Despite the low insurance adoption, penetration and acceptance in the country, Nigeria’s insurance industry is ranked fifth in Africa. The top five insurance markets on the continent are said to have overall market share of 85 percent of premiums across Africa. General-Secretary of the African Insurance Organization (AIO), Ms Prisca Soares, speaking at a press conference after the launching of the second Africa Insurance Barometer at the just concluded 44th AIO Conference and General Assembly in Kampala, Uganda, said insurance market in the continent was still dominated by South Africa. The other major markets, she mentioned, include Morocco, Egypt, Kenya and Nigeria while the top five markets account for 85 percent of the total premiums. Kenya grew fastest in 2015 achieving a compound annual growth rate of slightly more than 10 percent from 2011 – 2015, Soares said. According to her, “With a volume of $46 billion, representing 72 percent of the total insurance premiums in the conti
By Evelyn Usman Lagos State Traffic Management Authority, LASTMA, has dismissed 20 of its officials over alleged corrupt acts ranging from extortion, misconduct to indiscipline. Twenty other officials were sanctioned over acts deemed not to be in consonance with the agency‘s rules and provisions of the Lagos State Civil Service, while 15 others were given letters of warning over their misdemeanour, as well as admonition to desist from any act that could be inimical to the image of the agency. General Manager of LASTMA, Mr. Olawale Musa, said in a statement issued to Vanguard yesterday and signed by LASTMA Head, Public Affairs, Mamud Hassan, said that the dismissed officials had been directed to immediately hand over all government property in their possession to the agency’s Head of Administration and Human Resources. He explained that the decision was taken by the Lagos State Civil Service Commission “at the end of its policy meeting that considered the minutes of the Personal Man