Nigerian Stock Exchange lifts suspension from Universal

Nigerian Stock Exchange lifts suspension from Universal

Nigerian Stock Exchange lifts suspension from Universal

The Nigerian Stock Exchange has lifted its suspension on Universal Insurance, after the insurer filed the necessary paperwork. Universal had been one of 11 companies that were suspended on 2 July. The stock exchange issued a statement, saying: “In view of the company’s submission of its audited financial statements, the exchange is satisfied that the accounts comply with all applicable…

Nigeria’s insurance commissioner steps down

Nigeria’s insurance commissioner steps down

Nigeria’s insurance commissioner steps down

Alhaji Mohammed Kari has retired as commissioner of insurance in Nigeria, after the government failed to renew his contract. After four years at the helm of Nigerian regulator Naicom, Mr Kari was due for retirement but had told Commercial Risk Africa last month he was waiting to see what would happen. Sunday Thomas, the former deputy commissioner of insurance at…

Royal Exchange set to boost agriculture insurance in Nigeria

Royal Exchange set to boost agriculture insurance in Nigeria

Royal Exchange set to boost agriculture insurance in Nigeria

Nigerian insurer Royal Exchange General Insurance plans to boost its agricultural capacity after a deal in which the InsuResilience Investment Fund is to buy a 39.25% stake in the company for an undisclosed sum. Royal Exchange General Insurance is one of the largest non-life insurance companies in Nigeria. Through its activities, the company is expected to reach out to more than one…

Nigeria intensifies financial education campaign

Nigeria intensifies financial education campaign

Nigeria intensifies financial education campaign

The Central Bank of Nigeria (CBN) is stepping up its campaign to improve financial literacy across the country and to encourage more people to actively engage with financial institutions. The campaign includes real sector financing, payment systems, consumer rights and responsibilities, bank verification number, financial inclusion, agricultural financing, as well as micro, small and medium-sized enterprises financing. The CBN’s director…

Six insurers suspended from Nigerian stock exchange

Six insurers suspended from Nigerian stock exchange

Six insurers suspended from Nigerian stock exchange

Six insurers were among 11 companies suspended by the Nigerian Stock Exchange for failing to file their accounts. Trading in their shares has been suspended until the relevant accounts are received in a satisfactory manner. The six insurers are: Goldlink Insurance, Guinea Insurance, Lasaco Insurance, Niger Insurance, Standard Alliance Insurance and Universal Insurance. The other five companies suspended were: Conoil…

Regulator defends hike in capital requirements in Nigeria

Regulator defends hike in capital requirements in Nigeria

Regulator defends hike in capital requirements in Nigeria

Nigerian insurance commissioner Mohammed Kari has defended his decision to increase minimum capital requirements (MCR) for insurers by about 300%. Speaking to Commercial Risk Africa, the regulator stressed that he did not want “to see a reduction in the number of insurers operating in Nigeria”. “What I do want is a strong insurance industry,” he said. His comments came as…

Linkage aims to grow profits to match growth in economy

Linkage aims to grow profits to match growth in economy

Linkage aims to grow profits to match growth in economy

Nigerian insurer Linkage Assurance plans to take advantage of opportunities in the economy and expected stability to grow its portfolio for increased shareholder value, while focusing on profitability, customer intimacy and operational efficiency. Chief Joshua Fumudoh, company chairman, said that in 2018, the underwriter achieved 31% growth in gross written premium to NGN5.39bn (from NGN4.10bn in 2017), despite the tough…

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Chief executives of insurance companies and shareholder groups have condemned Nigeria’s National Insurance Commission (NAICOM) for increasing the capital base of general insurers to NGN10bn for general insurers and NGN18bn for composite firms. The new requirement for life insurance companies is NGN8bn, while for reinsurance firms, the new capital level is NGN20bn. The move follows a similar attempt by the…

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

The maritime community has called for urgent action to tackle piracy risk in the Gulf of Guinea, which now appears a daily threat to ships and crew operating in the region. At a symposium on maritime security in the Gulf of Guinea held at the International Maritime Organisation’s (IMO) headquarters, industry members and experts noted that the number of attacks…

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