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Deji Olatoye, an official at Nigeria-based The Lodt Law Offices, said that higher capital requirements are likely to drive consolidation among small insurers and provide acquisition opportunities for foreign-backed carriers in Nigeria, The Africa Report reported. Mr. Olatoye said that big insurers such as Nigeria-based Axa Mansard Insurance P.L.C., Ivory Coast-based NSIA Participations S.A. and South Africa-based Old Mutual Ltd. could acquire small local insurers.