Lagos – Nigerian billionaire Tony Elumelu says Heirs Insurance Group spent eight years obtaining its licences before it was finally authorised to operate in 2020, a journey he described as one defined by patience and perseverance.
Marking the group’s fifth anniversary, Elumelu said the long road to licensing shaped the character of the business.
“Eight years obtaining our licences. Eight years of believing in a vision, yet to materialise. Eight years navigating uncertainty, staying committed, and refusing to give up on what we knew was possible,” he said. 
He said the company was asked to build its team before receiving final approval, and did so without guarantee of the outcome.
“We invested in people, prepared for the future, and remained steadfast in our conviction that we could build an insurance business that would redefine customer experience, expand financial inclusion, and create lasting value,” he said.
Since receiving authorisation for both Heirs Life and Heirs General Insurance in 2020, the group has grown into one of Nigeria’s leading insurance groups, serving nearly two million people.
The group was this year named among the Financial Times’ Fastest-Growing Companies in Africa, a recognition Elumelu said reflected the dedication of its people.
“Being recognised among the Financial Times’ Fastest-Growing Companies in Africa this year is an important milestone, a reflection of the dedication, professionalism, and passion of our people,” he said.
He congratulated the board and the leadership team, led by Niyi Onifade at Heirs Life Insurance and Wole Fayemi at Heirs General Insurance.
“Heirs Insurance is proof that when conviction is matched with execution, African businesses can create both economic prosperity and social value,” Elumelu said.
