AIICO Insurance Plc has announced the appointment of three new directors to its board in a notification signed by Company Secretary Donald Kanu.
In the disclosure, Mr. Sadiq Mohammed was appointed as an Independent Non-Executive Director, while Mr. Tunde Mabawonku and Mrs. Rolake Akinkugbe-Filani, HCIB, were appointed as Non-Executive Directors.
The board highlighted their combined experience across financial services, banking, capital markets, and advisory roles, noting that the appointments are expected to strengthen governance and strategic oversight.
Mr. Sadiq Mohammed has over 33 years of experience across financial markets, pensions, infrastructure, real estate, fintech, and alternative investments.
Sadiq attended Harvard Business School’s Advanced Management Program and holds an Executive MBA from Carnegie Mellon University and the University of Geneva, alongside a B.Tech degree from Abubakar Tafawa-Balewa University.
Mr. Tunde Mabawonku is the Executive Director in charge of Finance, Retail and Digital Business at Wema Bank Plc, with over 25 years of experience across banking, finance, strategy, risk management, and digital transformation.
Before becoming an Executive Director, he served as Chief Finance and Strategy Officer, overseeing the Finance and Corporate Services Division, after holding leadership roles across Chartered Bank, Prudent Bank, and Skye Bank.
His previous responsibilities included performance management, cost control, financial advisory services, human capital management, and financial control functions during his banking career.
Tunde Mabawonku holds a Master’s in Finance from London Business School and a degree in Economics from University of Ibadan, alongside professional memberships with ICAN, CIBN, and ACITN.
Rolake Akinkugbe-Filani, HCIB, has nearly two decades of experience across financial services, energy, banking, capital markets, development finance, and risk advisory.
She holds a Global Executive MBA from the TRIUM programme involving New York University Stern School of Business, London School of Economics, and HEC Paris, alongside degrees in International Relations and Government from the London School of Economics.
Akinkugbe-Filani currently serves as an independent Non-Executive Director at UpEnergy.
The newly appointed directors now join a board chaired by Kundan Sainani, with Babatunde Fajemirokun serving as Managing Director/Chief Executive Officer.
At the executive level, the leadership includes Adewale Kadri and Gbenga Ilori, serving as Executive Directors.
The non-executive directors are Ademola Adebise, Samaila Dalhat Zubairu, Folake Edun, Olalekan Akinyanmi, and Raimund Snyders.
The independent non-executive representation includes Kemi Adewole as Independent Non-Executive Director.
AIICO Insurance Plc has recorded a year-to-date performance of over 21% on the Nigerian Exchange and is currently priced at N4.60 per share.
In Q1 2026, the insurance company reported a pre-tax profit of N5.8 billion, up from N5.1 billion recorded in Q1 2025.
In the period, received premiums rose to N55.4 billion from N46.9 billion, while claims paid increased to N25.1 billion, up from N21.9 billion.
