Sunday, September 7, 2025
24.9 C
Lagos

BPE to Privatise Nigeria Re via Public Offer

The insurance sector in Nigeria has continued to enjoy steady growth with Premiums increased from N75 billion to over N300 billion between 2005 and 2015, Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has disclosed.

Speaking as a special guest at the investiture ceremony of the 23rd Chairman of the Nigerian Insurers Association (NIA), Mr. Tope Smart in Lagos, the BPE boss said spurred by the potential growth in the sector, foreign investors have acquired substantial equity in local insurance companies.

He listed the foreign investors as Old Mutual of South Africa which has substantial investments in Oceanic Insurance, Sanlam Insurance in FBN Life Assurance, Greenoaks Global Holdings of the United Kingdom in Ensure Insurance Plc(former Union Assurance),NSIA Participation of South Africa in ADIC Insurance and AXA of France with substantial investments in Mansard Insurance.

Okoh maintained that despite this, there is still much room for improvement in growth in the sector in Nigeria   as  the country by the 2016 statistics, is 10th  in Africa with 0.27 percent insurance penetration premiums as a percentage of  Gross Domestic Product (GDP) compared to South Africa, Namibia and Mauritius with 14.27 percent,6.87 percent and 6.4 percent respectively.

The Director General gave the reasons for this to include; lack of consumer trust, low implementation of compulsory insurance and lack of adequately skilled professionals.

“Whilst the foregoing may make for bleak reading, a number of factors, including: The emergence of a middle class with increased spending power, a large youth population who are technology savvy, and increasing female empowerment thus enabling women to make spending decisions, all make the sector ripe for growth.

“And the possibility of achieving this growth can become a reality with the right policy formulation, a sustained sensatisation program to educate the population on the benefits of insurance, engaging the support of other sectors including the telecoms sector to increase market penetration for insurance”, he said.

He announced that the Federal Government’s privatisation program in the insurance sector is set to continue with the Public Offer of Nigeria Reinsurance Corporation which would open soon and solicited the support of the Association to make the offer a success.

Okoh informed the gathering that the Bureau had privatised some insurance enterprises which include:

  • Niger Insurance Corporation, through Initial Public Offer (IPO);

    Nigeria Reinsurance Corporation, through core investor sale; and

   National Insurance Corporation of Nigeria also through core investor sale

The Director General while commending the Chairman on his election as the 23rdChairman of the Association, described him as a man who throughout his career has demonstrated a high degree of integrity, professionalism, capability and deep commitment to the insurance industry.

He expressed the hope that the new chairman would bring the same level of commitment and diligence to his new position and “will achieve even greater success.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Sovereign Trust Insurance Reaches Final of NCRIB Tennis Tournament

L-R: Adepoju Aderounmu, Manager, Banking Operations, Sovereign Trust Insurance...

Stanbic IBTC: Celebration of 2 Awards for Gender Diversity, Equality

Stanbic IBTC Holdings Plc, a member of Standard Bank Group and a...

Ecobankmobile *326# Partners AFRIMA to Promote Music, Creative Industry

Ecobankmobile *326# has announced its partnership with the All Africa...

African Businesses Face Disruptive Forces

Andreas Berger, Chief Regions & Markets Officer and Member...

NAICOM Reviews Capital in Insurance Sector

The National Insurance Commission (NAICOM) says it is currently...

NCC Donates Four CBT Centres to JAMB

In order to augment facilities for smooth conduct of Computer Based Tests (CBT) by the Joint Admission and Matriculation Board (JAMB), the Nigerian Communications Commission (NCC) has built and donated four of such centres to the examination board. This was disclosed recently by Acting Executive Vice Chairman (EVC), Prof. Umar Danbatta, when JAMB officials paid him a courtesy visit in Abuja. The four centers are located in Kano, Niger, Bayelsa and Oyo states. The centres are equipped with computers, printers, other accessories and Internet connectivity.

Access Holdings to Acquire Majority Equity in First Guarantee Pension

Dr. Herbert Wigwe Group Chief Executive Officer Access Corporation Access Holdings Plc-...

Experts to Deliberate on Protein-centered Nutrition Policy for Nigeria

Barring any unforeseen development, seasoned public health and nutrition...
spot_img

Related Articles

Popular Categories

spot_imgspot_img