NAICOM Receives Four Fresh Applications For Insurance License

The National Insurance Commission on Friday said it had received applications for Insurance license from four companies

The commission said the application when approved would enable the companies practice the business of insurance in the country.

It said the application would be processed in line with the statutory provisions of extant laws for the registration and licensing of insurance Companies.

The companies, according to the commission are Heirs Insurance Ltd
which is planning to conduct General insurance businesses; Stanbic Ibtc Insurance Ltd; Heirs Life Assurance Ltd; and Enterprise Life Assurance Company (Nig.) Ltd.

Based on the application before NAICOM, Heirs Insurance Ltd has as its Managing Director, Mr Olaniyi
Stephen
Onifade, while
Tony Elumelu was named as the Chairman.

Other members of the management team are
Japhet Duru- Executive Director (Technical /Operations); while Adaobi Nwakuche, Kayode Lawal, Peter Ashade Abdulqadir Jeli Bello( Independent Director), Atinuke Kolade
and Adim Jibunoh.

For Stanbic Ibtc Insurance Ltd, Akinjide
Orimolade was listed as the MD while
Yinka Sanni was named as the Board Chairman.

Other members of the management team are
Ms. Sakeenat Bakare (Executive Director, Business Development); Dunny Semwayo (Executive Director, Technical); and Mr. Godwin Wiggle (Independent Non-Executive Director);Mr. Ballama Manu (Non-Executive
Director); Mr. Eric Fajemisin (Non -Executive
Director); Mrs. Olanike (Nike) Bajomo (Non-Executive Director); Mr. Babalola Obilana (Non-Executive Director);Mrs. Titi Ogungbesan (Non-Executive Director); Mrs. Ifeyinwa Ann Momah (Independent Non-Executive Director) and Mrs. Eseoghene (‘Ese’) Nkadi (Company Secretary).

For Heirs Life Assurance Ltd, Abah Okoriko was named the MD while Abdulqadir Jeli Bello was listed as Chairman.

The management team is also made up of Emmanuel Nnorom (Non-Executive
Director);Peter Ashade (Non-Executive Director); Adim Jibunoh (Non-Executive Director); Lawal Sani (Independent Director); and Wasiu Amao (Executive Director, Technical/Operations)

The Commission also listed the Managing Director of Enterprise Life Assurance
Company (Nig.) Ltd as Fumilayo
Abimbola Omo while Mrs. Amina Oyagbola was made Independent
Director.

Others are Douglas Noel Lacey (Non-Executive Director); Kelvin Kofi Gyekye (Head of Finance);Salman Alhaji Salman (Company Secretary);Mr. Ogundeji Hezekoah Oluwafemi Babatunde (Executive Director, Technical); Mr. Keli Gadzekpo (Chairman); Mr. Cleland Cofie Bruce (Non-Executive
Director);Mr. Daniel Larbi-Tieku (Non-Executive Director)

The Nigerian insurance industry consists of 57 registered insurance companies. 14 of them are in the life insurance business while 43 are the non-life insurers.

There are also two reinsurance companies whose roles are to provide technical security and capacity for the insurance companies.