Africa Re lays the foundation of its new head office

The African Reinsurance Corporation (Africa Re) laid the foundation of its new head office in Abuja on Monday November 18. The Honourable Minister of the Federal Capital Territory, Alhaji Muhammad Musa Bello was guest of honour of the ceremony, which was attended by Nigerian government officials, members of diplomatic corps, insurance industry captains, representatives of international institutions and dignitaries from various sectors.

The laying of the foundation of the new head office in Abuja signals the imminent relocation of the headquarters of Africa Re from Lagos to Abuja. This relocation is in line with the practice which requires that diplomatic missions and international institutions should be located in the capital city of the host country. Africa Re’s move to Abuja was delayed until now due to business considerations.

The futuristic new building comprises seven main floors, designed to comply with international standards and uses strategies aimed at energy saving and water efficiency, including solar panels.

Addressing the audience during the ceremony, the chairman of Africa Re, Mr Hassan Boubrik, stated: “Relocating to the seat of government is like a child moving closer to the parents to enjoy more attention, as the Federal Republic of Nigeria is one of the founding fathers of Africa Re. In Abuja, Africa Re will certainly enjoy increased government attention in terms of immunities and privileges accorded by the agreement establishing Africa Re and the headquarters agreement with the Federal Republic of Nigeria”.

Established in 1976 by 36 member States of the African Union and the African Development Bank Group (AfDB), Africa Re is a pan-African financial institution whose shareholding is split between African shareholders (75 percent) and non-African investors (25 percent).

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