By Ekerete Ola Gam-Ikon
Of the Sixty-seven (67) licensed insurance companies operating in Nigeria, as recently confirmed by the National Insurance Commission (NAICOM), there are many that are wholly owned (100%) by Nigerians and have certain peculiarities that I will like to bring to your attention for better appreciation.
These insurance companies have remained for years without any tint of foreign ownership and a few have indeed thrived successfully despite the harsh economic conditions Nigeria faced including two economic recessions, the COVID-19 pandemic and the twin-challenges of inflation and exchange rate.
Some survived the recapitalization exercises of past years and increased their Capital recently to enable them continue to handle big ticket businesses within the category of their operating licences.
Others are new in the market and geared towards outstanding success stories.
Ascertaining their Ownership Status
Information from the published Financial Statements of these insurance companies affirmed that they are 100 percent owned by Nigerians.
Where it was not clearly expressed in their Financial Statements, phone calls or chats were made to senior executives of the insurance companies for confirmation and where such confirmations were not received until the time of circulating this write-up, such companies have not been mentioned here, to ensure that only verified information are published here.
Two companies with cases in courts have been mentioned here without any prejudice as they were known to be wholly owned by Nigerians and the determination of the ownership are contested between Nigerians.
Dimensions of Ownership
- Government-Owned Insurers
Nigerian Agricultural Insurance Corporation (NAIC) is owned 100 percent by the Federal Government of Nigeria through the Federal Ministry of Agriculture and Rural Development; Linkage Assurance Plc is significantly owned by Bayelsa State Government through its Ministry of Finance as disclosed in its Financial Statements; and Anchor Insurance Company Limited is partly owned by Akwa Ibom State Government through its investment company, Akwa Ibom Investment and Property Company Limited (AKIIPOC), while the other shares are held by Nigerians from the State.
- Strength of Mergers and Acquisitions
Capital Express Assurance Company Limited would represent the strongest of Mergers and Acquisitions (M & A) in Nigeria’s insurance industry as it swallowed nearly a dozen Life companies during the last recapitalization exercise 16 years ago.
Led by the indefatigable Dr. Tony Aletor, Capital Express Assurance has become a case study for insurance researchers in Nigeria and Africa.
NEM Insurance Plc, another product of M & A, remains the “Pride of Nigeria” not only because it is one of oldest and original names in the business in Nigeria but it has distinguished itself as a market leader particularly in the Motor Insurance class, over the years.
Led by the charming Mr. Tope Smart, the Immediate Past President of African Insurance Organization (AIO), NEM Insurance Plc is the company to watch in 2024!
Regency Alliance Insurance Plc, yet another product of M & A, led by Biyi Otegbeye, a Governorship Candidate in the last Governorship election in Ogun State and strongly supported by Dr. Sammy Olaniyi, an insurance professional par excellence;
Universal Insurance Plc, under the leadership of the hardworking Mr. Ben Ujoatuonu, though another symbol of M & A, has transformed into a truly Nigerian brand leveraging insurance and technology “Insurtech” to deliver solutions that meet the expectations of Nigerians!
- Past Glory and Awaiting Revival
Industrial and General Insurance Company Limited “IGI” was probably the first insurance company to become a household name in Nigeria. We eagerly anticipate its rebound and revival!
Goldlink Insurance Plc was another insurance company founded by insurance professionals, and well admired and supported by market players to become a market leader within a decade of operations!
We look forward to its relaunch and revival.
- New Entrants with Winning Wands
Heirs Insurance Group has proven that vision and determination of its leader, Africapitalist Tony Elumelu, would continue to energize it to create and beat the records it sets in the Nigerian insurance market.
Working with the professional mien and combo of Niyi Onifade and Wole Fayemi, it is expected that focus and sustainability will be the differentiating elements; FBS Reinsurance Company Limited, led by the “Quiet Lion” of Nigeria’s insurance industry, has been positioned to become the market leader in the medium term.
Last Line
Wholly owned Nigerian insurance companies can lead the transformation of the insurance industry in Nigeria!
We need to deliberately support them both as policyholders and investors at all times.
I hope you enjoyed reading this as I enjoyed sharing just a slice of what I discovered about the insurance industry in Nigeria in the course of doing this write-up.
I remain…
Assuredly Yours,
Ekerete Ola Gam-Ikon
+234-802-585-0344
olagamola@gmail.com
List of Wholly Owned Nigerian Insurance Companies
- Composite
- Alliance & General
- Goldlink
- Industrial & GeneraI
- Lasaco
- Nicon
- Life
- Capital Express
- Royal Exchange Prudential
- General
- Anchor
- Guinea
- Linkage
- NEM
- Nigerian Agric Ins. Corp
- Regency Alliance
- Sterling
- Unitrust
- Universal
- Reinsurance
- FBS
- Nigeria Re
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