenges

Nigerian insurance market offers potential despite challenges

Nigeria’s substantial oil and gas reserves, its young and growing population, and its position as Africa’s largest economy continue to point to significant development potential for its insurance sector, according to a new report from ratings agency AM Best. However, Nigeria has failed to deliver on that potential historically, due in part to the volatility of growth in the country’s…

Fresh hope for Nigeria Reinsurance Corporation as new MD emerges

Fresh hope for Nigeria Reinsurance Corporation as new MD emerges

Fresh hope for Nigeria Reinsurance Corporation as new MD emerges

Nigeria Reinsurance Corporation has appointed Akinsola Ale as the new managing director, following confirmation by the National Insurance Commission (Naicom). Before his new appointment, Mr Ale was executive director technical services of Nicon Insurance and briefly acted as managing director/chief executive officer of the firm. He was responsible for delivering on the enterprise-wide charge of steering the company to a…

New deputy commissioners appointed for Naicom

New deputy commissioners appointed for Naicom

New deputy commissioners appointed for Naicom

Nigerian President Muhammadu Buhari has approved the appointments of Alhaji Sabiu Bello Abubakar and Oba Olufemi Oluniyi as deputy commissioners for insurance at the National Insurance Commission (Naicom). Mr Bello Abubakar will function as deputy commissioner, technical, while Mr Oluniyi will serve as deputy commissioner in charge of finance and administration. Both appointments are effective from 17 July 2020, for an initial…

Pandemic a wake-up call to businesses to build resilience

Pandemic a wake-up call to businesses to build resilience

Pandemic a wake-up call to businesses to build resilience

Risk managers cannot expect insurers to offer them pandemic cover right now, a Nigerian insurer has warned. Speaking on a webinar in Nigeria organised by Finite Risk Advisors, Adetola Adegbayi, executive director at Leadway Assurance, explained to the listening risk managers: “People are worried about the vulnerabilities to their business but, as an insurer, we cannot protect the risk of…

Emerging markets face ‘unparalleled’ civil unrest as pandemic takes toll, warns Maplecroft

Emerging markets face ‘unparalleled’ civil unrest as pandemic takes toll, warns Maplecroft

Emerging markets face ‘unparalleled’ civil unrest as pandemic takes toll, warns Maplecroft

Some 37 countries are at risk of major civil unrest before the end of 2020 as the economic fallout from Covid-19 spikes, with emerging markets most under threat, according to analysis from Verisk Maplecroft. Protests are set to swell as unemployment rates climb and the pandemic sends economies into reverse, inflaming existing public anger with governments, said the firm. It…

Nigeria delays insurance recapitalisation plans

Nigeria delays insurance recapitalisation plans

Nigeria delays insurance recapitalisation plans

The Covid-19 pandemic has forced the Nigerian insurance regulator, Naicom, to delay plans to raise minimum capital requirements for all insurance entities. Naicom said the pandemic “has made it difficult to proceed with the 31 December 2020 recapitalisation deadline”, adding: “A review of the recapitalisation deadline therefore became imperative to mitigate likely negative consequences of the pandemic on the exercise.”…

Sanlam buys remaining stake in FBN

Sanlam buys remaining stake in FBN

Sanlam buys remaining stake in FBN

Pan-African insurance group Sanlam has acquired a remaining stake in Nigeria’s FBN Insurance (FBNI) from its partner, FBN Holdings Plc, giving Sanlam 100% ownership of FBNI and its subsidiary, FBN General Insurance. The transaction, conducted through Sanlam’s business cluster focused on emerging markets, Sanlam Emerging Markets (SEM), has received all the necessary regulatory approvals. FBN Holdings Plc previously held 65%…

OPEC moves likely to hit Nigerian economy hard, warns Fitch

OPEC moves likely to hit Nigerian economy hard, warns Fitch

OPEC moves likely to hit Nigerian economy hard, warns Fitch

Nigeria’s adherence to oil production cuts under the OPEC+ agreement will lead to deeper economic contraction and fiscal deficits and compound pressures on external finances from the slump in oil prices, Fitch Ratings has warned. It said increased recourse to concessional multilateral loans will ease near-term liquidity pressures, but the risk of a disruptive macroeconomic adjustment will persist, adding: “We…

US hands more than $311m of stolen assets back to Nigeria

US hands more than $311m of stolen assets back to Nigeria

US hands more than $311m of stolen assets back to Nigeria

The US Department of Justice has transferred $311,797,876.11 of stolen assets to the Nigerian government, forfeited from former Nigerian dictator Sani Abacha and his co-conspirators. In 2014, US District Judge John D Bates for the District of Columbia entered judgment forfeiting approximately $500m located in accounts around the world, as the result of money laundering involving the proceeds of General…

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