The Nigerian National Insurance has granted Enterprise Life Assurance Nigeria, a subsidiary of the Enterprise Group Ghana license to commence operation in Nigeria.
This is contained in a statement issued by the Nigerian National Insurance Commission on Friday (27 November).
Speaking on the license acquisition, Keli Gadzepko, the Group’s chief executive officer of Enterprise Life Assurance, said the move is in line with the Groups vision of expanding its business footprint beyond Ghana into the broader West African sub-region.
“As Africa progressively moves into middle-income status, the importance of insurance for risk mitigation and as a savings tool is becoming more important,” he said.
He said Enterprise Group is positioned to play a key role in promoting insurance in the West African sub-region.
“Over the years, with the support of our clients, we have carved a great reputation for ourselves in service delivery and claims payment.”
“We intend to extend our expertise and strength throughout the West African Region. So, after we have had a very successful start with the performance of Enterprise Life in the Gambia and are excited about the opportunity to repeat the success story in Nigeria”. The Enterprise Group CEO added.
Funmilayo Omo, managing director of Enterprise Life, Nigeria expressed excitement about the opportunity to further enhance the insurance industry in Nigeria.
She said “Despite the enormous opportunities that come with a burgeoning economy and a large population, insurance penetration in Nigeria is still considerably low.
“We believe the solutions we are about to introduce will resonate well with the Nigerian public so that more and more people will benefit from the protection that insurance offers. The entry of enterprise Life is a game-changer and our solution will change the face of insurance in Nigeria” she added.
Enterprise Group was incorporated on 24th November 2008 and is the holding company of the Group. The original entity was Enterprise Insurance Company, established in 1924 and is the oldest insurance company in Ghana.
It was listed on the Ghana Stock Exchange (GSE) in 1991 as the first insurance company to be publicly listed in Ghana.
Following a restructuring of the Group in 2010, Enterprise Group was incorporated to become the holding company and was listed on the Ghana Stock Exchange (GSE) in place of Enterprise Insurance which was subsequently delisted.
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