Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 05LAGOS1443, FINANCE MINISTER ANNOUNCES INSURANCE INDUSTRY

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #05LAGOS1443.
Reference ID Created Released Classification Origin
05LAGOS1443 2005-09-16 13:00 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Consulate Lagos
This record is a partial extract of the original cable. The full text of the original cable is not available.

161300Z Sep 05
UNCLAS SECTION 01 OF 02 LAGOS 001443 
 
SIPDIS 
 
SENSITIVE 
 
E.O. 12958: N/A 
TAGS: EFIN ECON EINV NI
SUBJECT: FINANCE MINISTER ANNOUNCES INSURANCE INDUSTRY 
REFORM 
 
REF: LAGOS 01405 
 
------- 
Summary 
------- 
 
1. (SBU) Summary.  Finance Minister Okonjo-Iweala recently 
unveiled Government of Nigeria's (GON) insurance industry 
reforms aimed at raising the capital base requirements for 
insurance companies by February 28, 2007.  The goal is to 
consolidate and strengthen the insurance industry along the 
lines of the bank recapitalization process (reftel). 
Insurance experts generally agree the long-term benefits are 
positive, but predict fewer insurance companies will likely 
survive.  Unlike the banking sector, the insurance industry 
is much more limited in its ability to raise capital. 
Analysts predict only 10 to 20 out of over 100 insurance 
companies will make the 2007 deadline.  End Summary. 
 
--------------------------------------- 
Recapitalization of Insurance Companies 
--------------------------------------- 
 
2. (U) Finance Minister Ngozi Okonjo-Iweala announced 
September 5th the GON's program to raise minimum capital base 
requirements for insurance companies.  The GON will now 
require life insurance companies to increase minimum capital 
base from naira 100 million (USD 758,000) to naira two 
billion (USD 15 million).  Non-life insurance companies must 
go from naira 200 million (USD 1.5 million) to naira 3 
billion (USD 22 million), and reinsurance companies must grow 
from naira 350 million (USD 2.6 million) to naira 10 billion 
(USD 75 million).  Industry experts believe most of the over 
100 insurance companies will not meet the requirement. 
 
------------------------------- 
Experts Predict 10-20 Companies 
------------------------------- 
 
3. (SBU) Most financial experts see a need to sanitize the 
insurance industry.  Layi Adetomiwa, Head of Finance at UAC 
PLC, one of the largest diversified business companies in 
Nigeria, stated the large insurance companies were likely to 
merge or acquire smaller companies in order to raise the 
needed capital.  Kofo Majekodunmi, Deputy Managing Director 
of MBC International Bank, told us "insurance companies would 
have a much harder time raising capital through Initial 
Public Offerings (IPOs)" than banks.  Deputy Managing 
Director of GTBank, Bolaji Lawal concurred.  They both felt 
insurance companies would have a more difficult time because 
there was no "strong insurance culture" in Nigeria. 
 
4. (SBU) Titi Shodeinde, Head of Retail Insurance at Heirs 
Insurance, indicated the capital requirements will be 
difficult to meet because they are also cumulative.  For 
example, her company sells both life and non-life insurance, 
meaning they will need to raise naira 5 billion (2 billion 
for life plus 3 billion for non-life) in capital.  Bismarck 
Rewane, CEO of Financial Derivatives and one of Nigeria's 
most insightful financial minds, also agrees fewer insurance 
companies will survive the recapitalization requirements. 
Analysts predict 10 to 20 companies will make the 2007 
deadline. 
 
5. (SBU) Currently, no company meets the new requirement. 
Possible survivors include the 11 largest insurance companies 
in Nigeria.  These companies are: Linkage Assurance, NICON 
Insurance, AIICO Insurance, Industrial and General Insurance, 
Unitrust Insurance, Niger Insurance, The Lion of Africa 
Insurance, Royal Exchange Assurance, Leadway Assurance, 
Cornerstone Insurance, and Alliance and General Insurance 
Company.  AIICO Insurance Manager for Group Life and Pension, 
Tunde Adebari, however, stated his company and other large 
insurance companies have been raising their capital base 
several months in anticipation of the September 5 
announcement. 
 
------- 
Comment 
------- 
 
6. (SBU) Comment.  With more than 18 months remaining, large 
insurance companies are likely to raise capital through 
combinations of mergers, private placements and Initial 
Public Offerings.  Unlike the banking sector, the insurance 
sector is likely to face greater difficulty in raising 
capital because of weak returns, lack of a strong insurance 
culture, and low penetration in the market.  It is a fact of 
life that most Nigerians do not purchase life insurance, 
health insurance, or vehicle insurance.  Thus, at the end of 
the day, there will be substantially fewer companies than 
what now exists.  These companies should be stronger with the 
ability to provide more and better service, at least 
theoretically.  Having fewer, stronger companies can bring 
order to the sector as well as generate greater public 
confidence and understanding.  If the reforms move the 
industry toward these objectives, the reforms would prove to 
have been worthwhile.  End Comment. 
BROWNE