Business

Heirs General Insurance appoints New Executives

Published

2 years ago

August 7, 2024

365 Views

Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General.

The appointments further strengthen HIG’s governance and leadership team.

HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance products and customer-centric service proposition.

Ibrahim Puri is an accomplished financial services leader, with over 30 years of experience in banking, fintech, and FMCG industries.

He was Group Executive Director at the United Bank for Africa and serves on the board of RedTech and Nigeria Breweries. He brings a deep understanding of the African financial industry and the ability to navigate complex market dynamics.

Sonny Iroche has over four decades of experience in finance, investment promotion, and economic advisory.

He serves as the Executive Chairman of Strategic Alliance Promotion Company and has held leadership positions at the Transmission Company of Nigeria and United Capital Plc.

He also serves as a special advisor to the Board of Governors of the African Leadership Institute (AFLI).

Commenting, Tony O. Elumelu, CFR, Chairman, Heirs Holdings said: “We are pleased to welcome Ibrahim and Sonny to Heirs Insurance Group, and specifically to Heirs General Insurance.

Their exceptional leadership and track record of success will further assist in executing our vision of being Nigeria’s foremost, trusted, and innovative insurance provider. I know that their expertise will enhance Heirs Insurance Group’s position as an industry leader, delivering exceptional value to all stakeholders.

“Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Business

IMF Warns of AI Financial Shocks Across Institutions, Markets

The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.

Published

37 minutes ago

July 27, 2026

OCHEFA

5 Views

The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.

Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.

He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.

According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.

Business

Rural Electrification Agency targets 3.7GW solar manufacturing to close Nigeria’s power gap

Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).

Published

47 minutes ago

July 27, 2026

OCHEFA

12 Views

• Solar

The Rural Electrification Agency (REA)is on the move to establish 3.7 gigawatts (GW) of local solar photovoltaic (PV) panel manufacturing capacity by the end of 2027.

The planned manufacturing expansion will significantly reduce imports while strengthening Nigeria’s renewable energy value chain.

Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).

He said that the agency is encouraging Chinese solar manufacturers to establish production facilities in Nigeria, noting that locally assembled solar panels are already being exported from Lagos to neighbouring Ghana.