Leadway Assurance Limited has announced the appointment of Gboyega Lesi as its acting Managing Director on January 1, 2024, pending the requisite regulatory approval of the appointment from the National Insurance Commission (NAICOM).
He is replacing Tunde Hassan-Odukale who stepped down as CEO, as the company moves to adhere to NAICOM’s directive regarding the 10-year tenure limit for Managing Directors and Executive Directors.
Before his appointment, Gboyega Lesi was the Executive Director of commercials at Leadway Assurance.
NAICOM’s tenure-limit directive
On November 22, 2022, NAICOM released a circular mandating the compulsory retirement of Executive Directors and Chief Executive Officers of Insurance and Reinsurance Companies after 10 years in the position.
According to the circular, CEOs and other Executive Directors of insurance and reinsurance companies can serve for a maximum of 10 years, split into two terms of 5 years each.
While, if an Executive Director becomes the CEO of the same company, their total time in both roles cannot exceed 15 years altogether.
Tunde-Hassan Odukale before he retired from Leadway Assurance had spent 31 years at the company, having joined as an Executive Director in 1992, and becoming the CEO in 2020.
What people are saying
Speaking on the appointment of his successor, Hassan-Odukale noted,
- “I am confident in Gboyega Lesi’s leadership, and I believe his expertise and experience in the industry in almost three decades will be instrumental in steering the company towards continued success and growth across the west African insurance market.”
- “Mr. Lesi, a seasoned professional with a wealth of experience, is well-positioned to lead the company into its next phase of growth. His strategic vision and deep understanding of the industry make him an ideal successor to guide Leadway Assurance on its trajectory of sustained success,”
Commenting on his appointment, Gboyega Lesi, noted,
- “It is an honor to assume leadership of this esteemed company during such a pivotal time. Our robust growth over the years is attributed to our values, a customer-centric culture, and an engaging approach that sets us apart.”
- “Taking up the mantle to build upon this rich legacy is a challenge I eagerly embrace alongside our dedicated professional team. Our current standing is a testament to our stakeholders, brokers, and peerless customers’ trust in our ability to provide convenient, tech-driven, and reliable risk management support. My determination to consistently deliver excellence remains unwavering. I am wholeheartedly committed to furthering our accomplishments by placing our clients at the centre of every aspect of our operations.”
New Executive Director appointed
In line with NAICOM’s regulation, the company also announced the appointment of a new Executive Director, Oluwafunmilayo Amanwa as the Executive Director, Technical and Operations.
The appointment follows the exit of the Executive Director, Technical Services, Adetola Adegbayi in line with the tenure limit rules.
