Enterprise Life, Nigeria, a subsidiary of Enterprise Group PLC, has now opened its doors to the Nigerian public for business.

It will be recalled that the company was granted its operating license from the Nigerian National Insurance Commission (NAICOM) in November 2020, after meeting all the necessary requirements, including a stated capital of ₦8 billion.

A media release issued in Accra yesterday described the latest development as a significant milestone in the group’s expansion project into foreign markets, coming a few years after its first venture beyond the shores of Ghana, into The Gambia.

The Chief Executive Officer (CEO), Enterprise Group PLC, Mr Keli Gadzekpo, said the company had its eye on the Nigerian market for quite a few years due to the strategic importance of that country to the economic development of the West African sub-region.

Mr Gadzekpo further stated that while he was proud of the many successes the group had chalked up in Ghana and The Gambia over the years, there was something especially exciting about entering the Nigerian market.

“It not only allows the group to increase its international footprint, but it also gives opportunity for the company’s expertise and experience in the insurance sector to be made available to a truly large market,” he said.

Life insurance

He further explained that since life insurance played a unique role in multi-generational wealth creation and preservation, life insurance in Nigeria, the most populous nation in Africa, had great potential to act as a catalyst of change to end the cycle of intergenerational poverty in Africa.

The Managing Director of Enterprise Life, Nigeria, Mrs Funmi Omo, said the aim of Enterprise Life was to expand the insurance net in Nigeria by offering innovative and relevant life insurance solutions, using a needs-based approach to sales.

She expressed confidence that the unique solutions offered by Enterprise Life would appeal to the large population of uninsured Nigerians, who to date, had not had the opportunity to experience the peace of mind offered by insurance.

Background

Enterprise Group PLC is a financial services company comprising five operating companies; Enterprise Insurance Company, Enterprise Life Assurance Company, Enterprise Trustees, Enterprise Properties and Enterprise Funeral Services Ghana trading as ‘Transitions – The Funeral People’. It is headquartered in Accra and has operations in The Gambia and Nigeria.

Enterprise Group PLC has a strategic partnership with Black Star Holdings Limited (BSHL), a wholly owned subsidiary of Leapfrog Strategic African Investments (LSAI), which is a separate account managed by Leapfrog Investments, and in which Prudential Financial, Inc., USA (PFI) is the primary investor.