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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Insurance Industry Records Gross Premium 0f N1.003 Trillion


 By Favour Ifeoluwa & Akinola Ajibade 


The Insurance industry of Nigeria had at the close of fourth quarter of 2023 recorded growth in Gross Premium  of N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022. 

The National Insurance Commission (NAICOM) disclosed this recently in a document entitled: Market Performance at a Glance -Q4, 2023.

According to the commission, Non-Life business accounted for 61.3 per cent of all premiums written during the year, while the Life segment contributed 38.7 per cent, valued at N388.1billion.

A review report showed that the market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per cent for Non-Life, while the aggregate market average retention stood at 66.7 per cent during the same period.

The Commission said that the growth recorded was driven the non-life segment of the market were Oil & Gas and Fire Insurances, contributing 27.3 per cent and 24.1 per cent respectively.

In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5 billion gross claims reported at the close of fourth quarter, 2023, it said.

“In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline,
posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period,” it stated.

The report further disclosed that market recorded total assets of about N2.67 trillion and capitalisation of N851 billion in 2023.

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