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Buhari appoints Kingibe Chief of Staff?

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6 years ago

April 18, 2020

President Muhammadu Buhari has allowed Babagana Kingibe to continue to perform the functions of the Chief of Staff after the death of Abba Kyari who died on Friday and was buried in Abuja on Saturday.

Abba Kyari tested positive to coronavirus on his return from Germany and subsequently died of the infection in Lagos.

Kingibe has been acting as Chief of Staff to President Muhammadu Buhari since Kyari left the Presidency for treatment.

Details later

Related Topics:Babagana Kingibe coronavirus President Muhammadu Buhari

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"We have all paid for these processes, and my company has been verified. More than 70 per cent of the companies have completed the verification exercise," she said. The recapitalisation programme, introduced by NAICOM under the Nigerian Insurance Industry Reform Act, 2025, is designed to strengthen the financial health of insurance companies by raising minimum capital requirements. Regulators believe the initiative will improve insurers' ability to settle claims promptly, underwrite larger risks, and restore public confidence in Nigeria's insurance industry. Monthly Capital Monitoring Nwachukwu explained that since December 2025, insurance companies have been submitting monthly capital position reports to NAICOM, reflecting changes arising from underwriting activities, claims payments, investments, and asset transactions. The reports, she noted, have enabled the regulator to closely monitor each company's compliance journey ahead of the July 31 deadline. 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Experts: Stronger Insurers, Better Protection for Policyholders Insurance and financial market experts say the recapitalisation programme could reshape Nigeria's insurance landscape by producing fewer but stronger operators capable of competing regionally and globally. Financial analyst Johnson Chukwu said stronger capitalisation would improve insurers' ability to absorb shocks arising from large claims and catastrophic events while enhancing confidence among corporate and retail customers. According to him, better-capitalised insurance companies are also more attractive to international investors and reinsurers, creating opportunities for increased foreign investment and improved underwriting capacity. Insurance consultant Dr. Pius Apere noted that consolidation through mergers and acquisitions should not be viewed negatively, arguing that it would produce healthier institutions with stronger governance structures and improved operational efficiency. 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