Insurers reluctant to publish their accounts

Several months have gone by in 2013, yet only five of the sixty insurers operating on the market have published their 2012 financial statements according to IFRS standards. The National Insurance Commission (NAICOM) in charge of supervising the Nigerian insurance industry has set up a support center and asked insurers to report the problems they face. The listed companies are required to have their accounts approved by NAICOM before getting the green light from the various supervisory bodies of the financial markets. Sanctions will be inflicted for any delays.

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