The National Insurance commission (NAICOM) has given official approval to Heirs Life Assurance Limited and Heirs Insurance Limited, respectively.
Elumelu’s giant venture into Nigeria’s Insurance sector is expected to expand the 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 firms as insurance companies are in fulfillment of the statutory provisions of extant laws for the registration or licensing of insurance companies in Nigeria.
Heirs Insurance Limited, which was incorporated in February 2015, 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.
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.