RELATIONSHIP MARKETING AND MARKET PENETRATION OF INSURANCE IN LAGOS STATE, NIGERIA

The relevance and contribution of insurance in nation building cannot be overemphasized. The insurance industry remains a major constituent and force in the global economy by virtue of the volume of resources it controls as premiums are collected and consequently its investment scale. Notwithstanding, customer patronage of insurance in Africa (except South Africa) is abysmally poor. Similarly, insurance market penetration in Nigeria is dismally low in comparison with other nations in Africa and beyond. While insurance penetration remains low at 0.4%, only 1.7 % of over 190 million people have insurance in place. This has been attributed largely to consumer apathy and subsequent low market penetration of insurance services. In order to help in identifying the areas that call for improvement, this study evaluated customer relationship marketing dimensions and market penetration of insurance in Lagos State, Nigeria. The study adopted a survey research design. The population of the study consisted of 375,000 estimated consumers of insurance services in Lagos State, Nigeria. A sample size of 1,650 consumers was drawn from selected Local Government Areas of Lagos State through the non-probability sampling technique. A questionnaire titled relationship marketing and market penetration of insurance was adapted and validated. The Cronbach’s Alpha coefficient for the constructs ranged between 0.76 and 0.90. A total of 1,650 copies of the questionnaire were administered, with a response rate of 80%. The data were analyzed using descriptive and inferential (multiple linear regression analysis) statistics. The findings revealed that relationship marketing has significant influence on market penetration of insurance (Adj. R2 = 0.124; F (5, 1306) = 38.222, p<0.05). Significant positive relationships were also found between some of the relationship marketing constructs and market penetration of insurance. The study concluded that relationship marketing dimensions of customer awareness, customer trust, customer service quality, product innovation and customization, and customer satisfaction are significant predictors of market penetration of insurance in Lagos State, Nigeria. Thus, to influence the market penetration of insurance, the adoption of relationship marketing is highly recommended.  Article visualizations

Africapitalism: The marketisation of philanthrocapitalism and neoliberalism in African entrepreneurial philanthropy

Despite increased interests in marketisation of philanthrocapitalism research worldwide, the arguments emphasise ‘what’ instead of 'how’ and ‘why’ philanthropic philosophy happens across Africa. To address this gap, 51 Tony Elumelu Foundation participants’ narratives are focused on to draw on an Africapitalism framework highlighting chasms within and between western neoliberalism frameworks and philanthrocapitalism’s marketisation. By framing this paper using philanthrocapitalism discourse, the authors critically examined the activities of African philanthropists and the effects of their neoliberal adoption on recipients. Semi structured interview analysis produced three key ideologies demonstrating ‘what’, ‘how’ and ‘why’ philanthrocapitalism is marketised, namely utopianism and the illusion of a better socioeconomic tomorrow; neoliberalism and a culture of dominance; social investment and marketisation of benevolence. These thematic paradoxes were used to create an additional four-aspect Africapitalism framework contributing to ‘what’, ‘how’ and ‘why’ philanthrocapitalism is marketised in Africa, its impacts, challenges, and solutions. Contributions, limitations and implications for research are articulate

Prevalence of Cardiovascular Risk Factors in the Middle-Aged and Elderly Population of a Nigerian Rural Community

Cardiovascular diseases (CVDs) causes of worldwide preventable morbidity and mortality. CVDs are a leading cause of mortality and morbidity in developing countries, and rates are expected to rise over the next few decades. The prevalence of CVD risk factors is dramatically increasing in low-and middle-income African countries, particularly in urban areas. We carried out a cross-sectional population-based survey in Imezi-Owa, a rural community in South East Nigeria to estimate the prevalence of major cardiovascular risk factors in both men and women aged 40–70 years. A total of 858 individuals made up of 247 (28.8%) males and 611 (71.2%) females were recruited. The mean age of the subjects was 59.8 ± 9.9 years. The prevalence of the different cardiovascular risk factors among the 858 subjects was as follows: hypertension 398 (46.4%) subjects, generalized obesity as determined by BMI 257 (30%) subjects, abdominal obesity 266 (31%) subjects, dysglycaemia 38 (4.4%) subjects and hypercholesterolaemia 32 (3.7%) subjects. Prevalence of hypertension and dysglycaemia was higher in men while the others were higher in women. Only hypertension (P = .117) and hypercholesterolaemia (P = .183) did not reveal any significant association with gender. Prevalence of CVD risk factors was highest in subjects aged 65 to 70 years

The effect of culture on Corporate Governance Practices in Nigeria

This study focuses on the effect of culture on the application of corporate governance practices in Nigeria. Corporate governance has been receiving serious attention in emerging markets over the past two decades. But relatively little attention has been given to the study on corporate governance in a country study. The current situations in Nigerian public and private sectors such as the corporate scandal resulting from Lever Brothers Nigeria plc, Siemens, Shell, Halliburton, and Cadbury Nigeria plc, have shown that the issue of fraud, corruption, and corporate scandals cannot be overlooked. Most top management, as this study argues, bring in beliefs acquired from their early childhood into their senior management roles and responsibilities. This study adopts a grounded theory and reports on the effect of culture on the implementation of corporate governance in Nigeria. Based on the interview with 32 staffs, this study identifies the effect of culture that shapes corporate governance and they include abuse of power by top management, weak legal framework, poor recruitment and ineffective control. Although having efficient corporate governance is worth pursuing, this depends on the power of top management, the strength of internal control procedures and the legal framework put in place by management