Business
‘We’ll Make A Difference In Africa’
Allianz Nigeria Insurance on Monday said it had the right quality of expertise, experience, technology and manpower to make a difference in Nigeria and Africa.
The Managing Director of the firm, Mrs Adeolu Adewumi-Zer, said this in an interview with News Agency of Nigeria(NAN) in Lagos.
Adewumi-Zer said this would be possible following the firm’s years of experience and expertise in insurance technical matters.
“We are commited to drive insurance growth in Nigeria through innovative products, professional expertise and excellent service delivery with cutting-edge technology, to guarantee a sustainable future and prosperity for the people.
“ Allianz Nigeria is well positioned for profitability and growth and we are here to stay in order to expand the frontiers of insurance in Nigeria and Africa at large,” she said.
According to her, the underwriting firm is fully recapitalised to the tune of N18 billion as required by the National Insurance Commission (NAICOM).
The managing director stated that one of the missions of the company was to be a preferred insurer in Nigeria, Africa and globally in line with its recent joint venture collaboration with Sanlam.
She said the Allianz-Sanlam joint venture agreement was a long-term commitment that would engender positive growth in Africa.
Adewumi-Zer explained that the joint venture was part of the company’s plans to outperform the market by combining Allianz global expertise and capabilities and Sanlam deep local knowledge.
She said Allianz and Sanlam had agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent.
The joint venture allows Allianz to accelerate its growth by meaningfully expanding the local reach and market penetration while establishing leading positions in key growth markets.
“Allianz and Sanlam will leverage each other’s strengths to unlock synergies and provide clients with best-in-class, innovative insurance solutions and technical excellence and improving value creation for all stakeholders,” she said.
According to her, there are a lot of opportunities in Africa and the future of insurance business is in Africa and particularly Nigeria.
“ So if the future is Africa, the future is Nigeria, as you cannot have a strategy for Africa, if you do not take Nigeria seriously.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
