L
LequteMan
Guest
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.
The Minister of state for Finance Dr. Yerima Lawan Ngama gave this order on Tuesday at the inauguration of the board of NAICOM in Abuja.
He lamented that there were many distressed insurance companies littered 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.”
Further budgetary allocation to NAICOM has also been suspended.
