Enterprise Life Assurance Nigeria Limited has raised its paid-up share capital to over N18.7 billion, significantly exceeding the N10 billion regulatory minimum set by the National Insurance Commission for life insurers under the industry's recapitalisation framework.
The milestone was marked in Abuja, where NAICOM presented the company's Managing Director and CEO, Nelson Akerele, with a new operational licence. Akerele said the additional capital would enable Enterprise Life to write larger risks, expand into new markets, and accelerate technology-led insurance offerings targeted at Nigeria's underinsured middle-class and mass-market segments. "This milestone reflects our ambition to build one of Nigeria's most trusted and innovative life insurance companies," he said.
The capital raise was independently verified by PricewaterhouseCoopers. The stronger balance sheet gives the insurer operational headroom that analysts say few of its peers can currently match, as Nigerian insurers continue racing to meet recapitalisation deadlines under the industry's reform framework.