Aniefiok Christopher
Akwa Ibom Government has committed ₦16.5 billion lifeline to Anchor Insurance Limited recapitalization to strengthen the financial base of its assets in the state.
The State Governor, Umo Eno, stated this during a Media Briefing as part of the activities marking the third anniversary inauguration of his administration in Uyo on Saturday.
“Yesterday, I coughed out N16.5 billion to keep Anchor Insurance in business today and sustain its operations. The question is: what’s going on? My job is not to investigate, but now that I have put in government money, I will commission a forensic audit on the company. Henceforth, anywhere government puts its money, I will be interested,” Governor Eno stated.
The State Government holds a 61 per cent majority stake in Anchor Insurance Company Limited.
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Recall that Anchor Insurance Company was registered in June 1989 and licensed by the National Insurance Commission (NAICOM) in October 1989 as a general business (non-life) insurance outfit.
The company offers general insurance businesses, among which are Property Insurance, Engineering Insurance, Liability/Bonds Insurance, Marine Insurance, Group Personal Accident, Goods in Transit, Oil & Gas, Fire and Special Perils Insurance, Retail/Personal Line Insurance, Motor Insurance, Aviation Insurance, Loss of Employment Insurance Scheme, Agriculture Insurance and Travel Insurance, among others.
It maintains strong re-insurance and treaty arrangements and it is a member of international, regional and local insurance organisations such as African Insurance Organisation (AIO), West African Insurance Association (WAICA) and Nigerian Insurers Association (NIA).
The Governor stated that the investment was aimed at repositioning Anchor Insurance to meet evolving regulatory requirements in Nigeria’s insurance sector and enhance its capacity to contribute meaningfully to the state’s economic growth.
According to him, the recapitalisation exercise forms part of broader reforms designed to safeguard government investments, improve institutional efficiency and ensure that state-owned enterprises remain viable and competitive.
He explained that the move became necessary in view of ongoing reforms in the insurance industry, particularly the recapitalisation requirements introduced by the National Insurance Commission (NAICOM), which have compelled insurance firms to strengthen their capital base.
The State Chief Executive maintained that the state government remains committed to protecting public assets and ensuring that investments made on behalf of Akwa Ibom people yield long-term benefits.
The Governor assured that his administration would continue to pursue prudent financial management and strategic investments capable of stimulating economic development, creating employment opportunities and expanding the state’s revenue base.
Anchor Insurance Limited is one of the strategic investments owned by the Akwa Ibom State Government, and the recapitalisation effort is expected to position the company for greater participation in the nation’s insurance industry.
Earlier, the Commissioner for Information, Mr. Aniekan Umanah, had said Governor Eno administration has recorded remarkable achievements in human capital development and empowerment, with over 86,000 Akwa Ibom residents benefiting from various employment and economic inclusion programmes in the last three years.
Commenting on the gains recorded under the ARISE Agenda, Umanah stated that the government has remained committed to inclusive growth and sustainable human capital development through strategic empowerment and employment interventions designed to expand opportunities across all sectors of the state’s economy.
According to him, the State currently has 750 political appointees and a civil service workforce of 53,275 personnel, reflecting the administration’s deliberate efforts to strengthen public service and create employment opportunities for citizens.
He further revealed that as of May 2026, a total of 86,324 persons have directly and indirectly benefited from government employment and empowerment initiatives, underscoring the broad impact of the administration’s people-centered policies.
The Commissioner noted that these achievements were driven through a series of special intervention programmes, including the DASAC Training Programme, Ibom Leadership and Entrepreneurial Development (IBOM-LED), Farmers Grant Scheme, Traders Grant Scheme, Civil Service Recruitment exercises, and the Elderly Citizens Support Scheme.
“The State has recorded significant progress in human capital development, with 750 political appointees and a total civil service size of 53,275 personnel. In addition, a total of 86,324 persons have benefitted directly and indirectly from employment and empowerment initiatives as at May 2026, reflecting the broad reach of government interventions across the State.
“These achievements have been driven through several special intervention programmes, including the DASAC Training Programme, Ibom Leadership and Entrepreneurial Development (IBOM-LED), Farmers Grant, Traders Grant, Civil Service Recruitment exercises, Elderly Citizens Support Scheme, among others, all designed to strengthen livelihoods, enhance skills, and promote economic inclusion across Akwa Ibom State.”
He pointed out that the programmes were carefully designed to improve livelihoods, equip beneficiaries with relevant skills, stimulate entrepreneurship, and promote economic inclusion across communities in the State.
Umanah emphasised that Governor Eno administration places human capital development at the heart of governance, recognizing that sustainable development can only be achieved by investing in people and creating pathways for economic advancement.
Through these interventions, according to the Commissioner, thousands of youths, women, farmers, traders, civil servants, and vulnerable citizens have been empowered to become productive contributors to the state’s economy.
Umanah reaffirmed the administration’s commitment to consolidating on existing gains and expanding opportunities for more Akwa Ibom people, in line with the Governor’s vision of building a prosperous, inclusive, and economically vibrant State under the ARISE Agenda.
