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 licence by the Nigerian National Insurance Commission (NAICOM) in November 2020, after meeting all necessary requirements including a stated capital of ₦8billion.
This latest development is 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.
According to the Group CEO, Keli Gadzekpo, Enterprise Group PLC has had its eye on the Nigerian market for quite a few years, due to the strategic importance of that country to economic development of the West African sub-region.
Mr. Gadzekpo further stated that while he is proud of the many successes the Group has chalked up in Ghana and The Gambia over the years, there is something especially exciting about entering the Nigerian market. It not only allows the Group to increase its international footprint, but also gives opportunity for the company’s expertise and experience in the insurance sector to be made available to a truly large market.
He further explained that since life insurance plays a unique role in multi-generational wealth creation and preservation, life insurance in Nigeria – the most populous nation in Africa, has great potential to act as a catalyst of change to end the cycle of intergenerational poverty in Africa.
Funmi Omo, Managing Director of Enterprise Life, Nigeria, disclosed that the aim of Enterprise Life is 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 will appeal to the large population of uninsured Nigerians, who till date have not had the opportunity to experience the peace of mind offered by insurance.
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.