Business
Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity
BY NKECHI NAECHE-ESEZOBOR—Enterprise Life Assurance (Nigeria) Limited has announced the full remittance of its statutory deposit of N1 billion to the Central Bank of Nigeria (CBN), underscoring its robust financial health and compliance with regulatory mandates.
The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).
According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.
“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”
Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).
He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.
Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.
“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”
This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.
The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.
The post Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity appeared first on Business Today NG.
The Federal Airports Authority of Nigeria (FAAN) is rolling out V-Pass, a biometric identity verification system designed to make domestic air travel faster, safer and more seamless.
Developed in partnership with M/S Verxid Technologies Limited, the system will let passengers confirm their identities through facial recognition, reducing the need to rely on physical ID documents at airports.
The rollout was reviewed during a strategic meeting between FAAN and Verxid Technologies Limited, where both sides discussed deployment plans, security measures and ways to improve the passenger experience.
FAAN said the initiative shows its commitment to using technology to improve passenger facilitation and aviation security across domestic airports. V-Pass will give travellers a secure digital identity through a one-time enrolment process.
Nigerian passengers will register with their NIN and facial biometric capture, while foreign passengers will enrol using international passports through OCR and biometric authentication. The system will check passengers before they enter restricted areas and again before boarding.
This dual-verification process is meant to prevent impersonation, unauthorized access and identity fraud, while giving security agencies greater confidence in passenger authentication. During rollout, passengers will be able to use self-service kiosks or get help from FAAN staff.
E-Gates will automate access to controlled areas, reduce queues and improve passenger flow. Developers say biometric processing will take less than 30 seconds after enrolment, while first-time registration will take about one minute. V-Pass will also give airlines secure access to flight schedules, passenger manifests and boarding statistics through a digital platform.
FAAN will benefit from a Central Management System that tracks passenger movement, generates analytics and supports future integration with other airport systems. FAAN and Verxid said data privacy remains central to the project.
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The system complies with the Nigeria Data Protection Regulation (NDPR), and passenger data will not be stored on kiosks or handheld devices. Before deployment, FAAN and Verxid plan to launch a nationwide sensitisation campaign.
The campaign will run across TV, radio, social media, airport announcements and airline advisories to help passengers understand how V-Pass works. A live Proof of Concept demonstration and technical site assessment will also be carried out before full rollout
FAAN says V-Pass is part of its broader digital transformation agenda. By combining biometric technology with modern access control, FAAN hopes to build a smarter, safer and more efficient airport system for domestic travellers.
BY NKECHI NAECHE-ESEZOBOR—Mrs. Yetunde Ilori, the outgoing President of the Chartered Insurance Institute of Nigeria (CIIN), has stated that her greatest fulfillment after two years in office is successfully elevating insurance literacy into a national conversation.
This milestone was achieved through targeted initiatives that reached children, students, professionals, and various communities across Nigeria.
Speaking at her valedictory virtual press conference marking the end of her tenure as CIIN’s 52nd President, Ilori reflected on her administration’s key achievements.
She described her leadership journey as one driven by a steadfast commitment to expanding insurance education, strengthening professionalism, building capacity, and fostering deeper industry collaboration.
She expressed deep gratitude to the media for their unwavering support in publicizing the institute’s programs, noting that journalists played a vital role in boosting insurance awareness and enhancing public understanding of the sector’s economic importance.
“I came into office with a clear intention to make a difference,” Ilori said. “Leadership should always be measured by the impact it creates and the legacy it leaves behind.”
Ilori explained that her administration was guided by the EPIC agenda—focused on Education, Professionalism, Institutional and Individual Recognition, and Capacity Building. This strategic framework served as the foundation for the institute’s major initiatives over the past two years.
Key Milestones of the EPIC Administration
Nationwide Advocacy: A defining achievement of her tenure was expanding “Insurance Week” into a nationwide campaign. The initiative took advocacy beyond traditional industry circles and directly into local markets, schools, universities, and public spaces.
Early Childhood Education: To nurture financial literacy from an early age, the CIIN published two introductory books simplified for children aged 4–10 and 11–16, making insurance concepts accessible and relatable.
Youth & Tech Innovation: To foster innovation, the institute promoted youth participation through a specialized Hackathon, bringing together students, tech experts, and insurance practitioners to develop digital solutions for the sector.
The Million-Youth Project: Ilori highlighted a landmark partnership with the National Insurance Commission (NAICOM) and the Federal Ministry of Youth Development. This digital learning initiative aims to train one million Nigerian youths in insurance and financial literacy, equipping them with the skills to pursue careers in insurance, entrepreneurship, and sound financial planning.
She also praised the strengthened collaboration among insurers, regulators, and professional bodies, noting that these collective efforts contributed to major industry reforms, including supporting the progress of the new insurance bill.
Beyond domestic policy reforms, the CIIN under her leadership expanded its reach to Nigerian insurance professionals in the diaspora, upgraded facilities at the College of Insurance, and enhanced career development through directors’ conferences, specialized training, and student internship opportunities.
Ilori emphasized that the successes of her tenure were the result of industry-wide teamwork rather than individual effort.
“As I leave office, my desire is for this stakeholder collaboration to continue,” she concluded. “It is not about any single individual; it is about the institution and the sustainable growth of the Nigerian insurance industry.”
The post How Yetunde Ilori Made Insurance Literacy a National Conversation appeared first on Business Today NG.
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