In Q1 2026, Nigeria’s insurance sector continued to reflect a gradual but important re-rating in investor perception, with the combined market capitalisation of the top 10 listed insurance companies reaching N844.60 billion.
The cohort led by industry names such as NEM Insurance, AIICO Insurance, AXA Mansard, and others remains a critical window into the sector’s financial health and operational discipline.
According to recent Nairametrics-based analysis of national accounts, the broader finance and insurance sector contributes just about 3%-4% to Nigeria’s GDP, despite strong growth momentum in recent quarters driven by improved financial intermediation, digital adoption, and pricing adjustments in insurance products.
Against this backdrop, the role of Chief Financial Officers (CFOs) in listed insurance companies has become increasingly strategic. Beyond statutory reporting and compliance, CFOs are central to capital management and investment strategy.
This report profiles the finance leaders steering Nigeria’s top insurance firms by market capitalisation in Q1 2026(as of March 31, 2026) at a time when the industry is simultaneously battling low penetration while attempting to unlock long-term scale opportunities in Africa’s most populous market.
Market Cap: N28.98 billion
Mojeed Somorin is the Chief Financial Officer of Veritas Kapital Assurance Plc, where he oversees financial operations and statutory financial reporting. He brings over 15 years of experience spanning finance and accounts, investments, credit control, and financial process management within Nigeria’s financial services sector.
Before joining Veritas Kapital Assurance Plc, he served as Chief Financial Officer at Great Nigeria Insurance Plc, where he led financial strategy and reporting functions. Prior to that, he held several senior roles across banking and insurance, including Head of Financial Reporting at Mainstreet Bank Limited, and Head of Business Process Reengineering (BPR) – Continuous Improvement and Process Monitoring.
Earlier in his career, he worked at Royal Exchange Assurance (Nigeria) Plc, where he rose to the position of Acting Head, Finance & Accounts. He began his professional journey as an Accounting Trainee at Kaypee Furniture and Joinery.
He holds an MBA in Financial Management from Lagos State University and a degree in Accounting from Lagos State Polytechnic. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Pension Institute of Nigeria (ACPIN), and the Nigerian Institute of Management (NIM). He is also a member of the Business Continuity Institute (BCI), London.
