The Nigeria Deposit Insurance Corporation (NDIC) has said that effective resolution of banks in distress as critical to guaranteeing depositors’ protection in the country. The corporation, on its official Twitter handle on Thursday, tweeted that the effective resolution of lender’s crisis would also ensure the stability of the financial system. According to the tweet, developing […]
The Pension Transitional Arrangement of Directorate (PTAD) on Wednesday disclosed that the Bank of Agriculture (BoA), had transferred 831 pensioners of the “Defunct Nigerian Agricultural Cooperative Bank (NACB)” to it for management. The Executive Secretary of the directorate, Dr. Chioma Ejikeme, gave this hint during the verification of the BoA pensioners in Abuja. While commending […]
The Federal Government has said it will soon issue a circular to all Ministries, Departments and Agencies (MDAs) for compulsory insurance of all government assets. Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, disclosed this in Abuja when he received the governing board of the National Insurance Commission (NAICOM). Mustapha, who was […]
Swiss Re, the world’s leading re-insurance company, has enhanced its insurance-linked securities (ILS) offering with the launch of Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), a new investment advisory entity with a particular focus on catastrophe bonds. According to Swiss Re, the corporation which its wholly owned subsidiary, adopts an investment strategy that complements that […]
The National Pension Commission (PenCom) reported that it paid N326.32 billion as retirement benefits to retirees enrolled in the Contributory Pension Scheme (CPS) in 2021. The commission, in its just published 2021 Annual Report indicated that the payments comprised retirement benefits and a 25 percent payout due to temporary loss of job during the year. […]
Data from insurance and reinsurance broker Aon finds that globally, insured losses from natural disaster events totalled $39 billion in the first half of 2022, which is roughly 18% above the 21st century average. According to a news report by Reinsurance News, in contrast to the above average volume of catastrophe losses experienced in the […]
The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM) have jointly presented new insurance services guidelines to stakeholders in the nation’s oil and gas industry. The latest initiative by the agencies is aimed at ensuring that operators use local risk-underwriting firms to cover their risks in the industry. Specifically, the […]
The African Development Bank (AfDB) has signed an agreement to invest in the Joint Reinsurance Company of member-states of Conférence Interafricaine des Marchés d’Assurances (CICA-Re). Under the agreement, the development finance institution will take a 6.56-billion FCFA stake (approximately €10 million) in CICA-Re and join its board of directors. In formalizing the deal, chief executive […]
The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to its mandate by ensuring that depositors’ funds are secured and by so doing, support the monetary authorities’ efforts to ensure the nation’s financial system stability. The NDIC’s Managing Director, Mr Bello Hassan, made this promise at a retreat with the theme ‘Deposit Insurance In […]
Analysts at Berenberg, a Germany-based multinational full-service investment bank, have described the conflict between Russia and Ukraine as “the final nail in the coffin” for many investors who have become “increasingly disenchanted with the subsector’s perceived proclivity to lose money.” The investment bank noted that heavy natural catastrophe losses over the past five years, combined […]