– Billionaire businessman, Tony Elumelu, has spoken on the role of the private sector in building the economy
– Elumelu, the chairman of Heirs Holdings shared his thoughts at the official launch of Heirs Insurance & Heirs Life in Lagos
– Governor Sanwo-Olu of Lagos state who was a guest at the event also noted that the private sector needs to be encouraged
Victoria Island, Lagos state – Tony Elumelu, the chairman of Heirs Holdings, says the role of the private sector is not just to make profits for shareholders but also to help develop Nigeria by creating jobs and eradicating poverty.
The billionaire businessmen said this is the goal of Heirs Insurance & Heirs Life, new subsidiaries of the Heirs Holdings Group, launched at Heirs Towers, Victoria Island, Lagos on Tuesday, June 1, virtually attended by Legit.ng.
The governor of Lagos state, Babajide Sanwo-Olu, the national commissioner for insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olorundare Sunday Thomas, and other important dignitaries were present at the launch.
Speaking at the event, Elumelu said the core purpose of Heirs Holdings is to improve lives and transform the African continent.
“We like to improve lives and transform our continent, starting with our country.
“We are trying to improve lives by creating jobs, improving economic activity, and contributing more revenues to the government coffers.”
The business mogul and philanthropist added that the mission of Heirs Insurance & Heirs Life is to positively change the insurance landscape in Nigeria.
He noted that though Nigeria has the biggest economy in Africa, the country’s insurance to GDP ratio is very insignificant.
The respected businessman noted that the private sector leaders need to work with the relevant government departments to ensure that the insurance to GDP ratio in the country becomes respectable
“We want to help the Nigerian public. There is something they have yearned for, for a long time.
“They want insurance companies of services that can be offered on a platform of excellence, superior service delivery, customer service, digitally-driven, and above others, they want an insurance that is on their side, affordable insurance products, reliable insurance products, and that is what Heirs insurance will bring to our people.”
He added that the Heirs Holdings group has a track record of success just as he assured the Nigerian public that they will be proud of the newly launched companies which, according to him, have already created about 150 jobs.
“We come with a strong tradition, a strong track record, not just of governance but of business success and business turnaround and most importantly wealth creation for all.
“We believe that prosperity should be democratised. We believe that success for us will not just be the profit we make for shareholders but also the impact we create.
“The impact will make, how we help to develop the community, how we help to create jobs for our people. Our own role in helping to eradicate poverty.
“These are things that will signpost and define success for us and these are things we are used to.”
Elumelu reassured the Nigerian public that Heirs Insurance & Heirs Life, working with NAICOM and other stakeholders, will change the insurance landscape in Nigeria for the better.
In his remarks, Governor Sanwo-Olu congratulated Elumelu on the new feat just as he highlighted the importance of the roles played by the private sector.
The Lagos state governor noted that the pivate sector leaders need to be encouraged because they are the real engine of growth.
In other news, the Bureau of Public Enterprises (BPE) plans to privatise the Transmission Company of Nigeria (TCN), in a bid to reform it.
The TCN remains the only segment of the power sector yet to be reformed since 2013.
The power sector had undergone privatisation in 2013, with various part of the industry, such as the distribution (DisCos) and generation (GenCos) sub-sectors, taken up by private investors.