By Ngozi Onyeakusi— Digital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have extended simple insurance plans to the beneficiaries of the Tony Elumelu Foundation (TEF).

Targeted at minimising business risks, the bundled insurance package comprises elements to protect business owners against the loss of property and lives, providing financial security in times of uncertainties. This timely insurance intervention addresses the fear of loss caused by a post-Covid19 economy while further demonstrating the mission of the Foundation to empower African entrepreneurs and catalyse the continent’s economic development.

Speaking about the importance of the partnership, the Director, Partnership and Communications, TEF, Somachi Chris-Asoluka, stressed that events of the past year has triggered the need to educate entrepreneurs on the importance of risk alleviation to ensure the survival.

“Our core mandate is to empower African entrepreneurs across all 54 African countries with training, funding, mentorship and other valuable resources that will enable them successfully operate their businesses in order to create socio-economic hope for the continent. We have funded nearly 16,000 entrepreneurs and trained hundreds of thousands of young entrepreneurs across the continent. As economies look to recover from the effects of the pandemic, there is no better time to launch this intervention with Heirs Insurance and Heirs Life, that is focused on small business owners from the TEF Alumni network. With these unique product offerings, entrepreneurs in Nigeria can further mitigate the impact of external factors on their operations, protect their investments and secure their finances. At the Tony Elumelu Foundation, we believe that entrepreneurs are the engines of economic growth and prioritizing their welfare and businesses will drive significant growth and employment opportunities.

Corroborating Somachi, the Chief Marketing Officer, Heirs Insurance and Heirs Life, Ifesinachi Okpagu, described the partnership as timely and of immense value to all the entrepreneurs. According to her, both companies place entrepreneurs on a pedestal because of the critical role they play in the development of the country’s economy.

She said, “At Heirs Insurance and Heirs Life, we are committed to entrepreneurs because we believe their work is the foundation of our economy. The lockdown and the ensuing challenges have dealt a blow to this critical aspect of our development as a nation. Our responsibility as insurers is to help alleviate these risks to ensure that our entrepreneurs focus on the business of creating employment and contributing to the country’s economic growth. We are delighted to be partnering with the Tony Elumelu Foundation to demonstrate this and we look forward to the impact this will have on TEF entrepreneurs and their businesses.

All the plans can be accessed via the Tony Elumelu Foundation website as well as that of Heirs Insurance ( and Heirs Life ( ).



The Tony Elumelu Foundation empowers thousands of entrepreneurs across the African continent as part of its commitment to catalyse economic growth, drive poverty eradication and ensure job creation. It has so far empowered and funded nearly 10,000 African entrepreneurs from all 54 African countries as part of its US$100 million TEF Entrepreneurship Programme. The Tony Elumelu Foundation is inspired by Tony Elumelu’s economic philosophy of Africapitalism which positions the private sector, and most importantly entrepreneurs, as the catalyst for the long-term social and economic development of the African continent.

Launched earlier this year, Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, leverage digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses. ​


With a paid-up share capital of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity.  The companies are backed by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios.​ Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty-three countries worldwide.