CHI Life Assurance gets NAICOM’s commendation as It commences operations fully capitalised
Nike Popoola
Financial industry leaders and regulators on Wednesday gathered at the Radisson Blu Hotel, Ikeja, Lagos, for the official launch of CHI Life Assurance Limited, a subsidiary of Consolidated Hallmark Holdings Plc (CHH).
The event marked the company’s formal commencement of operations as a fully capitalised life assurance firm, following the approval of its operating licence by the National Insurance Commission (NAICOM).
Speaking at the ceremony, the Group Chief Executive Officer of Consolidated Hallmark Holdings Plc, Mr. Eddie Efekoha, described the launch as the fulfilment of a long-nurtured vision to provide Nigerians with comprehensive financial protection under one trusted brand.
“It is my honour and privilege this evening to respectfully welcome each and every one of us to this official launch of CHI Life Assurance Limited, the newest member of the Consolidated Hallmark Group,” Efekoha said. “Today marks for us the realization of a long-nurtured dream of giving to Nigerians the full spectrum of financial protection under one trusted brand that has covered general insurance, health, finance, and now life assurance.”
He recalled that during the insurance industry consolidation exercise of 2005–2007, the group had to step back from the life business to focus on building a strong general insurance franchise, Consolidated Hallmark Insurance Plc, which remains one of the strongest brands in Nigeria’s insurance landscape.
Efekoha explained that the Group’s strategic evolution led to the creation of Consolidated Hallmark Holdings Plc, which began operations on January 1, 2024, as part of efforts to strengthen its corporate structure and expand into new financial services.
“As we launch CHI Life Assurance Limited today, let me assure you that the attributes you associate with the Consolidated Hallmark brand, our value-driven, prompt, and quality service delivery shall remain undiluted,” he stated. “We remain focused on our vision to be the first-choice provider of insurance and other financial services in Nigeria and shall continually live our mission of preserving wealth, reducing anxiety, and creating value for all who come in contact with us, whether as customers, investors, or partners.”
He added that CHI Life Assurance would continue to invest heavily in technology to simplify customer transactions and enhance service delivery.
Efekoha also disclosed that CHI Life Assurance Limited and Consolidated Hallmark Insurance Plc have both surpassed NAICOM’s minimum capital requirements of ₦10 billion and ₦15 billion respectively as of September 2025, confirming their strong financial positions.
He expressed appreciation to NAICOM for granting the operational licence and acknowledged the consistent support of the company’s customers, partners, and stakeholders over the years.
Delivering a goodwill message, the Deputy Commissioner for Insurance (Finance and Administration) at NAICOM, Mr. Ekerete Ola Gam-Ikon, commended Consolidated Hallmark Holdings for maintaining its insurance identity while successfully transforming into a holding structure.
“It’s exciting to see an insurance brand metamorphose into a holding structure and still retain that insurance name,” Gam-Ikon said. “We at the Commission are happy to see what is happening, and we are challenged to see how more of this can happen across the industry.”
He noted that the development reflects a positive trend of innovation and corporate restructuring within Nigeria’s insurance sector, which NAICOM fully supports.
The event attracted key players from the insurance and financial services industry, including regulators, investors, and business leaders, who commended the launch as a major step toward deepening insurance penetration and strengthening confidence in Nigeria’s financial ecosystem.
