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.

He added that the priority now shifts to translating that financial strength into products and services customers can feel.

“It gives us greater capacity to invest in innovation, strengthen customer experience, and deliver even more value to the individuals, families, and businesses we serve,” Akerele said.

PricewaterhouseCoopers independently verified the capital raise, which was backed by Enterprise Life’s parent company, Enterprise Group Ghana, a move the firm described as a vote of long-term confidence in the Nigerian market rather than a routine compliance exercise.

Akerele framed the development as a launchpad rather than a finish line, pointing to a strategy anchored on sustained investment in technology and partnerships well beyond regulatory requirements.

“Our vision has always extended beyond meeting today’s requirements. We are building a financially resilient, digitally enabled insurance company that can respond to tomorrow’s opportunities,” he said, adding that the company would continue investing in technology, partnerships, and customer-centric solutions to make insurance “more accessible, more relevant, and easier for Nigerians.”

Over the past five years in Nigeria, Enterprise Life has developed a digital-led business model, leveraging technology and partnerships to widen access to life assurance and expand formal insurance coverage.

With its expanded capital base now secured, the company stated that it is targeting enhanced underwriting capacity, new life insurance products, wider distribution channels, and deeper market penetration as the sector prepares for substantial growth over the coming years.