Nigeria’s insurance sector is undergoing significant growth.
Other News
According to the Central Bank of Nigeria (CBN), total assets in the sector hit a record N4.619 trillion at the end of Q2 2025, reflecting a 25.3% year-on-year increase and a 10.9% rise quarter-on-quarter.
While total assets and liabilities provide a measure of scale, market capitalization offers a direct insight into how the financial markets value these insurers, reflecting both performance and investor perception.
This article focuses specifically on the market as of January 29, 2026, and the Chairpersons who collectively oversee a market valued at N1.083 trillion.
Market cap captures the equity value of these firms and shows the relative size of each company in the competitive insurance landscape, providing a transparent benchmark for investors, regulators, and stakeholders.
These leaders are steering not just individual firms but also shaping the strategic direction of Nigeria’s broader insurance ecosystem.
Their vision, governance, and ability to drive innovation are critical as the sector scales new heights, attracts more investors, and strengthens its role as a key pillar of the nation’s financial system.
As competition intensifies and regulatory standards evolve, the influence of these chairpersons will define the next phase of growth for Nigeria’s insurance industry.
Chief Joshua Benard Fumudoh: Chairman Linkage Assurance
Chief Joshua Benard Fumudoh is the Chairman of Linkage Assurance Plc, appointed on February 8, 2018. Fumudoh is the founder and Managing Director of Manufacturing and Marketing Co. (Nig.) Ltd., and also chairs BostonCapital Investment Ltd and BCI Global Properties Ltd.
He holds an accounting degree from the University of Lagos and brings extensive experience in business leadership and investment management. His appointment followed the resignation of Chief (Dr.) John Anderson Eseimokumoh, who stepped down to focus on other business interests after serving as chairman and non-executive director from 2013 to 2018.
As of January 29, 2026, Linkage Assurance Plc reported a market capitalization of N32.89 billion.
Abimbola (Abi) Oguntunde : Chairman Sovereign Trust Insurance Plc
Abimbola (Abi) Oguntunde is Chairman of Sovereign Trust Insurance Plc and Managing Partner of Devtage Consulting & CEO of the Devtage Group, a global management consulting, technology, and corporate training firm with offices across North America, EMEA, and Lagos, Nigeria.
Oguntunde brings over 30 years of experience in banking, economics, and international consulting. He has held senior roles at UBA, Sterling Bank, and Diamond Bank, and worked with the Ontario Public Services, Canada.
An accomplished academic, he earned a First-Class degree in Economics from the University of Lagos, followed by a Master’s in Economics from the same institution and an MBA in International Banking and Finance with Distinction from the University of Birmingham, UK. He is also a certified Project Manager.
As of January 29, 2026, Sovereign Trust Insurance Plc had a market capitalization of N46.95 billion, reflecting its growing position in Nigeria’s insurance market.
Alhaji Idris Shuabiu: Group Chairman Consolidated Hallmark Holdings
Alhaji Idris is the Chairman of Consolidated Hallmark Holdings Plc, which had a market capitalization of N53.77 billion as of January 29, 2026. With over 30 years of experience in investment banking, treasury, and financial advisory services, Idris brings deep expertise to the insurance sector.
He is the founder and Managing Director of Time-line Consult, a financial advisory and business consulting firm. His career includes leadership roles as Deputy Managing Director at Dangote Flour Mills Plc and senior positions at Liberty Bank Plc, Chase Merchant Bank Nigeria, and the Kaduna State Board of Internal Revenue.
Idris has enhanced his executive skill set through programs such as the Advanced Management Programme at Harvard Business School, courses at Lagos Business School, and Judge Business School, University of Cambridge, as well as global conferences on Islamic Economics, Banking & Finance organized by the Centre of Islamic Banking and Economics, London.
He is a member of the Institute of Directors of Nigeria, Nigerian Economic Summit Group, Chartered Institute of Management (UK), Cost Management Institute of Nigeria, and the Association of National Accountants of Nigeria. He holds a master’s degree in banking and finance from the University of Wales and a bachelor’s degree in accounting from Bayero University, Kano.
Dr. Akin A. Ogunbiyi: Chairman, Mutual Benefit Assurance PLC
Dr. Akin A. Ogunbiyi B.Sc, MBA, FCII, F.IoD is an economist, consultant, and insurance professional with extensive experience in finance and risk management.
He holds a B.Sc in Agricultural Economics from the University of Ife, an Executive MBA from IESE, University of Navarra, Spain, and has attended programs at Lagos Business School and SAID Business School, University of Oxford.
A Fellow of the Chartered Insurance Institute, London, Ogunbiyi achieved the highest number of distinctions in his professional exams in two sittings. He began his career at NICON before founding Finance and Insurance Experts Limited, serving as pioneer Associate Director and Acting CEO.
Ogunbiyi serves on multiple boards, including The Infrastructure Bank Plc, and is a substantial shareholder in Mutual Benefits Assurance Plc, holding 5.48% (over 1.1 billion shares) as of September 2025. As of January 29, 2026, Mutual Benefits Assurance Plc had a market capitalization of N83.86 billion.
Mutiu Sunmonu: Chairman, CORONATION INSURANCE PLC
Mutiu Sunmonu, CON is chairman of Coronation Insurance Plc (formerly Wapic Insurance) and a seasoned oil & gas executive with extensive local and international experience. He retired from Shell Petroleum Development Company (SPDC) in 2015 after 36 years, having served as Managing Director of SPDC, Vice President Production Sub-Saharan Africa, and Country Chair of Shell Companies in Nigeria.
Sunmonu holds a First Class degree in Mathematics and Computer Science from the University of Lagos and an MBA from Harvard Business School. He provides strategic guidance across multiple boards, including Unilever Nigeria Plc, SanLeon Energy UK, Petralon Energy Limited, Imperial Homes Mortgage Limited, and Julius Berger Plc, where he serves as chairman.
He joined Coronation Insurance’s board on January 30, 2019, and became Chairman on April 27, 2020, succeeding Aigboje Aig-Imoukhuede. As of January 29, 2026, Coronation Insurance reported a market capitalization of N87.8 billion.
Segun Adebanji; Chairman, CORNERSTONE INSURANCE PLC
Segun Adebanji is Chairman of Cornerstone Insurance Plc, a position he has held since April 28, 2017. A finance professional with decades of global experience, Adebanji began his career at UAC of Nigeria in 1976 and later held senior roles across the UAC Group, including a secondment to Unilever Plc in London.
He served as Audit Manager for Unilever South Africa, Financial Director of Nigerian Breweries Plc, and Group Treasurer at Heineken International in the Netherlands. He also held Managing Director roles at Ghana Breweries Ltd and Namibia Breweries Ltd.
Adebanji is a Fellow of both the Chartered Association of Certified Accountants (FCCA) and the Institute of Chartered Accountants of Nigeria (FCA). After retiring from Heineken, he worked as a Financial Consultant and later joined African Capital Alliance as a Principal. He currently serves as Non-Executive Director at Daraju Industries Ltd and ARM Holdings Ltd and chairs Cornerstone Insurance Plc and Filmhouse Group Ltd.
As of January 29, 2026, Cornerstone Insurance Plc had a market capitalization of ₦112.8 billion, reflecting its position among Nigeria’s leading insurance companies.
Kola Adesina- Chairman, AXAMANSARD INSURANCE PLC
Kola Adesina MFR, FNSE is an entrepreneur and executive with experience spanning academia, finance, energy, trade, and diplomacy. He serves as Executive Director at Sahara Group, a global energy and infrastructure conglomerate operating across 42 countries in Africa, Asia, Europe, and the Middle East.
Adesina leads Sahara Power Group, driving the company’s mission to deliver diversified power solutions across Nigeria and Africa. In 2023, he was appointed Chairman of AXA Mansard Insurance, joining the board to strengthen governance and strategic oversight.
As of January 29, 2026, AXA Mansard reported a market capitalization of ₦130.6 billion, serving 95 million customers worldwide with a workforce of 154,000 employees across 50 countries.
Kundan Sainani- Chairman, AIICO INSURANCE PLC
Kundan Sainani, chairman of AIICO Insurance Plc, joined the board as a substantive director in 2015. He brings over three decades of experience across multiple industries in Nigeria and internationally.
Sainani began his career with Birla Group of Companies in India, heading Management Audit and Internal Control, before spending over five years with Kentz Corporation in Saudi Arabia. He later served 18 years with the Tolaram Group in Nigeria as Director (Finance) and board member of Viva Methanol Ltd, Lekki Deep Sea Port, and Lagos Free Trade Zone.
Sainani holds a Bachelor of Commerce (Honours) from India, is a Fellow of the Institute of Chartered Accountants of India, and a Certified Chartered Secretary from the Institute of Company Secretaries of India.
As of January 29, 2026, AIICO Insurance Plc had a market capitalization of ₦153.7 billion, reflecting its strong positioning in the Nigerian insurance market.
Tope Smart- Group Chairman, Nem Insurance
Tope Smart, Group chairman of NEM Insurance Plc and Alpha Morgan Capital Ltd., is a veteran of Africa’s insurance sector with a track record of driving growth and institutional reform. He holds an MBA from the University of Nigeria, Nsukka, and is an associate member of the Chartered Insurance Institutes of London and Nigeria.
He was appointed in July 2024.
Smart has held top leadership positions, including past president of the African Insurance Organisation (AIO), past chairman of the Nigeria Insurers Association, and council member of both the Chartered Insurance Institute of Nigeria and the West African Insurance Companies Association (Ghana). In 2014, he was appointed co-chair of the Federal Government’s Insurance Industry Transformation Committee.
Under his leadership, AIO expanded its regional footprint, while NEM Insurance—where Smart serves as chairman reported a market capitalization of N160.5 billion as of January 29, 2026. He is a recipient of multiple awards, including Insurance CEO of the Year (2023 Almond Insurance Industry Award) and two-time Businessday Top 25 CEOs. Harvard Business School counts him among its alumni.
Dr. (Mrs.) Omobola Johnson- Chairperson, Custodian Investment
Johnson was appointed Chairperson of the Board of Directors of Custodian Investment Plc on June 23, 2016, succeeding the company’s pioneer chairman, Michael Ade Ojo, following his resignation, according to Proshare. Custodian Investment Plc had a market capitalisation of about N258.8 billion as of Jan. 29, 2026.
She is a Senior Partner at TLcom Capital, based in Lagos, where she focuses on growth-stage technology companies across Africa. She represents the firm on the boards of FairMoney, Pula, Flextock and Educatly.
She previously served as Nigeria’s first Minister of Communications Technology from 2011 to 2015, where she led the development and implementation of the National Broadband Plan and championed policies that helped catalyse the country’s technology and venture capital ecosystem, including early government participation in local VC funding and startup incubation initiatives.
She served as Country Managing Director of Accenture Nigeria for five years and later chaired the firm’s Nigerian operations.
She currently sits on the boards of several public, private and non-profit organisations, including MTN Nigeria, Guinness Nigeria, Liquid Telecom Holdings and the Nigeria University of Technology and Management. She is a co-founder and former chair of Women in Management, Business and Public Service (WIMBIZ) and a fellow of the Aspen Global Leadership Network.
Johnson holds a doctorate in business administration from Cranfield University, a master’s degree in digital electronics from King’s College London and a bachelor’s degree in electrical and electronic engineering from the University of Manchester.
I’m thrilled by the profile of the Group Chairman of consolidated Hallmark Holdings Shiuabu Idris , A proud Alumni of Bgoba and BUK. His achievement goes beyond what you wrote. May Nigeria be blessed with the likes of Idris Shua’ib to attain the mantle of leadership for quality and transparent governance.