Millennials in Nigeria are far away from the insurance sector and do not understand the value and proposition of the sector based on series of research carried out on them, Mr. Remi Babalola, Chairman, Board of Directors of Law Union and Rock Insurance Plc has said.

Banks and insurance experts are reporting that, with 2 ½ months to go, the 2017 Atlantic hurricane season is already one of the most expensive to date for the insurance industry.

The issue is that of multiple taxation on individual investors is worrisome because whenever a company declares dividend, before it gets to you, they will deduct 10 percent withholding tax and this is after the government must have taxed the company’s profit. If a company makes profit of N10 billion and declares a dividend.

Central Bank of Nigeria has developed policies from the microfinance policy, especially around mobile money, agent network, non-interest banking, among others. We have developed policies across the board, including the National Financial Inclusion policy extensively worked on with the CBN. Some of the service providers have concluded that the low income earners have some form of income, but do not want to use it in the formal financial space.

Well, land acquisitions had been at the forefront. To acquire massive land to produce sugar in commercial quantity is a major challenge. I would give you examples of states where we have gone and spent two to three years just to acquire land. When you are talking of acquiring 20-30, 000 hectares of land, you will see that you are encroaching into several communities and what one community likes doesn’t agree with what other communities like.