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Billionaire investors in the Nigerian Insurance space (2)



Emeka Ofor

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.

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.

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).

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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.

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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.

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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 [email protected]



  1. Anonymous

    May 31, 2018 at 10:04 pm

    Akin Ogunbiyi of Mutual Benefits?

  2. MaaziM

    February 12, 2019 at 11:23 am

    Does it mean that Emeka Offor obtained his FSLC at age 20?

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Bridget Oyefeso-Odusami: The emergence of a marketing and brand communications guru

Oyefeso-Odusanmi has certainly marked her presence in the corporate world of marketing and brand communications.



Though not everyone can be the Director-General of the World Trade Organisation at the same time, there are women equally etching their names in various industries across the globe. Stanbic IBTC Holdings PLC has one of such women.

As Head, Marketing and Communications, Bridget Oyefeso-Odusami is showing that her 22 years of experience in brand strategy, sponsorships, digital marketing and communications have equipped her in ways a Doctoral degree might not have, especially since Integrated Marketing Communications is hardly offered as an independent course in institutions.

Bridget Oyefeso-Odusami bagged a Bachelor of Science degree in Botany from Lagos State University, and a Post Graduate degree from the University of Leicester, UK, before foraying into marketing communications.

Career journey

She was Marketing Manager of Aero Airlines for 6 months, and was with British Airways for 9 years, serving in several various marketing and sponsorship positions.

Her professional recognition started back from her time managing the British Airways corporate image in Nigeria and other African countries, where she received the highest ratings for creativity, innovation and dedication for functional responsibilities at British Airways Plc, the best of British Airways community volunteering award.

She served as Executive Director at Change-A-Life between September 2009 and June 2010, and was also Head, Sponsorship and Event at First Bank Nigeria Limited for over 6 years.

Oyefeso-Odusami served as Corporate Investment Banking Marketing Manager at Stanbic IBTC for over a year, before assuming the position of Head, Marketing and Communications department in acting capacity. The appointment was confirmed in January 2019.

It was in this position that she emerged winner of the Outstanding Corporate Communications Personality of the Year 2019 at the MARKETING EDGE Marketing and Advertising Awards of Excellence. According to the presiding board, her versatility and inspiring growth in the Corporate Communications sector and performance in the marketing, advertising and brand management environment, had distinguished her among other nominees.
In August 2020, Oyefeso was appointed Non-Executive Director of the Stanbic IBTC Asset Management Limited Part-time.

Professional qualifications

She is a certified member of professional bodies such as Advertising Practitioners Council of Nigeria (APCON), the Chartered Institute of Marketing (CIM), UK, National Institute of Marketing of Nigeria, NIMN and an associate member of the Nigerian Institute of Public Relations (NIPR). She is also a member of Women in Business and Management (WIMBIZ), and has taken part in different global business and economic summits.

Other interests

Outside the business of marketing and brand communications, Oyefeso-Odusami mentors women and joins missionaries to reach out to widows in Northern Nigeria. She is also actively involved in a couple of Non-Governmental Organisations (NGOs).

She attributes much of her successes to constant self-development, worklife balance, and properly apportioning time to work, family and self.

In an interview, she said, “Stay true to your commitments and give no room for excuses. Having the right support system also makes the balancing act easier. I believe they go hand in hand and flow into one another, with one fuelling the other and giving it room to flourish.”

She also noted that she had been fortunate to work in organisations that allowed her to grow and rise as far as her talent and desire could take her, irrespective of gender, and had the privilege of good career mentors.

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The story of women shattering the invisible ceiling always seem so rosy and inspiring to others, that the years of sweating it out are almost forgotten. Regardless of this, talent and hardwork will continue to separate the best from the rest.


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TY Danjuma: The retired military general who made Forbes richest list

From the barracks to boardrooms, TY Danjuma has built and is leading some of the most notable companies in Nigeria.



It is not every day you come across a retired Military General who remains in the limelight more than four decades after retiring from active service and for reasons totally unconnected to the military service. This is probably the reason why some might consider General TY Danjuma to be one of the most controversial businessmen and retired generals in Nigeria.

Vocal as he is in Nigerian political matters, Theophilus Yakubu Danjuma is a force in the business environment, pulling weights in some of the most notable companies. Much of his wealth is attributed to his shipping and petroleum interests.

As at 2015, he was worth $750 million and ranked 30th among the top 50 in Africa’s 50 richest list (as compiled by Forbes), until he dropped off the following year due to weak oil prices. His businesses still continues and he remains on several boards still putting his business acumen to use, even in his eighties. The story of his move from the barracks to the boardroom makes for an interesting read.

Birth and education

Theophilus Yakubu was born on 9 December 1938 to Kuru Danjuma and Rufkatu Asibi in Takum, a farming community in Gongola (now Taraba state). Like many other children born during this time, he joined his father to plant yams, rice, cassava, and benniseed.

When he came of age, he had his primary education at Wusasa, and moved to Benue Provincial Secondary School, Katsina-Ala for his secondary education. Theophilus showed great interest in cricket and became the captain of the school cricket team. This, however, did not detract from his intelligence and he still bagged his Higher School Certificate in 1958, and immediately enrolled at the Nigerian College of Arts, Science, and Technology in Zaria (Ahmadu Bello University) to study history on a Northern Nigeria Scholarship. He barely spent a year there, as he left soon after to enrol into the Nigerian Defence Academy.

Military career

Danjuma was commissioned into the Nigerian Army as second lieutenant and platoon commander, and commenced his military career in The Congo.

He took part in the UN Peace-keeping force in Sante, Katanga Province in Congo in 1963, was involved in the Nigerian Counter-Coup of 1966 with the 4th Battalion in Mokola, Ibadan. He commanded the Nigerian Army’s 1st Infantry Brigade, and also led a battalion that freed Jaja Wachuku, first Speaker of the Nigerian House of Representatives as well as first Ambassador to the United Nations and first Foreign Affairs Minister, from detention by the Ojukwu government.

On several occasions, he was sent as Nigeria’s representative within and outside the country for several diplomatic missions. He served in active military service from 1960 to 1979 where he retired as a Lieutenant General, and in the highest office in the military – Chief of Army Staff under the military administration of General Olusegun Obasanjo. He later served as Minister of Defence between 1999 and 2003, under the President Olusegun Obasanjo civilian administration.

Business forays

General Danjuma made his first major foray into the shipping business when he founded the Nigeria American Line (NAL) and leased a ship called ‘Hannatu’ to facilitate trade between Lagos and Santos in Brazil. At this time, Nigeria’s bilateral trade agreement had opened the sea routes to economies in the South American markets and so NAL had patronage from Nigeria’s National Supply Company (NNSC) to bring in government goods.

Its client list later grew to include DICON Salt (Nigeria), Iwopin Paper Mill, ANNAMCO and Volkswagen Nigeria. From about 12 staffs in a single location in 1979, NAL grew over the next three decades to almost 300 staffs.

Danjuma also set up COMET Shipping Agencies Nigeria Limited in 1984 to act as an agent for NAL and COMET grew to become one of the largest independent agents operating in Nigeria, handling many types of vessels and cargo at Lagos, Port Harcourt, Calabar and Warri Ports. NAL-COMET acquired a roll-in-roll-out port (RORO) in Lagos in 2005 and became the largest independent port operators in Africa.

He still retains his stakes in NAL-Comet.

Oil business

After 15 years running the shipping business, Danjuma decided to veer into oil exploration and production and he founded the South Atlantic Petroleum (SAPETRO) in 1995 to serve as a vehicle for this interest.

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Three years later, the ministry of Petroleum Resources in Nigeria awarded the Oil Prospecting License (OPL) 246 to SAPETRO, with a bloc covering a total area of 2,590 square kilometres (1,000 sq mi). The company brought in Total Upstream Nigeria Ltd (TUPNI) and Brasoil Oil Services Company Nigeria Ltd (Petrobras) as partners in its oil prospecting.


The prospecting led to the discovery of Akpo (a condensate field), the Egina Main, Egina South, Preowei and Kuro. In 2004, SAPETRO won a tender process for an oil exploration contract covering 550 square kilometres offshore from the Republic of Benin and this opened the way for other transnational deals.

In June 2006, SAPETRO divested part of its contractor rights and obligations to China National Offshore Oil Corporation (CNOOC), but Danjuma still remains Chairman, while his wife is Vice Chairman.

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He also owns some real estate and has stakes in Notore Chemical Industries (manufacturer of urea fertilizer).

Other interests and honours

TY Danjuma holds the national honour, General Commander of the Order of the Niger (GCON). He also has several other national and international awards and titles, as well as honorary doctorate degrees from different universities, within and outside Nigeria.

Besides the companies he founded, General Danjuma has sat on the board of other companies like the NatCom Development & Investment Limited “NatCom”, (trading as ntel) where he assumed position as Board Chairman in 2016. He also served seven years as the chairman of Agip Africa until 1995 when he left to start SAPETRO.

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He has also been appointed into several committees and councils by the government, like in 2003 when he served as Chairperson for investigative committee on the Warri conflict. Danjuma also serves as Chairman of the Victims’ Support Fund Committee, supporting the victims of terror such as the Chibok schoolgirls kidnapping.


The TY Danjuma Foundation was set up in December 2008 and now partners with several Non-Governmental Organisations across the country to carry philanthropic gestures to the hinter areas and alleviate poverty.

The foundation targets the provision of basic amenities, education for children and young adults, and free medical care for indigent people. Over ₦3 Billion has been awarded as grants to NGOs working related goals in the area. Although the works first started in Taraba, Danjuma’s home state, it has extended to other areas. About 290 projects have been implemented across 31 states and the FCT, with over 8 Million people reached.

Every year since its inception, the foundation calls for concept notes and applications for funds from organisations with projects focused on health and education.


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John Oke is building the next payment solution in Africa

Oke is one of Nigeria’s leading youngsters making it their business to find solutions to everyday problems.



The entrepreneurship landscape in Nigeria is very different from what it used to be a decade ago. More young people are building phenomenal businesses that are solving societal problems and creating more jobs for people in the process.

John Oluranti Oke is one of such persons. A Computer Science graduate from the University of Ilorin, Kwara State and a Future Awards Africa (TFAA) nominee for Technology.

John Oluranti Oke is a Software Engineer from Nigeria. He is the co-founder/CEO of, a digital wallet/payments solution that allows users to make payments, transfer funds, pay bills and withdraw from ATMs. He co-founded Wallets Africa with his friend, Joseph Benson-Aruna to help users enjoy a seamless payment experience.

He previously worked for Suregifts, a gift voucher company as a Senior Software Engineer, where he helped build the first version of the Sureremit app. He also led a successful integration between Suregifts and Safaricom’s M-Pesa to help users pay for goods at M-Pesa till using gift vouchers.

While working at Suregifts, the Idea for Wallets Africa first crossed his mind. He noticed one could make use of a Suregifts voucher to pay at an M-Pesa till at a mall or to get tickets at an IMAX cinema in Nairobi. That was when he realized that all financial transactions could be done through a digital wallet.

Oke started working and consulting for banks like Wema Bank where he worked on several projects that helped transform the bank’s operational processes, interfacing with and building on the bank’s Core Banking Application (Finacle).

He also worked for fintech companies like Interswitch. Working in these companies helped him to gain some experience in how things work in the financial space before he started building Wallets Africa.

Oke also founded some companies in the past like,, a news aggregating platform that uses pattern matching algorithms to get news, gossips, and content every minute from the most visited websites in Nigeria and delivers the resulting content to users over a website.

In 2014, he founded Geeks14 Inc, a software development company that has serviced and consulted for clients across Nigeria.

Wallets Africa currently has over 5,000 businesses and 70,000 users who make use of their services daily.

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