Ecobank Nigeria Limited is taking strategic steps to unlock investment opportunities in the insurance sector, Managing Director, Ecobank Development Company (EDC) Fund Management, Ibukun Oyedeji, said yesterday.
Speaking yesterday at the ‘Insurance Roundtable’ organised by Ecobank Nigeria/Securities, Wealth & Asset Management (SWAM), Ecobank Capital, she said the lender woudcontinue to take steps that promote insurance penetration in the country.
She disclosed that Nigerian insurance industry has huge potentials that are largely untapped.
According to her, the insurance roundtable was set up to be a forum that would bring all insurance companies together to discuss the market and pertinent issues in the industry.
“One of the things we know in Nigeria is that the insurance industry has lots of potentials, but has always remained in the infantry stage where the development of the market has struggled over time. So, at Ecobank Nigeria, we saw this as opportunity for them to discuss,” she said.
Speaking further, she said: “There is need for more collaboration between the insurance and banks. Although the regulator has advised on the Bancassurance, one of the things we think is the way outside the regulator’s imposed collaboration is that practitioners need to make sure that the collaboration comes as improved synergy to see how well we can cover the entire Nigeria, especially the masses. If you look at the demography of Nigeria, 50 per cent of Nigerians are working class and they need to be insured against loss of life, critical illnesses, among others,” she said.
Continuing, she said that: “If a merger happens in the market, which I think needs to happen, I think in the long term, insurance would be a buy for me. I think a lot of time, what has happened in the industry is the mis-selling by the agents. A lot of agents in order to meet their targets, sell the wrong insurance and you don’t know. You keep paying for that insurance until when it is time to claim the insurance”.
Also speaking, the bank’s Executive Director, Corporate Banking, Akin Dada, said tapping the opportunities in the insurance sector is good for the economy.
He said there is need for the bank to work with the insurance companies to break the barriers of insurance penetration.
“Insurance penetration has always been a major barrier. We are working with the insurance companies to see how we can unlock the opportunities in the sector. Tax incentive will enhance awareness in the sector and will help to boost insurance penetration in the country,” he said.
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
