Heirs Life Assurance, the specialist life insurance arm of Heirs Insurance Group, has appointed the Founder and Lead Pastor of Streams of Joy International Ministry, Pastor Jerry Eze, as an Independent Non-Executive Director on its Board.
The appointment, which took effect on Monday, August 10, 2026, comes as the insurer seeks to deepen financial inclusion, improve public confidence in insurance and encourage wider adoption of insurance products across Nigeria.
The development was disclosed in a statement seen by Nairametrics.
Heirs Life seeks stronger public trust
According to the company, Eze’s appointment forms part of its broader strategy to strengthen consumer education, expand access to insurance and promote long-term financial resilience among Nigerians.
The company believes his experience, reach and engagement with communities could help advance its efforts to make insurance more accessible and relevant to a wider segment of the population.
Tony Elumelu, Chairman of Heirs Life Assurance, welcomed Eze to the Board and the wider Heirs Insurance Group.
“Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities,” Elumelu said.
He added that Eze’s experience and influence would support the company’s efforts to democratise access to insurance, strengthen consumer trust, deepen financial inclusion, and improve financial protection for millions of Nigerians.
Eze: Insurance can strengthen financial resilience
Eze, while commenting on his appointment, said he was honoured to join the Board at a significant point for Nigeria’s insurance industry.
“Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience,” he said.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Insurance Group, which comprises Heirs Life Assurance, Heirs General Insurance and Heirs Insurance Brokers, currently serves more than 3 million people directly and indirectly, according to the company.
Nigeria’s insurance market still has room to grow
Eze’s appointment comes against the backdrop of Nigeria’s persistently low insurance penetration, despite the size of the country’s economy and its large population.
The situation underscores the need for insurers to broaden their reach, improve consumer awareness and build greater confidence in insurance as a tool for financial protection.
Data from the National Bureau of Statistics showed that Nigeria’s finance and insurance sector expanded by 14.54% in 2025, a significant improvement from the 2.95% growth recorded in 2024.
However, insurance continues to account for a relatively small share of the sector’s overall output.
In real terms, financial institutions accounted for 90.43% of the sector’s output in the fourth quarter of 2025, while the insurance subsector contributed 9.57%.
The figures illustrate the dominant position of financial institutions within the broader finance and insurance sector and the comparatively smaller contribution of insurance.
For insurers, increasing penetration will require not only wider distribution but also stronger consumer understanding of the benefits of life, health, general and other forms of insurance.
Who is Pastor Jerry Eze?
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a multinational Christian ministry with branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of New Season Prophetic Prayers and Declarations (NSPPD), a digital prayer platform with a global audience.
Through his ministry and humanitarian activities, Eze has built a significant public profile, particularly around community development, compassion and social impact.
He is the Founder of the Jerry Eze Foundation, a faith-based philanthropic organisation that provides housing support and grants to vulnerable and underserved communities.
In 2026, Eze announced N1 billion in grants for young entrepreneurs in agriculture, technology and manufacturing, with the initiative aimed at supporting enterprise development and creating economic opportunities.
Before entering full-time ministry, Eze worked in development communications. His previous professional experience included serving as a Communications Specialist on a World Bank HIV/AIDS programme and working with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Appointment follows insurance recapitalisation exercise
Eze’s appointment also comes shortly after the conclusion of Nigeria’s insurance industry recapitalisation exercise, which introduced higher capital requirements for operators.
Heirs General Insurance Limited and Heirs Life Assurance Limited were among the companies that met the July 31, 2026 compliance deadline, according to the information provided.
The National Insurance Commission (NAICOM) listed 43 insurance companies as compliant with the new capital requirements. The list comprised 23 non-life insurers, 10 life insurers, eight composite insurers and two reinsurers.
The recapitalisation exercise followed the enactment of a new insurance law signed by President Bola Ahmed Tinubu on July 31, 2025.
Insurance operators were given a 12-month compliance period to meet the revised capital requirements, with the broader objective of strengthening the industry's capacity to underwrite larger risks and contribute more effectively to Nigeria’s long-term economic development.
Against this backdrop, Heirs Life’s decision to bring Eze onto its Board places his appointment within a broader period of transformation for the Nigerian insurance industry.
Beyond strengthening its corporate governance structure, the company is positioning the appointment around the wider challenge of bringing insurance closer to Nigerians who remain outside the formal insurance market.
For Heirs Life, leveraging Eze’s public influence and community reach could provide an additional avenue for promoting insurance awareness, while his role as an Independent Non-Executive Director is expected to contribute to the company’s strategic direction and governance.