General News
The Scramble for Africa Insurance Market. How beneficial?
That there is a vast market in the Nigeria’s insurance market is an understatement. While it could also be said that the big insurance companies have offices across selected states in Nigeria, it is difficult to find any of the insurance companies having offices in all the 36 states of the federation. Also, the large areas of unexplored businesses are enough to sustain any operator who chose to so dare. Yet, while these large business opportunities are waiting to be explored, Nigerian insurance companies have not relented in their scramble for Africa insurance market. Industry watchers have expressed concern over the fast rate at which these firms compete to deliver quality services to the detriment of local market is being pursued. Analysts say that the present level at which Nigeria insurers are rushing to the West Coast is alarming. At the last count, twelve insurance companies have opened subsidiaries in some African countries. Many more are on the verge of doing so.
Ordinarily, it is a thing of celebration for Nigerian insurance companies to be exporting insurance services to other countries. If for anything else, it would attract the much-needed foreign exchange to the country. However notwithstanding the beauty of this exercise, concerned industry watchers opined that it may not be healthy for the needed local penetration in Nigeria.
Their argument is hinged on the fact that some of these companies’ who are making waves in these African markets have not really established their foothold on the vast markets available in Nigeria.
Some see this as a mere ego trip while others tag it the scramble for the partition of African insurance market named after the historic partition of Africa.
Industry watchers believe that if the present scramble is not checked, Nigeria insurance companies may neglect the local market which needs full attention to rise to the level of the developed markets and accelerated development of foreign markets at the expense of the local one.
The question one may ask is, are some of the companies embarking on this scramble for African market well positioned for it? Of what benefit is a local insurer who has less than ten branches nationwide setting up subsidiaries in the West Coast?
According to concerned analysts, one of the main reasons why these companies are going abroad is because they want to meet the shareholders expectations.
They stated that some of these investors are so eager for a quick return on investments that waiting on the local market alone may not be enough to meet their demands.
Anther school of though believes that insurance is about risk taking so to some of these companies, there is need to explore any available opening anywhere whether for pure or speculative reasons.
At the moment, not less than 12 insurance companies have set up offices in the West Coast. Some have even gone as far as to the Far East and North African countries while more are exploring opportunities to join the band wagon train.
Out of the recapitalized insurance companies in Nigeria, a sizeable number have opened subsidiaries in Ghana, Liberia, Gambia, Uganda, Sierra Leone, Algeria, Tunisia, Egypt, Tanzania, Sao Tome & Principe, Conakry, among others..
Analysts are of the opinion that the actions of these companies are merely borrowing a leaf from similar moves by banks soon after the consolidation of Nigerian banks. However, some hold the opinion that the banks on such ego trips have good reasons to do so, having already consolidated their branch networks before embarking on it.
Industrial and General Insurance (IGI) is one of Nigeria’s biggest insurers. While acknowledging the fact that it has done so well on the local scene, the insurance giant is reputed to now have so much presence on the global scene that it has almost become a household name. In 2005, IGI successfully acquired 60per cent government of Uganda’s stake in National Insurance Corporation, thus becoming the first insurance company in Nigeria to achieve continental outreach.
IGI also has 60per cent controlling shares in Network Assurance Limited, Ghana, 60per cent holding in Gamstar Insurance in Gambia.
In like manner, IGI became the largest shareholder with 35percetn equity holding in SONARWA S.A., Rwanda. It also has significant presence in Sierra Leone and Tanzania.
Mr. Anthony Aletor, group managing director of Capital Express Insurance, had said at a forum that insurance companies should strive towards a good mix of their revenue base. One of the approaches to this, he said, is found in subsidiary operations which off-shore investments provide.
Supporting the adventure, he had said that what it portends is similar to the action of European Countries in the past to scramble for the African market because of the obvious advantages they stood to gain.
His support for off-shore investment also found anchor in the pattern of such investments which are spread across the difficult regions. The argument therefore is that it would be difficult for the investments to be uniformly plagued by adverse effects especially against the backdrop of the different socio-political and economic factors.
Another company that has also shown significant presence off-shore is Continental Reinsurance. According to Mr. Adeyemo Adejumo, managing director of the Company, Continental Re which is based in Nairobi, Kenya, is positioned to serve as a reinsure to many other countries outside Kenya. These countries, he said are Ethiopia, Uganda, Rwanda, Mozambique, Zimbabwe and Sudan.
As earlier said, the need to meet the companies obligations to shareholders inform some of these actions Staco Insurance Companies is among the young and dynamic ones venturing into the West Coast with a significance presence in Sierra Leone.
Mr. Fidelis Ako, managing director of Trinity Consulting Group , in a reaction challenged the local insurers to research not ways of breaking the insurance poor penetration leveling Nigeria, rather than opening subsidiaries abroad. He argued that if the insurance culture in those countries providing gat traction to Nigeria is weak, no reasonable company would invest in them.
He particularly frowned at the situation where some of these countries are not as large as one stake in Nigeria. “The size of some of these countries are smaller than one state in Nigeria which goes to show that it is the culture put in place by the people, the operators and the government at large” he said. Rather than embarking on ego tripping. Ako advised stakeholders to individually and collectively research into how to raise the aware level such that it becomes a necessity for every Nigerian to have insurance policy.
Recently, NICON Insurance opened a subsidiary in Sao Tome and Principe. According to Barrister Jimoh Ibrahim, group chairman, the venture into the tiny Island Country was born out of business boost .Industry watchers believe that one thing that seems to give added strength to this scramble is the poor exchange rate of the naira and the sliding economy. What do we stand to gain if our local insurers are becoming household names in other countries while they are not even known in many of the local government even in the major states of Nigeria. As the Nigerian insurance companies take us back to the legendary scramble for partition of Africa insurance markets, stakeholders are watching with keen interest to know how the action will benefit the nation’s fragile market.
Young girls aspiring to delve into ICT careers have been advised to take advantage of the current versatility in the industry to create a niche for themselves. This was the view of participants at the just-concluded International Girls in ICT Day celebration organised by eBusinessLife Communication Limited, in Lagos.
The event, an initiative of the International Telecommunications Union (ITU), seeks to encourage young girls to take up tech careers that will see them balance the gender disparity in the industry.
In a panel session moderated by Tech Life Media CEO and organiser of Women Entrepreneurs & Executives in Technology Summit (WEETS), Ugochi Emmanuel, top female tech executives narrated their foray into technology careers and advised the young girls on requirements and need to start early in the quest to make global impact in ICT.
Narrating her experience into a tech career, Chief Administrative Officer, Digital Realty, Nigeria, Dr. Nkechi Newton Denila noted that the difficulties of the past have been lightened up and more women have opportunities to excel in the field.
“Today, the landscape is vastly different. Governments, international organizations and private institutions across the globe are intentionally creating opportunities for girls in Science, Technology, Engineering and Mathematics (STEM). The reason we are gathered here is part of that global commitment to ensuring that more women participate in ICT and related fields.
This presents a unique advantage for young girls. Many organizations now deliberately promote gender inclusion and equal opportunities in technology. Therefore, if you discover an area within ICT that excites you, pursue it wholeheartedly. This window of opportunity may not remain open forever. Do not wait for others to decide your future for you. Identify your passion, chart your course, and remain committed to achieving your goals.”
Associate Consultant and Information Security Analyst, Digital Encode, Itunuola Aderemi, advised the young girls to begin researching various technology disciplines, including Cybersecurity, Data Analytics and Data Science for areas that align fully with their interests and strengths. And to explore and discover any field that perfectly matched my aspirations.
While admitting the existence of such challenges as persistent stereotype against the female gender, Team Lead, Retails, New Horizons Nigeria, Glory Omole, noted that fortunately, organisations such as New Horizons are actively working to change that narrative. “Our leadership recognizes the urgent need to increase female participation in ICT. Considering that women still constitute a relatively small percentage of the global technology workforce, there is a deliberate effort to encourage more girls and women to enter the field.”
She however cautioned the young girls not to see this campaign as a competition between men and women, rather, it should be seen as a partnership where everyone is given equal opportunities to contribute and excel. “We want to see more women leading innovations, conducting research, developing applications and creating solutions that address societal challenges,” she enthused.
Speaking on the need for mentorship, Asst. Manager, Product & Services, Zoracom, Mistura Salaudeen, noted that stereotypes and confidence-related challenges still exist, but one effective way to overcome them is by drawing inspiration from women who have succeeded. She observed that across government, technology, finance, healthcare and other sectors, women are increasingly occupying leadership positions, serving as Chief Technology Officers, board members and executives.
“While challenges persist, I believe our focus should shift towards opportunities rather than obstacles. Artificial Intelligence, for example, has significantly lowered barriers to entry. AI enables individuals to develop business proposals, prepare presentations and execute ideas much faster than before. Therefore, instead of being discouraged by challenges, girls should leverage available technologies and communities to accelerate their growth and maximize emerging opportunities,” she advised.
Glory Omole also noted that technology is broad and offers diverse opportunities.
“There are numerous digital skills available today, but the choice of skill should depend largely on individual interests and career aspirations.
Fields such as Data Analytics, Data Science, Cybersecurity, Web Development and User Interface/User Experience (UI/UX) Design are among the high-demand skills available today. Each serves a distinct purpose.”
Corroborating this claim, Dr. Newton-Denila said: “It is important to understand that ICT now permeates virtually every profession. Whether in medicine, law, engineering, agriculture or business, technology has become an indispensable component of professional practice.
In medicine, for example, Artificial Intelligence is increasingly being used in diagnostics, telemedicine and robotic surgery. Similarly, in law, digital applications now support legal research, documentation and case management.”
The event has its theme as “AI for Development: Girls Shaping the Digital Future”.
General News
Franklyn Ginger-Eke CEO The Rainbow Strategy Honoured with PR Power List 2026 Rising Voices Award
Dr Franklyn Ginger-Eke, Founder and Chief Strategist of The Rainbow Strategy, has been honoured with the PR Power List 2026 Award in recognition of his contributions to strategic communications and public relations in Nigeria.
Franklyn Ginger-Eke, CEO The Rainbow Strategy
Ginger-Eke received the award in the Rising Voices category during the fifth edition of the PR Power List organised by GLG Communications as part of activities marking the 2026 World Public Relations Day.
The award ceremony, held at the Mike Adenuga Centre in Ikoyi, Lagos, attracted leading professionals and stakeholders in Nigeria’s public relations industry.
Among those in attendance were the President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR), Dr Ike Neliaku; the Chief Executive Officer of the Public Relations Consultants Association of Nigeria (PRCAN), Dr Nkechi Ali-Balogun; former President of the African Public Relations Association (APRA) and Chief Executive Officer of CMC Connect LLP, Chief Yomi Badejo-Okusanya; and Executive Director of THOP and Adviser, Edelman Africa, Mr Kwame Senou.
According to the organisers, the PR Power List recognises public relations and communications professionals whose work has made significant contributions to organisations, influenced public discourse and advanced the communications profession over the past year.
Reacting to the recognition, Ginger-Eke described the award as both humbling and motivating.
“I am deeply honoured to receive this recognition for the modest contribution we are making in shaping the public relations and communications ecosystem.
“I see it as a testament to the dedication, creativity and excellence of our team at The Rainbow Strategy.
“This is a call to do more in delivering strategic communication solutions that create impact, build trust and contribute to the continued growth of the public relations profession in Nigeria,” he said.
He dedicated the award to young and aspiring communication professionals, encouraging them to embrace innovation, professionalism and ethical practice in their careers.
Ginger-Eke also reaffirmed The Rainbow Strategy’s commitment to promoting excellence in strategic communications, reputation management, stakeholder engagement, data protection compliance and value-driven public relations campaigns across the public and private sectors.
A Fellow of the Nigerian Institute of Public Relations (NIPR), Ginger-Eke is recognised for his work in public affairs, strategic communication and data protection compliance through his Abuja-based consultancy, The Rainbow Strategy.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
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