Enterprise Life Assurance Nigeria Limited has raised its paid-up share capital to over N18.7bn, significantly exceeding the N10bn regulatory minimum set by the National Insurance Commission and positioning the insurer to underwrite larger risks and deepen digital penetration across Nigeria’s underinsured market.
The company’s milestone was underscored in Abuja, where NAICOM presented its Managing Director and Chief Executive Officer, Nelson Akerele, with a new operational licence at a ceremony attended by industry leaders and other stakeholders.
Enterprise Life’s paid-up share capital now stands well above the benchmark established for life insurers under the industry’s recapitalisation framework, providing the company with operational headroom that analysts say few of its peers can match.
For Akerele, the stronger balance sheet is less about clearing a regulatory bar and more about driving future growth. He said the additional capital enables Enterprise Life to write larger risks, expand into new markets, and accelerate technology-led insurance offerings targeted at Nigeria’s untapped middle-class and mass-market segments.
“This milestone reflects our ambition to build one of Nigeria’s most trusted and innovative life insurance companies. It demonstrates the confidence of our shareholders, the resilience of our business, and our readiness to support the future of insurance in Nigeria,” he said.
