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NAICOM: Insurance Firms Will Settle Claims of Flood Victims

The National Insurance Commission (NAICOM) has pledged that operators in the Nigerian insurance sector will settle claims arising from the flooding across the country that has displaced more than 1.4 million people and killed over 600 Nigerians across eight states: Kogi, Rivers, Benue, Bayelsa, Akwa Ibom, Anambra, Cross River etc.

In a statement, the Commission said:

“NAICOM sympathises with victims of recent flood disasters across the country and want to assure all those insured against such misfortunes of the Commission’s commitment towards ensuring prompt settlement of their claims by insurance companies.”

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Breaking News: Etisalat Now Open for Foreign Investment

Foreigners can now investment in Etisalat as the UAE government has lifted restrictions which had blocked foreign investors from buying a stake in the country's largest telco, Etisalat. There is however a 20 percent limit on how much of the company can be owned by foreigners. Currently, Etisalat is 60 percent owned by the government, with a 40 percent stake listed, but restricted to UAE nationals. "The federal government decided to lift the restriction of Etisalat stock ownership by local institutions, foreign institutions and expatriate individuals provided that such ownership does not exceed 20 percent," Etisalat said in a statement to Abu Dhabi Securities Exchange. Etisalat added that the Emirates Investment Authority (EIA) does not intend to reduce its 60 percent stake at the moment.
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