NAICOM grants operational licences to four insurers, one reinsurer, two takaful firms

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Chuks Udo Okonta

Four insurance, one reinsurance and two takaful companies have been granted operational licences by the National Insurance Commission (NAICOM), Inspenonline can report.

The new operators ware handed the operational licences today at NAICOM Head Office in Abuja.

The new firms are: Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.

NAICOM in a publication said: “The National Insurance Commission (NAICOM) has received applications from the under listed companies for registration as Insurance and reinsurance Companies to transact insurance and reinsurance business in Nigeria. In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.

Heir Insurance Limited (General), has picked, Olaniyi Stephen Onifade, as its Managing Director, Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, picked, Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited, picked, Fumilayo Abimbola Omo.

FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel.

FBS is bringing together, professionals with proven experience from the brokerage and underwriting units of the industry including Bala ZakariyaU, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.

These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent.

Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.

The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry.

Salam Takaful and Cornerstone Takaful Insurance Company Limited, were also granted licences.

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