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…

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…

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