May 28, 2022

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Sanwo-Olu, Insurance Commissioner commend Heirs Holdings’ Vision of democratising insurance

At the launch of Heirs Holdings’ new insurance businesses, Heirs Insurance and Heirs Life Assurance, Lagos State Governor, Babajide Sanwo-Olu has commended the pan-African investment company on its bold vision to democratise access to insurance.

The event formally showcased the new companies and their commitment to service excellence, and their mission to offer insurance that is simple, quick, reliable, and accessible to everyone.

Speaking, Tony Elumelu, Chairman of Heirs Holdings Group confirmed at the launch, the readiness of both companies to usher in a new era in the insurance industry. He stressed that both companies demonstrate the vision of Heirs Holdings to position the private sector as a key enabler of economic and social wealth creation in Africa.

“Heirs Insurance and Heirs Life once again demonstrate our core purpose of improving lives and transforming Africa. In our years of operations. Across different industries and countries, we have become synonymous with customer focus and the highest levels of corporate governance. These are the hallmarks of these new businesses. We know that our promise, our people and our proven track record will transform the insurance industry, put the customer first and empower people, in good and bad times”.

The event also marked the commissioning of Heirs Towers, the 7 Storey headquarters of Heirs Holdings, an impressive structure developed by Afriland Properties Plc, one of the investee companies of the Heirs Holdings group.
The building was commissioned by Babajide Sanwo-Olu, Lagos State Governor, with Mr. Sunday Olorundare Thomas, Commissioner for Insurance, in attendance.

The Chairman of Heirs Holdings, Tony O. Elumelu, introduced the leadership of both companies and their distinguished Board of Directors, all seasoned individuals with decades of Nigerian and international experience. The CEOs, Dr. Adaobi Nwakuche, Ag. MD/CEO, Heirs Insurance Limited and Niyi Onifade, MD/CEO, Heirs Life Assurance Limited, both have decades of experience in the insurance industry.

Heirs Insurance and Heirs Life have a paid-up share capital of N10billion and N8billion respectively and are backed by leading reinsurers, providing a second layer of security for clients’ insurance portfolios.

Babajide Sanwo-Olu, the Governor of Lagos State said: “Heirs Insurance and Heirs Life are bringing insurance that is simple, accessible, and affordable – three strong words that businesses of today need to thrive in highly saturated markets. I am aware that both Heirs Life and Heirs Insurance are two of the most liquid and well-capitalized insurance companies in the country right now. They have shown us that it is freshness they are bringing into the sector. It is a new beginning for the sector.”

He added: “Insurance to GDP is still relatively low in the country. We need to change the narrative and I am sure that Heirs Insurance and Heirs Life can change that. Looking at the people sitting on the board it is clear to me that you will bring your world of experience that is required to take this sector to greater heights”.

Mr Olorundare Sunday Thomas, National Commission for Insurance said: “The timing of this launch could not have been more auspicious as the insurance commission is currently rolling out different initiatives for National development. To Heirs Insurance and Heirs Life, I want to say thank you for coming into our industry, making a difference, impacting the economy, and helping us to deepen the insurance sector in Nigeria.”

The event was attended by high-profile guests including Kennedy Uzoka, Group Managing Director, United Bank for Africa Plc (UBA), top executives of banks, consulting firms, multinationals, and others.

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