It has recently been announced that ZHL, which has operations in Zimbabwe, Zambia, South Africa, Botswana and Uganda will be looking for opportunities in Nigeria, who is reported to have a $1,5 billion insurance sector. Chief Executive Officer Albert Nduna, said the investment holding company will be looking for partners in entering the Nigerian insurance market.
“We are not believers of 100% [shareholding]. We want to go to Nigeria and have identified people who have $100 million. They want somebody who runs. We bring a bit of capital and management. We say we are there, use us,” he stated.
According to statistics, the Nigerian insurance industry grew by 15% last year, yet it has a penetration ratio of 0,5%. This, according to Nduna presents opportunities.
Nigeria has 42 non-life insurers, 585 insurance brokers and two reinsurers.
Nduna said the group was optimistic that the disposal of non-core assets would be concluded soon to raise money to re-capitalise the group’s operations.
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This article was first published on 30th September 2014
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It has recently been announced that ZHL, which has operations in Zimbabwe, Zambia, South Africa, Botswana and Uganda will be looking for opportunities in Nigeria, who is reported to have a $1,5 billion insurance sector. Chief Executive Officer Albert Nduna, said the investment holding company will be looking for partners in entering the Nigerian insurance market.
“We are not believers of 100% [shareholding]. We want to go to Nigeria and have identified people who have $100 million. They want somebody who runs. We bring a bit of capital and management. We say we are there, use us,” he stated.
According to statistics, the Nigerian insurance industry grew by 15% last year, yet it has a penetration ratio of 0,5%. This, according to Nduna presents opportunities.
Nigeria has 42 non-life insurers, 585 insurance brokers and two reinsurers.
Nduna said the group was optimistic that the disposal of non-core assets would be concluded soon to raise money to re-capitalise the group’s operations.
