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…

Ademola Abidogun named as CEO of Guinea Insurance

Ademola Abidogun named as CEO of Guinea Insurance

Ademola Abidogun named as CEO of Guinea Insurance

Nigeria’s National Insurance Commission has approved the appointment of Ademola Abidogun as the managing director/chief executive officer of Guinea Insurance. Godson Ugochukwu, chairman of the board of directors at Guinea Insurance, said: “Mr Abidogun brings 24 years’ experience to Guinea Insurance of providing strategic and operations leadership in uniquely challenging situations in the insurance industry.” He added that Mr Abidogun…

Nigerian regulator putting policyholders first

Nigerian regulator putting policyholders first

Nigerian regulator putting policyholders first

Nigeria’s National Insurance Commission (Naicom) has said that policyholders remain a key component of the insurance industry in Nigeria and must be treated fairly and protected. This has to be maintained while the regulator also balances the supervisory role of ensuring financial soundness and reliability of insurance institutions in the country. O.S. Thomas, the acting commissioner for insurance, said: “We…

Linkage set to meet new Nigerian capital requirements

Linkage set to meet new Nigerian capital requirements

Linkage set to meet new Nigerian capital requirements

Shareholders of Linkage Assurance Plc have approved increasing the authorised share capital of the company from NGN7.5bn to NGN15bn, via the creation of an additional 30 billion ordinary shares at 50 kobo each. The move is designed to allow the Nigerian insurer to meet capital requirements set by the Nigerian insurance regulator (Naicom) earlier this year. Directors of the company…

Second female president for Nigerian brokers council

Second female president for Nigerian brokers council

Second female president for Nigerian brokers council

Dr Bola Onigbogi, an insurance professional and broker for more than two decades, has been named as the 20th president of the Nigerian Council of Registered Insurance Brokers (NCRIB) – becoming just the second woman to hold the post. She had previously served on the board of the council on strategic committees, rising to the position of deputy president. Born…

Digital era set to define Nigerian insurance market

Digital era set to define Nigerian insurance market

Digital era set to define Nigerian insurance market

The emerging digital era is set to define the Nigerian insurance market, according to a leading Nigerian insurance player. Speaking at the 2019 Insurance Professionals Forum at Abeokuta, Ogun State, on the theme, ‘The Digital Era: Implications for insurance Professionals’, Eddie Efekoha, president and chairman of council at the Chartered Insurance Institute of Nigeria (CIIN), said: “The digital era is…

Nigerian risk association launches joint certification with Chartered Institute of Stockbrokers

Nigerian risk association launches joint certification with Chartered Institute of Stockbrokers

Nigerian risk association launches joint certification with Chartered Institute of Stockbrokers

Nigeria’s Association of Enterprise Risk Management Professionals (AERMP) has signed a deal with the country’s Chartered Institute of Stockbrokers (CIS) to launch a joint Certification in Enterprise Risk Management and Compliance, as well as training and other capacity-building initiatives. Olayinka Odutola, director general/CEO, AERMP, said: “This collaboration indeed represents a new dawn for all financial market participants (capital market and…

Nigerian risk association to hold risk awareness week

Nigerian risk association to hold risk awareness week

Nigerian risk association to hold risk awareness week

The Nigerian Association of Enterprise Risk Management Professionals (AERMP) is to hold its second annual Enterprise Risk Management & Compliance Week. The event will run on 25-30 November and will include a conference, workshop and seminars. It will also include the induction of newly qualified members, a special event for the newly formed Women in Risk & Compliance group, and…

23 Nigerian insurers still to meet regulatory recapitalisation requirements

23 Nigerian insurers still to meet regulatory recapitalisation requirements

23 Nigerian insurers still to meet regulatory recapitalisation requirements

Twenty-three insurers and reinsurers in Nigeria have more work to do to meet new recapitalisation requirements from the regulator. However, the Nigeria Insurance Commission (Naicom) has reported that it has received plans from 47 insurers and two reinsurers and has granted “no objection” letters to proceed to 26 of those companies. Rasaaq Salami, head, commissioner for insurance’s directorate, said the…

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