Connect with us
Stanbic IBTC
Polaris bank
Fidelity ads


Billionaire investors in the Nigerian Insurance space (1)



Aigboje AIG-Imoukhuede, Access Bank unveils logo, Access Bank and Diamond Bank merger

The insurance industry has often played second fiddle to the banking sector, largely due to the low penetration in the country.

Poor corporate governance has meant that many insurance firms have done poorly in terms of share price and dividend payment.

Some firms, however, have managed to stay above water or are being repositioned. Here is a brief profile of some billionaires in the insurance space.

*Valuations were calculated using a cut off date of April 6, 2018.


 Oluwole Oshin

Brief Profile 

Mr. Oluwole B. Oshin has a first degree in Actuarial Science from the University of Lagos (1984) and a Masters degree in Business Administration from the University of Ibadan (1990).

Mr. Oshin’s insurance career began in 1984 when he worked for three (3) years in the Actuarial Sciences Department of the National Insurance Corporation (NICON)

In 1987, he became Assistant Manager in the Executive Support Services Division of Femi Johnson & Co., where he was responsible for the entire insurance needs of big conglomerates with assets running into billions of Naira.

Mr. Oshin joined Marketing Department of Crusader Insurance (Nigeria) Plc as Head of Corporate Marketing, responsible for the marketing of its corporate clients in 1991.

He founded Custodian and Allied Plc in 1994 and he has been the Managing Director since 1994 and also serves as its Chief Executive Officer.

Oshin is an Associate Member of the Chartered Insurance Institute, U.K, as well as a Fellow of the Chartered Insurance Institute of Nigeria.  He is an Alumnus of Lagos Business School (LBS CEP-9).

Estimated Net worth

Wole Oshin has a direct holding of 238,674,353 shares and indirect holding of 866,134,963 shares in Custodian and Allied Insurance Plc.

bitcoin train

At the company’s current share price of N4.97, this gives him a net worth of N5.4 billion.


Aigboje Aig Imoukhuede

Brief Profile 

Aigboje Aig Imoukhude is the co-founder of Access Bank Plc and currently chairman of Coronation Capital.  He served as Managing Director of Access Bank from 2002-2013. Prior to this, he worked in Guaranty Trust Bank from 1992-2002.

He holds an LLB from the University of Benin and participated in the Harvard Business School (HBS) Program for Management Development in 2000.

Jaiz bank ads

Estimated Net worth

Aig has total holdings in Wapic insurance Plc amounting to 6,378,300,514 shares.

At our cut off date of April 6, 2018, this gives him a net worth of  N3.3 billion. 

Bode Akinboye

Coronation ads

Brief Profile 

He is an Accounting graduate and a Member of the Chartered Insurance Institute, London and Nigeria, a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Associate, Chartered Insurance Institute of Nigeria (CIIN), Nigerian Institute of Management (MNIM) and Institute of Directors (M.Inst.D ). He studied Banking and Finance for his Master of Business Administration.

Prior to joining Standard Alliance Group, Mr. Akinboye worked with Industrial and General Insurance PLC as the Management Accountant.

Mr. Akinboye is an alumnus of Harvard Business School, Boston, USA. Mr. Akinboye is an alumnus of Lagos Business School (LBS), Pan African University, has gained considerable experience in strategic marketing, product packaging, and corporate management

Akinboye resigned from Standard Alliance, before making a come back this time as an owner.


Estimated Net worth

Akinboye holds a direct stake of 435,781,914  shares in Standard Alliance Insurance, and an indirect stake of  2,594,060,738  shares through Gemstone Management Company Limited.

At our cut off date of April 6, 2018, this amounts to N1.3 billion.

Yinka Aletor

Brief Profile

Aletor is a lawyer by profession and currently a staff of the Nigerian Law School. Prior to this, she had worked at the Continuing Legal Education Association of Nigeria (CLEAN), Akeredolu Olujimi (Legal Practitioners) and Afe Babalola and Co (Emmanuel Chambers) as a lawyer.

Aletor had also made our list of female billionaires.

Estimated Networth

Yinka Aletor has indirect holdings of 383,492, 958 shares in NEM Insurance Plc.

At our cut-off date, this amounts to N1.03 billion.


Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]



  1. ayo

    May 23, 2018 at 10:19 am

    How come there is no mention of Chief Ade Ojo (Ex chairman of Custodian and Alliance now represented on the board by his con), Chief Dele Fajemirokun (Group Chairman Of AIICO insurance, The Odukale Brothers (Leadway Assurance) in this report?

    • Onome Ohwovoriole

      May 23, 2018 at 9:07 pm

      Good evening. They both have a net worth of less than N1 billion. Leadway Assurance is not listed.

  2. Agbo

    May 23, 2018 at 2:52 pm

    Onome please what is the best online platform to trade the NSE

  3. ekanemukpong

    May 25, 2018 at 9:41 pm

    I love all your content on this site. Please make a mobile app

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Nairametrics | Company Earnings