With the 2012 deadline for the adoption of International Financial Reporting Standards (IFRS) by companies around the world getting closer, African insurance industry may be left behind if the various countries have not started preparation towards meeting the deadline as the continent operators are slow to adopting the accounting practice.

Director-General, National Sports Commission (NSC), Chief Patrick Ekeji, says the commission will pursue the restoration of credibility to sports administration in the country.

National Insurance Commission (NAICOM) may begin now to collaborate with the Nigerian Accounting Standard Board (NASB) on the modalities for insurance industry to meet the International financial reporting Standards (IFRS) deadline without breaching the laws of the local market.

The fear expressed by some operators in the insurance industry over the strict compliance with sector’s market agreement signed by all insurance companies’ chieftains is staring the industry in the face now as the market agreement is just another of those papers in the waste basket.

Macleans toothpaste, a brand from the stable of Glaxosmithkline Consumers Plc said it is repositioning as it is collaborating with the Lagos State Ministry of Health on increased awareness over oral hygiene in Lagos schools.