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Nigeria's biggest insurance group to invest $2b in African expansion

Nigeria's largest insurance group, Industrial and General Insurance (IGI) plans a $2 billion expansion drive in Africa, the company's CEO told Reuters

  • Reuters
  • Published: 00:15 June 29, 2008
  • Gulf News

Kigali: Nigeria's largest insurance group, Industrial and General Insurance (IGI) plans a $2 billion expansion drive in Africa, the company's CEO told Reuters.

Three years ago, the insurance firm began expanding out of Nigeria, initially investing in Ghana, Gambia and Uganda.

"Originally we set aside $200 million of our own funds but we see this attracting another $2 billion (from our other firms)," Remi Olowude, CEO of IGI, said.

"Our future roll-out plans are in east and west Africa," he said.

The IGI group, which has interests in banking, infrastructure and construction, posted gross turnover of $62 million in 2007.

Negotiations

In West Africa, the group is eyeing new projects in Sierra Leone, Angola and Sao Tome while in east Africa, it is in negotiations with firms in Kenya and Tanzania and looking for opportunities in Burundi and Congo.

The company is also targeting South Africa and wants to set up water, aviation and tourism projects in Rwanda, where it already owns an insurance firm. "The first foot we put forward is insurance, followed by banking, construction and real estate, followed by waste management and infrastructure," he said.

Olowude spoke to Reuters on the sidelines of the first joint east Africa investment forum being attended by some 700 local and foreign investors.

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