Elumelu’s Heirs Holdings, Stanbic-IBTC, Ghana’s Enterprise Group apply to NAICOM for new insurance firms

Charles Abuede

The National Insurance commission (NAICOM) has received applications to register four new insurance firms in Nigeria in their bid to operate in Nigeria.

The move will expand the Nigerian insurance market by increasing the number of players and ensure healthy competition in the industry.

The commission, while disclosing the information via its twitter handle said that the registration process of the four firms as insurance companies are in fulfillment of the statutory provisions of extant laws for the registration or licensing of insurance companies in Nigeria.

The four companies to be registered include:

• Heirs Insurance Limited, which was incorporated in February 2015, and is seeking to operate in the general insurance category. According to NAICOM, the chairman of the insurance firm is the astute Nigerian banker, Tony Elumelu, the current chairman of United Bank for Africa Group, and founder of Heirs Holdings. The new insurer has Japhet Duru as executive director (Technical and Operations), among other directors, while Olaniyi Stepehen Onifade will act in the capacity of the managing director and chief executive officer.
• Stanbic IBTC Insurance Limited was incorporated with the CAC in May 2012 to perform insurance business in the country. The about to be registered insurance firm is chaired by Yinka Sanni, chief executive officer, Stanbic IBTC Holdings, while Sakeerat Bakare and Dunny Semwityo will function as executive directors, along with other board members as non-executive directors, while Akinjide Orimolade, will function as the company’s managing director and chief executive officer.
• Heirs Life Assurance Limited, incorporated in February 2019, will be headed by Abah Okoriko as managing director and chief executive officer, with Abdulqadir Jeli Bello functioning as the its chairman. There are other board members to serve as executive directors and non-executive directors, respectively.
• Enterprise Life Assurance Company Nigeria Limited, incorporated in October 2019, has Funmilayo Abimbola Omo as its managing director and chief executive officer, while the the chairman is Keli Gadzekpo, the founder and chairman of Ghana’s Enterprise Group, a major player in that country’s insurance industry. Salman Alhaji Salman is the company secretary, while other board members will function as the executive and non-executive directors.

The insurance industry regulatory body in Nigeria said it was putting out the notice to inform on the general public that it has commenced the registration process of the companies, should there be any objection.