Friday, November 27, 2020 / 3:30 PM / by Omobola Tolu-Kusimo of The Nation Newspaper / Header Image
Credit: Instagram; tonyoelumelu
Nigeria has four new insurance firms and one
reinsurance company, the Commissioner for Insurance, National Insurance
Commission, Mr Sunday Thomas has said.
The new firms according to the Commissioner are: Heir
Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life
Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS
Reinsurance Limited.
Related Link: NAICOM
Receive Applications to Register Four (4) New Insurance Companies - Jul 24, 2020
He made this known while handing over operational
licences to the five firms at NAICOM Head Office in Abuja on Friday.
He said the Commission has issued operational licences
to the firms to operate insurance business.
According to him: "The National Insurance Commission
(NAICOM) 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.
Consequently: 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.F BS 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".
Credit:
The post NAICOM
Issues Licences to Four New Insurers, Reinsurer first appeared in The Nation on November 27, 2020.
Related News
Signup with Facebook
Signup with Twitter
