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🇳🇬 Nigeria /Economy & Trade

Enterprise Life strengthens capital base to N18bn

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

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  • Enterprise Life Assurance Nigeria Limited has increased its paid-up share capital to over N18.7 billion, significantly surpassing the N10 billion regulatory minimum set by NAICOM.
  • This capital raise positions the company to underwrite larger risks, expand its market reach, and accelerate digital insurance offerings for Nigeria's underinsured population.
  • The move, verified by PricewaterhouseCoopers and backed by its parent company Enterprise Group Ghana, is seen as a strategic investment for future growth rather than just regulatory compliance.

Enterprise Life Assurance Nigeria Limited has bolstered its financial standing by raising its paid-up share capital to over N18.7 billion, a substantial increase that comfortably exceeds the N10 billion regulatory minimum mandated by the National Insurance Commission (NAICOM).

This significant capital injection equips Enterprise Life to underwrite larger risks and deepen its digital penetration within Nigeria's largely underinsured market. The company's achievement was recognized in Abuja, where NAICOM presented its Managing Director and Chief Executive Officer, Nelson Akerele, with a new operational license during a ceremony attended by industry leaders.

This milestone reflects our ambition to build one of Nigeria’s most trusted and innovative life insurance companies. It demonstrates the confidence of our shareholders, the resilience of our business, and our readiness to support the future of insurance in Nigeria.

— Nelson AkereleManaging Director and Chief Executive Officer of Enterprise Life Assurance Nigeria Limited, on the significance of the capital raise.

Akerele emphasized that the stronger balance sheet is primarily a driver for future growth, enabling Enterprise Life to write more substantial risks, explore new markets, and expedite the rollout of technology-driven insurance products targeting Nigeria's untapped middle and mass markets. "This milestone reflects our ambition to build one of Nigeria’s most trusted and innovative life insurance companies," he stated, highlighting shareholder confidence and business resilience.

It gives us greater capacity to invest in innovation, strengthen customer experience, and deliver even more value to the individuals, families, and businesses we serve.

— Nelson AkereleExplaining how the increased capital will benefit customers.

He added that the company's focus now shifts to translating this financial strength into tangible customer value. "It gives us greater capacity to invest in innovation, strengthen customer experience, and deliver even more value to the individuals, families, and businesses we serve," Akerele said.

PricewaterhouseCoopers independently verified the capital raise, which received backing from Enterprise Life's parent company, Enterprise Group Ghana. This support is viewed as a strong indicator of long-term confidence in the Nigerian market. Akerele framed the development as a strategic launchpad, underscoring a commitment to sustained investment in technology and partnerships that extend beyond mere regulatory compliance. "Our vision has always extended beyond meeting today’s requirements. We are building a financially resilient, digitally enabled insurance company that can respond to tomorrow’s opportunities," he concluded.

Our vision has always extended beyond meeting today’s requirements. We are building a financially resilient, digitally enabled insurance company that can respond to tomorrow’s opportunities.

— Nelson AkereleDescribing the company's long-term strategy and outlook.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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