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Insurers to pay record $135b claims for 2017 after hurricanes

Insurers will have to pay claims of around $135 billion for 2017. This is the worst ever following a spate of hurricanes, earthquakes and fires in North America, according to a report published on Thursday. German reinsurer, Munich Re, in...

NAICOM redeploys its supervision directorate, other directors

The National Insurance Commission (NAICOM) has announced the redeployment of Mr Olufemi Oba, the Director, Supervision Department of the Commission as the Director of Finance and Account. The Head Corporate Affairs, NAICOM, Mr.Rassaq Salami, in a statement on Monday in...

Lagos to enforce construction insurance from 2018 – Official

Lagos State is set to enforce compulsory construction insurance next year to safeguard against building collapse in the state. The Director-General, Lagos State Safety Commission, Mr. Hakeem Dickson, disclosed this during a panel discussion at the 2017 Conference of the...

‘Insurance contributes less than 1% to Nigeria’s GDP’

The contribution of insurance to Nigeria’s Gross Domestic Product (GDP) is less than one per cent, a business lawyer, Mr. Dominic Ochaba, said on Thursday in Lagos. Ichaba, who spoke at the First Annual Seminar of the Nigerian Bar Association...

LASPEC urges NAICOM, PenCom to eliminate hindrances to insurance

The Lagos State Pension Commission (LASPEC) has urged the National Insurance Commission (NAICOM) and National Pension Commission (PenCom) to eliminate practices militating against the growth of the industry. The Director-General of LASPEC, Mrs. Folashade Onanuga, made the call at the...

NAICOM reiterates plan to grow insurance industry by 2020

The National Insurance Commission (NAICOM) on Sunday reiterated its plan to further grow the Nigerian insurance industry by 2020. The Deputy Commissioner, Technical, NAICOM, Mr. Sunday Thomas said the Commission was working to ensure the success of its major priorities...

Nigeria to Turn to Direct Cash Calls

In an effort to boost its finances Nigeria said it will seek international oil and gas investments via direct cash calls in 2016. The direct cash calls will be channeled through the country’s state-run oil and gas firm NNPC...

Totalgaz Buys KayaGas Assets

Totalgaz Southern Africa signed an agreement to purchase the storage, filling and distribution assets of KayaGas. The transaction is subject to the approval of the South African Competition Commission. KayaGas, under a new name, will continue as an importer of...

Unclear Policy Environment Behind Job Losses

Unstable policies and programmes in the Nigerian petroleum industry are mainly responsible for uncertainties that aggravate mass job cuts in the sector. Industry labour chieftain, Mr. Hyginus Onuegbu, who spoke in Port Harcourt stated that the massive job cuts in...

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Obasanjo successfully completes PhD programme at NOUN

Former President, Chief Olusegun Obasanjo, is among 14,771 persons expected to receive honours at the 7th convocation of the National Open University of Nigeria...