Magazine date:
Feb 2015 The insurance industry has attracted nearly 750 million USD of foreign investment in 2014.
The decision of the Central Bank of Nigeria requiring of banks the separation of banking activities and those related to insurance, partly accounts for this influx of capital in the market.
No bank is now authorized to hold a single license for the practice of insurance and banking operations.
The new acquisitions made by foreign groups include ,among others, Oceanic Insurance taken over by South African giant Old Mutual, FBN Life Assurance by Sanlam Insurance (South Africa), ADIC by NSIA (Côte d’Ivoire), Union Assurance by Greenoaks Holdings (UK) and finally Mansard Insurance by Axa (France).