By Yemisi Izuora-Lagos France-based AXA has signed an agreement to acquire 100 percent stake in Assur Africa Holdings (AAH), for around EUR198m. AAH owns 77 percent interest in the Nigeria-based composite insurance company Mansard Insurance, which carries out operations in both property and casualty and Life & Savings sectors. AXA deputy chief executive officer (CEO) Denis Duverne said: “This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions in all business lines and to get exposure to the fast-growing Nigerian retail insurance market. “AXA will benefit locally from the knowledge of an experienced…
Author: orientalnewsng
Some developments in the domestic and global economy are causing bank stocks to lose their attraction, it has been gathered. Weighed down by issues such as the previous hike in Cash Reserve Ratio of public and private sector deposits, the recent devaluation of the naira and increase of the Monetary Policy Rate, the ability of banks to make impressive returns is increasingly being questioned. As of Friday, the Nigerian Stock Exchange Banking Index, which comprises the 10 most capitalised and liquid companies in the banking sector, had a year-to-date return of -18.24. It has been engaged in a tussle with…
By Yemisi Izuora-Lagos Our ATR 72 aircraft with registration mark 5N-BPG and flight number OLA 1186 departed Nnamdi Azikiwe Airport Abuja to llorin Airport at 1543hrs with 59 passengers and 4 crew on board. It was a normal flight to Ilorin and standard procedures of flight were followed. The aircraft landed safely at Ilorin Airport at 1645hrs as scheduled and decelerated to a low speed, and in turning off the active runway, veered off the pavement. At the directive of the Pilot In Command, our cabin crew calmly evacuated all the 59 passengers safely and they were moved to the…
The Association of Registered Insurance Agents of Nigeria (ARIAN) has said it will focus on growing micro insurance in Nigeria. ARIAN noted it will also partner with other industry experts on the development of micro-insurance in the country. The micro insurance market in Nigeria is valued in excess of N500 billion. The President (ARIAN) Mr. Gbadebo Olamerun, said this is the reason its forth coming annual conference is focusing on micro insurance in Nigeria. The conference has the theme, ‘Micro-insurance in Nigeria: the role of an agent as the primeval distribution channel’. He stated that the renewed focus on micro-insurance…
French insurer AXA Group has completed the acquisition of Assur Africa Holding, a company that holds a 77 percent stake in Nigeria’s fourth largest insurer, Mansard Insurance. The acquisition automatically grants AXA access into Africa’s largest economy and one of the continent’s biggest insurance markets. Nigeria’s insurance market is the third largest in Africa with Gross Written Premium (GWP) of N313 billion ($1.76 billion) as at 2013. It is made up of 75 percent Property and Casualty insurance, and 25 percent Life premiums. “This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions…
The Nigeria Civil Aviation Authority (NCAA) has confirmed a near accident involving an Overland flight 1186, an ATR 72 aircraft with Registration number 5N-BPG from Abuja airport to Ilorin. The Aircraft was carrying fifty nine (59) passengers and four crews and veered off the runway at low speed after a normal landing at the Ilorin Airport. According to Frank Ndubuoke general manager public affairs of NCAA the incident which occurred yesterday (Saturday) 29th November at 4.45pm recorded no casualty. He said, the Accident Investigation and Prevention Bureau (AIPB) have launched an investigation into the cause of the incident. The authority…
By Yemisi Izuora-Lagos The FCMB Limited has entered into partnership with Cornerstone Insurance Plc to offer a maximum of N1million insurance coverage to its commercial customers. The product, which was launched in Lagos is accessible to traders and merchants with business and personal accounts in an event of fire and flood. Speaking on the benefits of the product, Executive Director at FCMB Mr. Olufemi Bakre said: “As a bank, this is one of our products we are showcasing when you talk about customer focus. This particular product is expected to take care of traders and merchants because when trading, there…
y Yemisi Izuora-Lagos Insurance Brokers in the Northern Nigeria have been counselled to be more creative in product marketing in order to survive the current challenges confronting that part of the country. This charge was given by the President of Nigerian Council of Registered Insurance Brokers’ (NCRIB), Mr. Ayodapo Shoderu at the investiture of new executives of the Kano Chapter of the council. Shoderu lamented the challenges posed to insurance and the economy generally in the North following security challenges in the region. He specifically told the brokers who are professional intermediaries in the insurance value chain, to study…
By Yemisi Izuora- Lagos Nigerdock Nigeria Plc has completed the fabrication of the jacket and associated decks for the Domestic Supply Obligation, DSO, Meren GGCP and Sonam NWP project, belonging to Chevron Nigeria Limited, CNL, operator of the NNPC/CNL joint venture. At the load-out ceremony for the jacket and associated decks Thursday in Lagos, Mr. Anwar Jarmakani, the chairman of Jagal Group – owners of Nigerdock – described the success of the fabrication work as one of the accomplishments of the Local Content Policy, which both the government and Nigerians should be proud of. This, he stated, was because the…