Mohammed Kari, Nigeria’s Commissioner for Insurance has been telling all those who care to listen that insurance companies will start buying banks in Nigeria soon. Hear him… “We lost track to the banks long time ago and the banks took over. By this even in my career, insurance companies own banks and it turned round and banks were owning insurance companies because we allowed them to get bigger than us and for investors then to start investing in the banks instead of insurance companies. Then we got to the position of small players and minor players.

If you look at the financial sector in Nigeria, insurance is the only developed sector that can develop further. I will say the banks have saturated their development and having saturated their development, it came at the time when they have lost public fund because all of them are not in the retail. They were all busy servicing government accounts. You know government account is in Treasury Single Account (TSA) and they all have to sink and at the same time too, they have to look for investable funds from somewhere and the biggest generator of funds in any economy is insurance. So once we can get our acts together, we will be the darling of everybody once more.”