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Insurance: Elumelu, others apply for operational licence

Despite uncertainty in the economy, the Chairman, United Bank for Africa (UBA), Mr Tony Elumelu, and four other investors have applied for an operational licence to float insurance firms. A statement released by the National Insurance Commission (NAICOM) yesterday confirmed the development.

The commission listed the potential firms as Heir Insurance Limited (General); with Elumelu as chairman; Heirs Life Assurance Limited, with Abduqadir Jeli Bello as chairman; Stanbic IBTC Insurance Limited, with Yinka Sani as chairman, and Enterprise Life Assurance Company Nigeria Limited, with Amina Oyagbola as an independent director. According to the statement, “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.”

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