@50: Africa Re unveils new headquarters in Abuja, signals confidence in Nigeria’s economy

Nike Popoola

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has described the decision by African Reinsurance Corporation (Africa Re) to relocate its headquarters to Abuja as a strong vote of confidence in the Nigerian economy and the country’s strategic position in Africa’s economic development.

Speaking at the commissioning of Africa Re’s new headquarters in Abuja on Thursday during activities marking the corporation’s 50th anniversary, Oyedele said choosing Nigeria as the home of the pan-African reinsurer reflects the country’s enduring partnership with the continent.

“The choice of Nigeria and Abuja is strategic. Locating this in Nigeria is a show of confidence in the Nigerian economy and in the strategic partnership that Africa has found in Nigeria over the years and will continue to find,” he said.
According to the minister, the new headquarters also embodies Africa’s collective vision of unity and its determination to build a stronger and more prosperous continent.

Commending the state-of-the-art facility, Oyedele said the building represents a new generation of workplaces that prioritize employee well-being, health and work-life balance.

“There was a lot of thoughtfulness that went into this building. In our generation, we only thought about working. We didn’t think about caring for nursing mothers, leisure, rest or health. But you can see all these considerations reflected in this design,” he said.

He congratulated Africa Re’s management, staff and stakeholders for delivering the landmark project, describing the achievement as a collective success.
Reflecting on the corporation’s history, Oyedele described its growth over the past five decades as remarkable. He also paid tribute to the pioneers who laid the foundation for the organisation, urging younger generations to build legacies that would endure.

Also speaking, the Group Managing Director and Chief Executive Officer of Africa Re, Dr. Corneille Karekezi, officially announced the relocation of the corporation’s headquarters from Lagos to Abuja, describing it as the beginning of a new era for the institution.

“Today, Africa Re is officially headquartered in Abuja. This marks the completion of a journey and the beginning of a new chapter in our long and fruitful relationship with our host country,” he said.

Karekezi recalled that Africa Re commenced operations in July 1977 from a modest apartment in Accra, Ghana, before evolving into a multibillion-dollar reinsurance institution with offices across Lagos, Casablanca, Nairobi, Abidjan, Johannesburg, Mauritius, Cairo, Addis Ababa and now Abuja.

He disclosed that the 11-storey, 25,000-square-metre headquarters was designed to international standards, featuring modern workspaces, wellness facilities and environmentally sustainable infrastructure. The building is expected to receive Leadership in Energy and Environmental Design (LEED) Gold Certification, underscoring Africa Re’s commitment to sustainability.

Despite challenges posed by the COVID-19 pandemic, exchange rate volatility and inflation during construction, Karekezi said the project was successfully completed through collaboration among the board, management and stakeholders.
He added that the investment is projected to repay itself through rental income within eight to 10 years while generating an average annual return of about seven per cent in US dollars.

Karekezi also commended the Federal Government, the Federal Capital Territory Administration and successive Nigerian administrations for their support in land allocation, documentation and regulatory approvals that made the project possible.
Describing the new headquarters as more than “steel, glass and concrete,” he said the facility would serve as a centre for innovation, collaboration and partnerships that would strengthen Africa Re’s mission of supporting economic development across the continent for generations to come.