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Chuks Udo Okonta
The Managing Director/CEO of Heirs Life Assurance Limited, Niyi Onifade, has advocated a multi-sector, and multi-stakeholder collaboration to promote financial inclusion, and social welfare to eradicate poverty in Nigeria.
He made this charge while delivering the keynote address at the 9th Lagos Public Relations Stakeholders’ Conference, yesterday Thursday, in Lagos.
Onifade who represented the Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, Tony Elumelu CON at the event joined Sina Thorpe, Council Member, NIPR, Mrs Comfort Obot Nwankwo, Chairman, NIPR Lagos, and other dignitaries to discuss the conference theme, Leadership and Poverty Eradication.
Onifade called for the adoption of Africapitalism, an economic philosophy propounded by Mr. Tony Elumelu that advocates for the private and public sectors to collaborate to achieve the unified goal of alleviating poverty and facilitating shared prosperity.
According to Onifade, “African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth.” He also identified tackling unemployment, promoting financial literacy and inclusion, leadership, governance, and structure, and positioning SMEs to thrive, as critical areas that will significantly impact the push towards poverty alleviation in Nigeria.
He emphasised the importance of life insurance in tackling poverty and improving social welfare. On that, he added “Access to financial services should not be a privilege; a typical example is life insurance. Contrary to popular opinion, low-income households need life insurance products more. Life insurance can help to cushion the financial impact associated with the loss of a breadwinner. Imagine a country that prioritises life insurance for every household and the guaranteed financial security that comes with this decision. It reduces the burden on government resources”
Niyi Onifade is the CEO of Heirs Life Assurance (HLA), a specialist life insurance company leveraging digital solutions to offer simple, quick, accessible, and reliable life insurance, retirement, and children’s education protection plans.
HLA offers a wide range of personalised life insurance protection and investment plans that provide financial security to individuals and businesses. Heirs Life is also a subsidiary of Heirs Holdings, a pan-African investment group with a presence across four continents and 20 African countries.