Leadway Assurance, a member of the Leadway Group, has said its post-recapitalisation strategy will focus on expanding its business, strengthening digital services and taking on larger risks across key sectors of the Nigerian economy.
The company recently completed its recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, meeting the revised minimum capital requirements set by the National Insurance Commission (NAICOM).
Leadway said the achievement goes beyond regulatory compliance, describing the stronger capital base as a platform for its next phase of growth.
The company said its expanded financial capacity will enable it to underwrite larger and more complex risks, promote financial inclusion on a wider scale and support Nigeria’s ambition to build a US$1 trillion economy.
Leadway’s post-recapitalisation strategy is built around three major growth opportunities: high-net-worth individuals, major infrastructure and industrial projects, and Nigeria’s growing population of young people and small business owners.
The company said rising personal wealth and increasingly complex assets are creating greater demand for tailored insurance solutions among high-net-worth individuals.
With its stronger capital base, Leadway said it is now better positioned to provide cover for larger individual exposures while offering specialised services to this market.
The company is also targeting major public and private sector projects, including energy, manufacturing and large-scale business operations.
According to Leadway, its increased underwriting capacity will allow it to support complex risk programmes connected to some of Nigeria’s most important investments and infrastructure projects.
Another major focus is Nigeria’s young and increasingly digital population, as well as entrepreneurs and small business owners who are demanding easier and more convenient financial services.
Leadway said its digital strategy will provide mobile-led access to insurance for younger customers who expect digital services as a standard part of their financial experience.
For high-net-worth individuals and corporate customers, the company said it will provide more data-driven and seamless services suited to their needs.
SMEs and agricultural businesses are also expected to benefit from more affordable and appropriately structured insurance products.
The company said its digital strategy is aligned with the NAICOM Implementation Working Group’s drive to accelerate digitalisation and deepen financial inclusion in the Nigerian insurance industry.
Speaking on the company’s direction, the Managing Director and Chief Executive Officer of Leadway Assurance, Gboyega Lesi, said the company had spent the past several years strengthening its operations and preparing for its next phase of growth.
“We have spent the last several years building a business that is technically stronger, digitally tuned and strategically positioned to serve Nigeria at a level this industry has not seen before,” Lesi said.
He said the recapitalisation would allow the company to pursue its growth plans on a larger scale.
“What recapitalisation gives us is the impetus to pursue that ambition at full scale,” he said.
Lesi said the company would focus on underwriting risks that matter to major businesses, developing products for younger Nigerians and strengthening its commitment to policyholders.
“Leadway is not entering a new chapter because a regulator asked us to; we are entering it because we are ready,” he said.
He also commended NAICOM for providing what he described as a clear and forward-looking regulatory framework for the industry.
“We welcome the discipline it demands and the confidence it instils across the market,” Lesi added.
Leadway said its stronger capital position also places it in a better position to support national development by providing insurance cover for major infrastructure and business projects.
The company plans to deepen its presence across sectors including finance, energy, agriculture and technology, while expanding insurance coverage for individuals, businesses and institutions.
Leadway said the focus across all its business segments is to build a stronger institution capable of supporting customers and the wider Nigerian economy over the long term.