By Patience Saghana
The emergence of Nige rian insurance companies and banks in other countries like Ghana, Rwanda, Gambia, Sierra Leone, Tunis, Kenya and Cameroon have helped to boost the economies of theose countries.

L- Mr Fola Daniel, Commissioner for Insurance discussing with former Commissioner for Insurance, Mr Eugene Okwor in Lagos recently

Nigerian insurance companies that have opened offices outside the shores of this country are: NEM Insurance, Intercontinental Wapic, International Energy Insurance, Equity Assurance, Regency Alliance, IGI, Capital Express Life and Equity Assurance, Nicon Insurance and Continental Reinsurance Plc

The total number of insurance companies licenced to operate in that country has increased tremendously in the last two years.

Of the 23 banks in Ghana, five have their origin in Nigeria. They include UBA, Amalgamated Bank, Zenith Bank, Intercontinental Bank and GTB. The real Nigeria presence in Ghana through banking started with Standard Trust Bank (STB) which was the first to appear in Ghana in 2005, just before the merger between STB and UBA Nigeria which led to STB going through a change of name. UBA which goes by the tag name “Africa’s global bank has a presence in Nigeria, Ghana, Cameroon, Uganda, Liberia, Cote d’Ivoire and Sierra Leone.

The presence of Nigerian insurance companies and banks in Ghana has transformed the financial atmosphere of the gold rich country.

Mr. Remi Babalola Minister of State for Finance said that as a result of the huge capital available to the insurance companies, seven of them were now operating in five other African countries.

The five countries mentioned by the Minister are Ghana, Rwanda, Sao Tome, Gambia and Sierra Leone
Babalola also pointed out that the Federal Government was poised to ensure that insurance companies played their catalytic role in the economy.

He said, “Since the conclusion of the recapitalisation exercise, the Nigerian insurance industry has been experiencing good growth. The capitalisation of the market has increased and we have fewer and stronger insurers.”

Mr Yaw Kumey, Group Chief Executive of Y.Kumey International Group Limited, Ghana,  who made said that the deepening the bond of unity between the Nigerian and Ghana would encourage investment and enable Ghana to take advantage of the huge market in Nigeria.

Kumey at an interactive session in Ghana recently said the existence of Nigerian banks and insurance companies in Ghana was an indication of the confidence foreigners had in the Ghanaian economy and called for sustained effort to promote investment.

He advised that every effort should be made to build on the positive aspects of Ghana_Nigeria relationship, adding that there were always bad people in every society.

He stressed that it was wrong to write off all Nigerians as criminals because of the activities of a few citizens.
Mr Kumey urged Ghanaian entrepreneurs to learn from the diligence and the ability of the Nigerian to take risk, especially in growing businesses.