Nigeria insurers see premium income rise 22% to N380bn in 2016

Nigerian insurers saw their total gross premium income rise 22.2 percent to N380 billion in 2016, despite a wave of insurgency in the north east of the country, fall in global oil prices and a generally challenging business environment, the umbrella body of insurers, the Nigerian Insurance Association (NIA), said Thursday in Lagos. A combined […]

Nigeria’s currency futures market volumes drop on rate convergence

Federal government

The recent improvements in foreign currency liquidity at the Nigerian foreign exchange market have ironically affected volumes at the nations’ currency futures market, according to financial analysts and data obtained by Businessamlive. Findings reveal that the volume of trade in the Nigerian currency futures market has dropped dramatically since the Central Bank of Nigeria (CBN) […]

DMO sees N1.25trn local debt raising achievable in 2017

With N850 billion gross collection from its 2017 bond issuance, Nigeria’s Debt Management Office (DMO) now sees its N1.25 trillion projection for the domestic financing of the 2017 budget as within reach. Although Wednesday’s reaping of N99 billion, about $320 million, from its bond issuance was a margin below its projection of N140 billion, the […]

Barclays Africa to fight $86 Million payout over Bankorp

Barclays Africa Group Ltd., the South African bank formerly known as Absa, will go to the country’s high court to challenge a decision that it should pay the government 1.125 billion rand ($86 million) over the apartheid-era acquisition of Bankorp Ltd. “This is due to numerous misrepresentations and factual inaccuracies which form the basis of […]

Egypt’s EFG Hermes targets global insurance acquisitions    

Nigeria may be on the radar of Egypt‘s top investment bank, EFG Hermes, as it begins global insurance acquisitions. Reports have it that it has already targeted a top-notch insurance company in Nigeria, which identity is yet to be revealed. Nigeria’s insurance industry, which hosts 57 insurance and reinsurance firms, and 350 insurance broking outfits, […]