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…

Sunday Thomas confirmed as Nigeria’s insurance commissioner

Sunday Thomas confirmed as Nigeria’s insurance commissioner

Sunday Thomas confirmed as Nigeria’s insurance commissioner

Nigeria’s President Muhammadu Buhari has approved the appointment of Sunday Thomas as commissioner for insurance and chief executive officer of the National Insurance Commission. Mr Thomas replaces the immediate past acting commissioner for insurance Mohammed Kari. Formerly director general of the Nigerian Insurers Association, Mr Thomas has more than 30 years’ experience in the industry as an operator and regulator.…

Nigerian insurers offer free cover to health workers

Nigerian insurers offer free cover to health workers

Nigerian insurers offer free cover to health workers

Nigeria’s President Muhammad Buhari has commended the insurance sector for supporting the government with free insurance cover for frontline workers. Reported by Business Journal, the President said: “In keeping with our government’s promise to improve the welfare of healthcare workers, we have signed a memorandum of understanding on the provision of hazard allowances and other incentives with key health sector…

AfDB bars Nigerian company for fraud

AfDB bars Nigerian company for fraud

AfDB bars Nigerian company for fraud

The African Development Bank Group (AfDB) has barred China Zhonghao Nigeria, a civil engineering company registered in Nigeria, for 18 months from any of its projects, for fraudulent practices. An investigation conducted by the bank’s office of integrity and anti-corruption established that China Zhonghao Nigeria, as a member of a joint venture with Oceanic Construction and Engineering Nigeria, was jointly…

Nigeria risk award date set for July

Nigeria risk award date set for July

Nigeria risk award date set for July

The fifth edition of the Nigerian Risk Summit and Awards (NRSA 2020) has been set for 9 July 2020. Entries for the 2020 awards have already opened through the NRSA website. The NRSA were conceived by Conrad Clark Nigeria in partnership with the Convention on Business Integrity, the Institute of Risk Management, the Risk and Insurance management Society and the…

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigeria’s National Insurance Commission (NAICOM) has extended the insurance sector’s recapitalisation deadline by six months to 31 December 2020, from 30 June 2020. The news comes as the regulator also revealed that at least six insurance companies have notified NAICOM of their plans to merge as part of their efforts in meeting up with the regulator’s recapitalisation requirements. There are…

Nigerian risk manager gains digital risk qualification

Nigerian risk manager gains digital risk qualification

Nigerian risk manager gains digital risk qualification

Nigerian risk manager Edmund Otaigbe has been named among the first cohort to pass the Institute of Risk Management’s (IRM) Digital Risk Certificate. This specialist certificate, awarded by the IRM and developed with support from the WMG Cyber Security Centre at the University of Warwick and the University’s Department of Politics and International Studies, has been designed to equip individuals…

Sixth tanker attacked off Nigerian coast

Sixth tanker attacked off Nigerian coast

Sixth tanker attacked off Nigerian coast

Risk managers are being warned of the heightened risk for shipping in the Gulf of Guinea, after the crude oil tanker Nave Constellation was attacked off the coast of Nigeria and 19 crew members were kidnapped. Navios Tanker Management said 18 of them were Indian and one was Turkish. Seven crew were thought still to be onboard the tanker and…

Africa Re lays foundation of new head office in Abuja

Africa Re lays foundation of new head office in Abuja

Africa Re lays foundation of new head office in Abuja

The African Reinsurance Corporation (Africa Re) has laid the foundation stone of its new head office in Abuja. The Honourable Minister of the Federal Capital Territory, Alhaji Muhammad Musa Bello, was guest of honour at the ceremony, which was attended by Nigerian government officials, members of the diplomatic corps, insurance industry captains, representatives of international institutions and dignitaries from various…

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