By Ade Jacobs
Astute banking entrepreneur, Tony Elumelu, has announced the birth of Heirs Holdings Insurance, an insurance subsidiary of Heirs Holdings founded by the banker in 2011.
Elumelu made this disclosure on Friday, November 27, adding that the conglomerate was granted a license by the apex insurance regulator in the country, the National Insurance Commission, NAICOM.
“Today, I am proud to announce that the Nigerian Federal Government, through the insurance regulator, the National Insurance Commission (NAICOM), has officially issued the operating licences for our new Group insurance companies – Heirs Insurance Limited (HIL) & Heirs Life Assurance Limited (HLA),” the former UBA managing director said.
According to him, the new acquisition to the Heirs Group “represents a further important milestone in a long-term strategic journey in providing much needed, quality, and valuable financial services, to a broad demographic in Nigeria and Africa.
“Insurance should not be a luxury, and just as we have democratised other sectors, we will democratise insurance – applying our tried and tested business philosophies and execution ability.”
Elumelu further explained that the decision to invest in the insurance business was “fuelled by the determination to improve lives and leave a legacy in the African private sector. We have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding and operational excellence.”
He added that it has been a long tortuous journey “but with the optimism and the resilience that have brought us this far, it has been worth the wait.”
Apart from the insurance company, other subsidiaries in the Heirs conglomerate include UBA Plc, UBA Capital Holdings and UBA Africa Holdings.