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…

Nigerian insurer launches online travel insurance

Nigerian insurer launches online travel insurance

Nigerian insurer launches online travel insurance

Saham Unitrust Insurance Nigeria is reported to have launched its travel insurance solution online. Working with Swan International Assistance, Saham Unitrust’s move will enable customers to buy their travel insurance policies from any part of the world. The company said this is part of its efforts to be innovative and continue to make insurance more accessible to the public. It…

Taking the credit

Taking the credit

Taking the credit

Access to credit has been a major concern to African business for many years, so risk managers from across Nigeria met recently to discuss credit risk and the threat it can pose Credit is indispensable in commercial transactions, whether in the financial or non-financial sectors, the Nigeria-based Association of Enterprise Risk Management Professionals (AERMP) has warned. Nigerian risk managers have…

Nigerians launch campaign to stop motor fraud

Nigerians launch campaign to stop motor fraud

Nigerians launch campaign to stop motor fraud

The Nigerian Insurers Association (NIA) has launched a campaign, known as ‘Wetin U Carry’, to ensure that motorists in Nigeria have genuine motor insurance policies. Yetunde IIori, director general of the NIA, said that of the estimated 12 million vehicles on Nigerian roads, only 2.5 million are recorded on the insurance industry motor insurance platform for vehicles operating genuine licences.…

Babatunde Fajemirokun promoted to MD at AIICO

Babatunde Fajemirokun promoted to MD at AIICO

Babatunde Fajemirokun promoted to MD at AIICO

Nigerian insurer AIICO Insurance has appointed Babatunde Fajemirokun as managing director/chief executive officer. Mr Fajemirokun replaces Edwin Igbiti, who retired on 11 July 2019 after 27 years of service. This appointment has been approved by the National Insurance Commission. Mr Fajemirokun started his career in 2001 as a visiting lecturer in the department of cconomics and enterprise at the Glasgow…