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Elumelu Set To Create More Jobs As He Invests In Insurance Sector



Elumelu Set To Create More Jobs As He Investment In Insurance Sector.


John Michael Ojo

The private and public sectors must work together to eradicate poverty and improve the insurance sector in Nigeria and Africa in general.

This was the position of the founder of Tony Elumelu Foundation, and the Chairman of UBA Group and Heirs Holdings, Mr. Tony O. Elumelu, during the official lunch of his Heirs Insurance and Heirs Life Assurance in Lagos State.

The entrepreneur said: “It is when our policy as regulators and public sector leaders begin to understand that for us to create employment, for us to create jobs that our people need, for us to eradicate poverty the two must work together.

He stated that the licence granted to his organisation will further create additional job opportunity in the country.

“By just approving this licence to be given to us, a licence we have looked for over 7, 8 years and not just for us but about five other investors, you have helped to create more jobs in this country and to even add to our tax revenue in this country and adding further to the overall economic activities of the country.

“What we are doing here today demonstrates our core purpose, our essence, who we are at the Heirs Holdings Group.

“We like to improve lives and transform our continent starting with our country.

“We are trying to improve lives by creating jobs, by improving the economic activities, contributing more revenue to the government coffers.

“But most importantly, we want to help the Nigeria Insurance or public.

“There’s something they’ve yearned for over the years, they want insurance companies or services that can be offered on a platform of excellence, superior service delivery, customer service, digitally-driven and above all, they want insurance that is on their side: affordable insurance products, reliable insurance products and that is what Heirs Insurance and Heirs Life Assurance would bring to our people.

“We will work with NAICOM, we will work with our fellow companies and the larger Nigeria private sector to make sure that we change the Insurance landscape in Nigeria.

Olorundare Sunday Thomas, the substantive NAICOM Commissioner who lauded Elumelu for his doggedness in adding value to the nation disclosed that Lagos State remained the most insurance-friendly state in the country.

He added that the coming of Heirs Insurance and Heirs Life Assurance would help to de-risk other sectors of the economy.

READ ALSO: What Should Be Done For Economic Recovery, Growth In Africa – Okonjo-Iweala

Olorundare stated that “the timing of this lunch could not have been more auspicious in view of the fact that the National Insurance Commission has been rolling out various development initiatives aimed at deepening insurance penetration in the country.

“With the level of capitalisation of these companies, Heirs Insurance and Heirs Life Assurance, I have no doubt that the Nigeria insurance market is poised to write big ticket risks.

“We want to minimise outflow and conserve foreign exchange for national development.”

The commissioner, however, cautioned the managements of the new companies to work within the regulations and guidelines of NAICOM

” Let me quickly state that the commission expects that the affairs of these companies will be conducted in consonance with extant insurance sector governance, guidelines and other directives.

” The independence of the board and its committees including adequate disclosure and transparency and strict compliance with the regulatory requirements are required of these companies.

“Let me state here for the records, that while collaborative efforts to reposition and rebrand the industry have become imperative, the commission is now more determined to ensure professionalism, and high ethical standards to protect the integrity of the Nigerian insurance industry.

In his remarks, Lagos State Governor Babajide Sanwo-Olu who described Elumelu as a true African acknowledged the presence and the impact of the private sector in the economy.

The governor stated that there was a need to encourage the private sector which is the engine room of growth.

“We need to encourage the private sector because they are the real engine room of growth. We need to acknowledge that no matter how well government do, they certainly cannot employ everybody that needs to be employed. And the private sector is the real engine room of growth. They are the ones that can create opportunities for our businesses. They are the ones that indeed can grow the GDP”, he said.

Sanwo-Olu disclosed that he was aware of the financial challenges some of the insurance companies faced towards the end of 2020.

“I am aware that the insurance industry had a bit of shakeup toward the end of last year because they asked all of their old insurance companies to increase their share capital.

I am in one, so, we had to go and look for money to keep them alive.

“So, I am aware that both Heirs Insurance and Heirs Life Assurance is one of the most liquid and well-capitalised insurance companies right now.

“But it is not just really about that sector, it’s about what they’ve shown us, that it is freshness they are bringing to the sector and they’ve said to us that it is going to be simple, they are going to use technology as a strong enabler of it.

” It’s going to be accessible and it’s going to be affordable. These are the three strong words that ur businesses of today require.

“We need to be simple, it has to be something people can get in a click of a button or right in their palm. It has to be accessible, it has to be affordable. Because everybody is now looking at the bottom line. They are looking at the cost and so affordability is critical.

“And if you also listened to Tony Elumelu this morning you will note that the GDP to insurance issue in this country is sub-optimal and with penetrations like this you begin to see changes in the indices and you begin to see that number go up.

“Like you’ve said and you are correct, some of the biggest companies in the world are insurance companies.

“If you go to America, if you go to the UK they actually own everything and so we need to change the conversation for that sector and change it very well.

I’m sure and I’m convinced and I know that Heirs Insurance and Heirs Life Assurance will certainly change the landscape”, he added.


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NLC Directs Officials To Monitor Banks Over Cash Scarcity



BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Emefiele


The Nigeria Labour Congress (NLC) has directed its officials across the country to go round and monitor cash dispensing situations at the commercial banks.

This is coming ahead of today’s National Executive Council, NEC meeting, leaders of orfficials of state councils of NLC and industrial union affiliates are to take pictorial evidence of the actual situations at the banks, “whether the banks are dispensing cash or not, and report same to the NLC headquarters.”

The monitoring which ends by 12.30 pm will enable the NEC meeting that will commence by 1:00 the Labour House, Abuja, takes a final decision on tomorrow’s planned nationwide strike over the cash crunch in the country.

The National leadership of NLC gave the directive yesterday (Monday, March 27).

An official of NLC who spokelsaid, “Yes, the directive was given yesterday. Union leaders are to go around their areas to monitor commercial banks this Morning before 12.30pm and show pictorial evidence of the situation at the banks.

“Whether they are dispensing cash or not. The pictorial evidencesl are to be forwarded to Congress headquarters to be us assess the activities of Commercial banks before the NEC meeting by 1pm to enable us take a final decision on tomorrow’s planned industrial action.”

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BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN



In compliance with a ruling of the Supreme Court, the Central Bank of Nigeria (CBN) has declared that old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin spoke in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” the statement read.

The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.

This was after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.

After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.

According to the Presidency, the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”

The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.

However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.

Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

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CBN Asked Banks To Receive Old Naira Notes – Soludo



BREAKING: How Nigerians Keeping N2.7 Trillion At Home, Others Caused Naira Redesign - Emefiele
CBN Governor Emefiele

The Central Bank of Nigeria (CBN) has asked commercial banks to dispense and accept old naira notes as deposits, according to Anambra State Governor Charles Soludo.

Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.
He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

He added that Emefiele personally confirmed the directive to him.
According to him, residents should report banks refusing to accept the old notes.

“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.”

“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement added.

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