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Last week, Nairametrics started a series on billionaires in the Insurance sector which is being concluded this week. Also, we have added some near-billionaires, considering the value of their shares on listed insurance companies.

Cyril Onyekwelu Umunna Ajagu

Cyril Onyekwelu Umunna Ajagu is the Executive Vice Chairman of Universal Insurance Plc and Group Managing Director of the CONAU Group which comprises several companies including  Frenchies Food Nigeria Limited, Universal Insurance Plc, and African Alliance Insurance Plc.

Ajagu holds a B.Tech in Mining Engineering and an MBA in Innovation Technology from the Federal University of Technology Akure (FUTA). He is a member of the Society of Petroleum Engineers.

He worked in several multinational companies such as Mobil Nigeria and Overseas (North Sea), Schlumberger and Shell Development Company of Nigeria.

Ajagu has significant shareholding in African Alliance Insurance Plc and Universal Insurance Plc, which is a sister company to African Alliance Insurance Plc.


Through CONAU Limited, he has 11,835,000,000 shares in African Alliance Insurance. At the company’s share price of N0.24 on our cut off date( April 6, 2018), this amounts to a net worth of N2.84 billion.

Emeka Offor

Sir Emeka Offor was born in 1957 in Kafanchan, Kaduna State. He obtained his First School Leaving Certificate (FSLC) in 1977. Thereafter, he spent a few years as an apprentice under his uncle. He then established the Chrome Group in 1990.

While primarily known for his company’s activities in the oil and gas space, Offor has also invested heavily in the insurance sector. He holds 2,122,015,587 shares in Nigeria Insurance Plc. This amounts to N721 million.

Standard chartered

Offor also holds 2,798,514,210 shares in Guinea Insurance amounting to N1.1 billion. His total net worth thus amounts to N1.8 billion.

Standard chartered

Olakunle Ade Ojo

Olakunle Ade-Ojo is the Managing Director of Toyota Nigeria Ltd. A graduate of Mechanical Engineering from University of Reading, he also holds an M.Sc in Automotive Product Engineering from Cranfield University, both in the United Kingdom.

He returned to Nigeria as the Business and Strategic Development Manager of Toyota (Nigeria) Limited and rose through the ranks. He was an Executive Director with Toyota Nigeria Limited until his appointment as the Managing Director of the Company.


Olakunle Ade Ojo has an indirect shareholding of 924,907,141 shares in Custodian and Allied Insurance Plc and represents the interests of MikeAde investments. Olakunle Ade Ojo is the son of billionaire Michael Ade Ojo. At our cut-off date, the shares are valued at N4.5 billion.

Almost billionaires include:

Ede Dafinone

Mr. Ede Dafinone, a graduate of Economics from Victoria University of Manchester (1983), also holds a Master’s degree from the University of Exeter, UK (1984).

He is an astute accountant having held various leadership positions in both private and government establishments.

He is also a fellow of several professional bodies including Institute of Chartered Accountants in England and Wales (2000), Institute of Chartered Accountants of Nigeria (2000) and an associate member of Chartered Taxation Institute of Nigeria (1999).


Mr. Dafinone is the Deputy Managing Partner of Howarth Dafinone.

Ede Dafinone has a 6.98% stake or 368,445,497 shares in NEM Insurance. At our cut-off date, this amounts to a net worth of N994.8 million.

Joy Teluwo

Mrs. Joy Teluwo is a registered nurse by profession from the Edo State school of Nursing.

She is the Managing Director/ Chief Executive Officer of Jotel Trade Park Limited. In 2002, she joined Vigilant Oil & Gas as the General Manager where she set up risk management for the Company. She continues to successfully run three indigenous companies including Tropical Farms.

Joy Teluwo has a 6.38% stake in NEM Insurance amounting to 337,054,067 shares. At our cut-off date, this gives a valuation of N910 million.

Oladele Fajemirokun

He holds a Bachelor of Science Degree in Economics from the University of Ife in 1974.

He also received an Honorary Doctorate Degree in Business Administration from City University of Los Angeles, the United States.

He is a Fellow of the Institute of Administrative Management of Nigeria and the Institute of Directors respectively.

He has also served as Chairman of the Board of Directors in Henry Stephens & Sons Ltd, Nigerian Maritime Services Ltd, Food Concept and Entertainment Ltd, Logic Science Ltd, FSS Gases Ltd, Blue-Chip Communications Ltd and Kings Guards Securities Group Ltd.

Though he has since stepped down from the board of AIICO Insurance, Dele Fajemirokun still retains his stake in the firm. He holds 1,290,156,932 shares in the insurance firm. At our cut-off date, this gives a valuation of N877 million.


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 onome.ohwovoriole@nairametrics.com



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