Nigeria’s Life Annuity Fund Jumps to N80billion

Commissioner for Insurance, National Insurance Commission, NAICOM, Mohammed Kari has said the insurance industry presently has between N70 to N80 billion life annuity fund.

The Commissioner made this known following calls by the Minster for Power, Works and Housing, Babatunde Fashola that the industry should invest in infrastructural development.

Kari, who spoke with newsmen in Abuja, said that the annuity fund can be invested into infrastructural development and investment with assurance from government and development institutions that the industry will be able to recoup the funds invested.

He added that the fund is currently building up, noting that it is a huge long term fund.

According to him, despite the law restricting insurance companies from investing more than 25 per cent in non-insurance business, the commission can issue prudential guidelines to amend that part of the law.

He noted that if the industry is willing to assist the government with between N10 billion or N20 billion in a year, the Federal Government will do a lot more for the industry.