Africa Re opens landmark Abuja headquarters, signals new growth phase

The African Reinsurance Corporation (Africa Re) has entered a new phase of growth with the commissioning of its state-of-the-art multi-million-dollar headquarters in Abuja, marking a significant milestone in the corporation’s 50-year history.

Speaking at the commissioning ceremony, Corneille Karekezi, group managing director/CEO, Africa Re described the project as the fulfilment of a promise made six years ago to establish a headquarters befitting Africa’s leading reinsurance institution.

“Today, I am pleased to say that as of June 24, 2026, Africa Re is officially headquartered in Abuja. This marks the completion of a journey and the beginning of a new chapter in our long and fruitful relationship with our host country,” Karekezi said.

Taiwo Oyedele, Nigeria’s minister of Finance and coordinating minister of the Economy, who commissioned the 11-story building on behalf of President Bola Ahmed Tinubu said the choice to build this elegant structure in Abuja by Africa Re is a testament to the confidence that the Pan-African Institution have on Nigeria.

Oyedele said it’s a reflection of the kind of partnership and good relationship Africa Re has had with the people of Nigeria and the country’s insurance industry.

Reflecting on the corporation’s evolution, the Africa Re GMD noted that it began operations in July 1977 in Accra, Ghana, from a modest apartment made available by its pioneer Managing Director, the late Sir Edward Mensah.

“Nearly 50 years later, Africa Re stands as a globally respected institution with multi-billion-dollar assets, serving the development of Africa through a network of offices across the continent,” he said.

According to Karekezi, the new headquarters symbolises the corporation’s strength, ambition and confidence in the future.

“This headquarters reflects the strength of the corporation, the ambition of its people, and our confidence in the future. Today, we are not merely inaugurating a building; we are bringing to life a vision.”

The 11-storey headquarters spans about 25,000 square metres and was designed to meet international standards of quality, efficiency and sustainability. Karekezi said the facility is targeting Leadership in Energy and Environmental Design (LEED) Gold certification, underscoring Africa Re’s commitment to environmental responsibility and sustainable development.

“As a smart and resilient building, it is designed to serve not only the needs of Africa Re today but also those of future generations,” he said.

Karekezi also highlighted the economic value of the investment, noting that despite challenges such as the COVID-19 pandemic, inflationary pressures and exchange-rate uncertainties during construction, the project remained viable.

“Together, we are delivering today an investment achievement which shall earn rental income and pay itself back within eight to ten years, generating an average return of about 7 per cent annually in US dollars under realistic assumptions,” he said.

Describing the headquarters as more than a physical structure, Karekezi said it would serve as a hub for innovation, partnerships and collaboration that support Africa Re’s mission of contributing to the continent’s economic development.

“This building is more than steel, glass and concrete. It is a place where ideas will flourish, partnerships will be strengthened and innovation will continue to support our mission of contributing to the economic development of Africa.”

He added that the commissioning reinforces Africa Re’s commitment to excellence, integrity and sustainable growth as it positions itself for the next phase of expansion across the continent.