Nigeria – More than half of licensed insurance firms in Nigeria are as a result of lack of liquidity injection by their directors, currently looking for buyers, THISDAY reports.
Reports say the affected companies are in some form of mergers and acquisitions arrangement with foreign alliances to survive.
However, Managing Director/Chief Executive, NICON Insurance Limited, Mr. Samuel Bayode said the development may not necessarily have negative impact in the insurance industry.
He said the injection of fresh funds and change of ownership structure would help make insurance companies more competitive in the country and in Africa in general.
Source: Thisday
