Joseph Inokotong, Abuja
The National Insurance Commission (NAICOM) on Friday announced receipt of applications for Insurance license from four companies.
The NAICOM 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 Commission stated “The National Insurance Commission (NAICOM) has received applications from the under listed companies for registration as Insurance Companies to transact insurance business in Nigeria.
“In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.”
“Members of the public are requested to submit/report any objection or otherwise against these registrations to the Commission within 21 days from the date of this publication, please.”
The companies, according to the NAICOM 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.