Zimre Holdings Limited Seeks Opportunities in Nigeria

  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.