...Further budgetary allocation to NAICOM suspended
The Federal Government has ordered the National Insurance Commission (NAICOM) not to issue new insurance licences to investors.
Instead, any investor desiring
to own an insurance company in Nigeria is free to acquire some of the
distressed insurance companies recapitalize them and start running the
company.
This order was handed down
Tuesday by the Minister of state for Finance Dr. Yerima Lawan Ngama at
the inauguration of the board of NAICOM in Abuja.
Ngama lamented that there were
many distressed insurance companies littering the field across the
country, such distressed insurance companies he said should be taken
over.
He urged local and foreign
investors “to buy two or three of these distressed insurance companies,
merge them together, recapitalize them and run the companies.”
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