Continental Re Group ED, Emeka Akwiwu, Others at IFRS 17 Roundtable in Lagos

L-R: Oracle MEA Official; Mr. Emeka Akwiwu, Group Executive Director, Continental Reinsurance Plc; Ms Liz Booth, Managing Editor, Africa Ahead and other participants at the IFRS 17 Roundtable organised by Oracle MEA in collaboration with Africa Ahead in Lagos recently.

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Banks Have Low Expertise in Oil & Gas Business

Nigerian banks have limited k n o w l e d g e and understanding of oil and gas business, thus making it difficult for financial institutions in the country to tailor the right financing model for operators in that sector of the economy. That was a crucial point from the Nigeria Oil & Gas (NOG) 2015 communiqué issued over the weekend According to the communiqué, the restricted lending capacity of indigenous banks and rate disadvantage cannot compare to various money lenders elsewhere while poor credit rating also affect money lenders’ ability to support indigenous companies operating in oil and gas business.