Insurance Industry Assets Now N2.02trn       Insurance companies’ gross written premium rose to N520bn as of the end of 2020, while their assets hit N2.02tn as the sector undergoes recapitalisation. The Nigerian insurance industry’s asset rose by N401bn to N2.02tn as of the end of 2020 from...

MFBs Join Reps’ Call To CBN To Halt Recapitalisation       The National Association of Microfinance Banks (NAMB) has joined the House of Representatives’ recent call on the Central Bank of Nigeria (CBN) to suspend the April 2021 deadline for the recapitalisation of microfinance banks (MFBs). It came...

Reps Urge CBN To Suspend Recapitalisation Of Microfinance Banks       The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the planned recapitalisation for microfinance banks until the economy stabilises and considered safe. The House mandated the Committee on Banking and Currency to...

Insurance Sector’s Assets Hit N1.82trn On Recapitalisation Deadline       The Insurance sector’s assets rose by N410bn in one year as the industry attracted new investors. Despite the impact of COVID-19 pandemic on the economy, the insurance industry attracted some investments that boosted its assets, investigation has shown. Many...

NAICOM, NIA Clash Over Recapitalisation Of Insurance Firms       The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and...

CBN Extends Deadline For Microfinance Banks Recapitalisation   The Central Bank of Nigeria in consideration of the impact of the COVID-19 pandemic on economic activities has revised the deadline for compliance with the minimum capital requirements for microfinance banks in Nigeria. The banking regulator communicated this in...