NIA Seeks Support of Nigerian Capital Market For The 2020 Recapitalization

Insurance
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Friday, August 23, 2019 /  05.00PM /  Bukola Akinyele for Proshare WebTV / Header Image Credit: NSE

 

A review of major developments that shaped the Insurance Industry last week (August 19-23rd, 2019) shows that the Nigeria Insurers Association solicited the support of the Nigerian Capital Market, in respect of the industry recapitalization drive expected to commence in 2020.

Further updates on the industry in the previous week include the following:


NIA Visits NSE

The Nigerian Insurers Association on Tuesday, August 20th, 2019  visited the Nigeria stock exchange to meet the management, interact with the securities dealing members and also perform the ceremonial closing gong.

The NIA team was led by its President Mr. Tope Smart who used the occasion to solicit the support of the dealing members and the market to partner and develop a vibrant insurance industry in the country.

He believed that the capital market could play a key role in supporting the growth and development of the insurance sector.


Recapitalization Extension Discussion Ongoing

Mr. Tope Smart speaking with capital market correspondents at the Stock Exchange, said the NIA would engage further with the regulatory body, the National Insurance Commission, NAICOM to push for an extension of the recapitalization plan for insurance companies in the country.

He said that the NIA is seeking to push for an extension of the recapitalization plan of the insurance industry in the country beyond the stipulated deadline of June 30, 2020.

Recently the Federal Government announced the appointment of  Mr. Sunday Thomas as the Acting Commissioner/CEO of NAICOM, to steer the affairs of the commission pending the appointment of a substantive Commissioner.


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