Milestone comes as Nigeria’s insurance penetration remains below one percent, stakeholders urge industry to deepen outreach to underserved areas

Heirs Insurance Group (HIG) announced in Lagos on Saturday that it has surpassed three million policy subscribers nationwide, less than five years after entering the Nigerian market. The announcement was made by Chief Executive Officer and Sector Head, Niyi Onifade, during a media briefing held in Lagos on 15 June.

According to Onifade, the company’s rapid growth since commencing operations in 2021 reflects the rising acceptance of insurance among individual Nigerians and small businesses. He attributed the expansion to digital channels and a customer-focused approach that prioritises simplified products and faster claims settlement. “We have grown our customer base to more than three million individual and corporate policyholders,” Onifade stated at the event.

Nigeria’s insurance sector has long struggled with low public trust and limited reach outside major corporate accounts and high-net-worth clients. With penetration rates still under one percent according to industry estimates, stakeholders say milestones like HIG’s demonstrate a shift towards more inclusive coverage. Analysts also link this trend to technological innovation and ongoing efforts by operators to demystify insurance for ordinary citizens.

Onifade explained that the company’s strategy is anchored on leveraging digital platforms to make insurance accessible across Nigeria’s diverse population. “The growth we are seeing is driven largely by digital channels and a business model that puts customers at the centre,” he said, noting that more retail customers are now purchasing policies online or through mobile applications.

Industry experts maintain that increased retail adoption could help bridge Nigeria’s wide protection gap, especially as economic challenges leave millions vulnerable without formal safety nets. They urge other insurers to expand beyond traditional markets and embrace technology-driven solutions. The National Insurance Commission (NAICOM) has recently called for greater financial inclusion within the sector, citing low uptake among rural and urban poor communities.

With over two hundred million people in the country, stakeholders stress that expanding coverage remains critical for economic stability and risk management. Heirs Insurance Group says it will continue investing in technology and product innovation aimed at reaching millions more Nigerians who remain uninsured.

Source: https://guardian.ng/business-services/heirs-insurance-surpasses-three-million-policy-subscribers/

Family announces service of songs in Ile-Ife and funeral at Christ Apostolic Church, Modakeke DCC Headquarters

Funeral arrangements for Dr Esther Oludayo Afolabi, a respected retired school principal and former staff member of Adeleke University, Ede, will take place in Ile-Ife, Osun State on Friday, 26 June and Saturday, 27 June 2026. The family confirmed the details in a statement released this week.

According to the Afolabi family, a service of songs and wake will be held at her residence—Castle of Mercy and Grace, Phase 3, Moremi Estate, opposite Energy Petrol Station along Ile-Ife Road—starting by 4:00p.m. on Friday. The funeral service is scheduled for Saturday at Christ Apostolic Church, Oke Anu, Modakeke DCC Headquarters (along Urban/Ondo Road), beginning at 10:00a.m., after which a private interment will follow.

Dr Afolabi passed away recently at the age of 71. She was widely regarded in Osun educational circles for her dedication as a school principal and her work at Adeleke University. Beyond education, she was also known as an entrepreneur and hailed from the prominent Baba Akande/Baba Abiye family of Ede.

The family’s statement described her as a devout Christian and compassionate individual who obtained a Master’s degree from LIFE Theological Seminary in Lagos before earning her PhD from Adeleke University. “She touched many lives through her faith and commitment to community,” the statement read.

Dr Afolabi is survived by her husband, Pastor E.O. Afolabi, children and extended family members. Community members are expected to attend the ceremonies to pay their last respects. No official comment has been issued by Adeleke University as at press time.

Source: https://guardian.ng/news/nigeria/metro/esther-afolabi-for-burial-june-27/

Elile Olutimayin urges improved investor education as retail participation surges in Nigerian equities sector

Elile Olutimayin, Group Executive Director of CardinalStone Partners Limited, has called on first-time investors in Lagos and other parts of Nigeria to prioritise mutual funds over direct stock purchases, especially as activities in the Nigerian stock market intensify. Olutimayin made the remarks on Saturday during an industry briefing, citing the current bullish trend that has drawn a surge of new entrants to the market.

She explained that mutual funds offer a safer entry for beginners, shielding them from common mistakes associated with speculative buying when market prices are already high. According to Olutimayin, many retail investors lack sufficient understanding of market cycles and risk management, leading to losses when experienced traders begin to offload their holdings for profit.

“Most times, you will probably buy stocks at the high point when a lot of people are trying to exit,” Olutimayin stated. She added that for those still learning about investment dynamics, mutual funds remain a more prudent choice due to professional management and diversification benefits.

The CardinalStone executive also stressed the need for robust investor education programmes as retail participation grows in response to renewed optimism on the Nigerian Exchange. She warned that without adequate knowledge, new investors could undermine their own financial goals and expose themselves to unnecessary risks. “Investor education must remain a priority,” she said, highlighting its role in sustaining liquidity and confidence in the capital market.

As at June 2026, mutual funds have continued to attract higher demand from Nigerians seeking safer investment channels amid fluctuating naira exchange rates and inflationary pressures. Industry stakeholders expect regulatory bodies and financial institutions to intensify awareness campaigns targeting retail investors. The Nigerian Securities and Exchange Commission is yet to comment on proposed reforms or additional investor protection measures.

Source: https://guardian.ng/business-services/expert-urges-new-investors-to-adopt-mutual-funds/