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.

Other News

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.

Dr. Emmanuel Otitolaiye – Chief Financial Officer, Linkage Assurance Plc 

Market Cap: N28.64 billion 

Dr. Emmanuel Otitolaiye is a widely experienced finance executive with a strong track record spanning insurance, manufacturing, and consulting. He currently serves as Chief Financial Officer of Linkage Assurance Plc, a position he has held since December 2018.

Prior to this appointment, he was Head, Finance & Performance Management Group at Cornerstone Insurance Plc from January 2014 to November 2018, where he supervised group-wide finance operations and performance management systems.

He has also held senior executive roles, including Chief Financial Officer and Chief Operating Officer at Alliance & General Insurance Plc (a member of Fidelity Bond Group) and Node Solutions Ltd.

In 2010, he joined FBN Life Assurance Limited as the pioneer Head of Finance. Earlier in his career, he worked at CFAO Nigeria Plc as Credit Control Officer and later served as National Credit Control Manager at PZ Cussons Nigeria Plc between 2006 and 2008. He subsequently joined Guaranty Trust Assurance (now AXA Mansard Insurance Plc) as Head of Management Accounts, a role he held until 2010.

He is a multi-disciplinary finance professional and Fellow of both the Institute of Chartered Accountants of Nigeria (FCA) and the Chartered Institute of Taxation of Nigeria (FCIT). His academic qualifications include an HND in Banking and Finance (Lagos State Polytechnic, 1998), B.Sc. Accounting (University of Lagos), MBA (University of Ado-Ekiti), M.Sc. Accounting (Babcock University), and a PhD in Accounting (Babcock University).

He currently serves as Chairman of the Accounting Technical Committee of the Nigerian Insurance Association (NIA), where he leads coordination among CFOs and finance professionals across insurance and reinsurance companies in Nigeria.

Mojeed Somorin – Chief Financial Officer, Veritas Kapital Assurance Plc

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.

Gbeminiyi Olaitan –  Chief Financial Officer Sovereign Trust Insurance Plc 

Market Cap: N30.88 billion 

Gbeminiyi Olaitan is a finance professional and Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN). He is also an alumnus of Lagos Business School, where he completed the Senior Management Programme.

He holds a Higher National Diploma in Food Science and Technology from Yaba College of Technology, marking an early academic background outside traditional finance before transitioning into accounting and financial management.

Olaitan began his professional career at Okay Consult before joining Sovereign Trust Insurance Plc in 1999. Over the years, he has grown within the organisation and currently serves as Assistant General Manager in the Finance and Corporate Services Division, where he heads Finance and Accounts.

In his current role, he is responsible for financial reporting, accounting operations, budget management, and corporate finance functions, supporting overall financial governance and operational efficiency within the organisation.

Babatunde Daramola – Group Chief Financial Officer, Consolidated Hallmark Holdings Plc 

Market Cap-N50.95 billion 

Babatunde Daramola is the Group Chief Financial Officer of Consolidated Hallmark Holdings Plc, with over 30 years of professional experience spanning insurance broking, banking, financial services, corporate planning, internal audit, and investment management.

He currently serves in a senior executive capacity at the group level, where he oversees financial strategy, governance, planning, and capital management across the holding company’s subsidiaries. He is also a Board Member of Consolidated Hallmark Holdings Plc and plays an active role in corporate governance and strategic oversight.

Daramola joined Consolidated Hallmark Insurance Plc in 2016 as Chief Financial Officer, a role he held until 2023. In January 2024, he was elevated to Group Chief Financial Officer following the transition to a holding company structure. In this role, he provides leadership across finance operations, risk management, and investment strategy for the group.

Prior to joining Consolidated Hallmark, he built broad experience across the financial services industry, working in areas including insurance broking, marketing, internal audit, corporate planning, banking operations, and finance company investments. He has also been involved in merger and acquisition projects as part of core technical teams, and has led technology-driven finance transformation initiatives.

He holds a Master of Business Administration (MBA) in Accounting and Finance from the University of Liverpool Online Programmes, and a Higher National Diploma in Insurance from Lagos State Polytechnic (now Lagos State University of Science and Technology).

He is also an active member of the Lagos Business School Alumni Association Executive Council.

Olorunmola Joshua Ojumoro –  Chief Financial Officer, Coronation Insurance Plc 

Market Cap; N74.37 billion 

Olorunmola Joshua Ojumoro is the Chief Financial Officer of Coronation Insurance Plc, bringing extensive experience in financial reporting, accounting leadership, and insurance finance operations across Nigeria’s financial services sector.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and also holds an ACCA certification in IFRS, reflecting strong technical expertise in international financial reporting standards and regulatory compliance. His academic background includes a Bachelor’s degree (B.Sc) and a Master’s degree (M.Sc), both in Accounting-related disciplines, which form the foundation of his professional finance career.

Ojumoro has built a career spanning financial reporting, management accounting, and finance leadership roles within the insurance and broader financial services industry. He has worked across key finance functions, including statutory reporting, financial controls, performance management, and regulatory compliance.

In his current role as CFO at Coronation Insurance Plc, he is responsible for overseeing the company’s financial strategy, reporting framework, capital management, and overall financial governance, ensuring alignment with regulatory standards and shareholder value objectives.

Abayomi Ogunwo – Chief Financial Officer, Mutual Benefit Assurance Plc

Market Cap: N82.05 billion 

Abayomi Ogunwo is the Chief Financial Officer of Mutual Benefit Assurance Plc, a position he has held since December 2014. He is a finance executive with extensive experience spanning insurance finance, investment management, taxation, and corporate governance across Nigeria and other African markets.

He began his career in the Mutual Benefit Group, where he served as Investment Manager from 2003 to 2009, gaining deep expertise in portfolio management and capital allocation. He later moved into senior executive roles, including Chief Financial Officer of Assurances Générales du Cameroun (AGC) between 2009 and 2011, where he was responsible for financial leadership in the Cameroonian insurance operations.

He returned to Nigeria and held key leadership positions at Mutual Benefit Assurance Plc, including Head of Credit Control (2012) and Head of Finance and Accounts (2012–2014), before his appointment as Chief Financial Officer in 2014.

Beyond Mutual Benefit, he has served as a Non-Executive Director at KD Capital Limited since 2012 and Goodfavour Investments Limited between 2013 and 2021, contributing to investment oversight and corporate strategy.

Academically, he holds a B.Sc. in Mathematics from Obafemi Awolowo University (1998) and an MBA in Business Administration (Finance specialization) from the same institution (2008). He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate Member of the Chartered Institute of Taxation of Nigeria (CITN).

Jubril Ajose – Chief Financial Officer, Cornerstone Insurance Plc 

 Market Cap: N101.73 billion 

Jubril Ajose was appointed Chief Financial Officer of Cornerstone Insurance Plc on January 2, 2025, bringing over three decades of experience in financial management, taxation, investment analysis, and insurance reporting.

He is a seasoned chartered accountant with a strong background in financial strategy and control within Nigeria’s insurance industry. His career spans senior leadership roles across major insurance institutions, where he has contributed to financial governance, regulatory compliance, and investment management.

Before joining Cornerstone Insurance Plc, he served as Financial Controller at Sanlam Life Insurance Nigeria Limited (formerly FBN Insurance Limited), a role he assumed in February 2018. Prior to that, he was Chief Financial Officer at Capital Express Assurance Limited, where he oversaw financial operations and strategic planning for six years.

His professional foundation includes a Bachelor’s degree in Accountancy from the Federal Polytechnic, Ilaro, and a degree in Economics from Olabisi Onabanjo University, Ogun State. He also holds an MBA from the University of Uyo and a Master’s degree in Management Psychology from the University of Ibadan.

Ajose is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate Member of both the Chartered Institute of Taxation of Nigeria (CITN) and the Nigerian Institute of Management (NIM).

Ngozi–Ola Israel – Chief Financial Officer, AXA Mansard Insurance Plc 

Market Cap- N136.89 billion 

Ngozi–Ola Israel is the Chief Financial Officer of AXA Mansard Insurance Plc, where she leads the company’s financial strategy, reporting, and governance functions. She has built a strong career spanning over 19 years across audit, financial control, and corporate finance within Nigeria’s financial services industry.

She joined AXA Mansard in 2014 as Group Head, Financial Control, a role she held until 2017, where she was responsible for financial reporting, controls, and operational oversight. In December 2017, she was appointed Chief Financial Officer, a position in which she continues to oversee financial strategy, performance management, and regulatory compliance for the organisation.

Prior to joining AXA Mansard, she worked with PwC Nigeria, where she rose to the Manager level. At PwC, she led and supervised financial statement audits across banks, insurance companies, pension fund administrators, and asset management firms, gaining deep exposure to complex financial reporting and governance frameworks.

She holds a Bachelor’s degree in Chemical Engineering from the University of Lagos and is a Fellow of the Association of Chartered Certified Accountants (FCCA). She has also completed executive education in “Succeeding as a Strategic CFO” at Harvard Business School.

Bisola Elias -Chief Financial Officer AIICO Insurance Plc  

Market Cap: N150.08 billion 

Mrs. Bisola Elias was appointed Chief Financial Officer of AIICO Insurance Plc, effective October 31, 2023.

She brings over two decades of experience in insurance finance and accounting, with a career that began at Nigerian French Insurance (NFI) before continuing at AIICO Insurance Plc following the 2007 merger of both companies. Over the years, she has built deep expertise in financial operations, budgeting, cost management, statutory reporting, financial analysis, and overall financial control within the insurance sector.

Elias is widely regarded for her strong analytical capability, disciplined approach to financial management, and ability to support profitability through sound decision-making and efficient resource allocation. She also plays an active role in leadership development within the organisation, with a strong commitment to mentoring emerging professionals and strengthening talent pipelines in the insurance industry.

She is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She holds an MBA in Risk Management from the University of Cumbria, United Kingdom, and is an alumna of Lagos Business School. She also earned a Higher National Diploma in Accountancy from Moshood Abiola Polytechnic (formerly Ogun State Polytechnic).

Idowu O. Semowo-Executive Director (Finance & Investment) NEM Insurance Plc

Market Cap: 160.03 billion 

Idowu O. Semowo is a seasoned finance executive with more than three decades of experience spanning auditing, banking, insurance, and investment management across Nigeria’s financial services industry.

He holds a Bachelor of Science degree in Fisheries Management from the University of Ibadan (1990) and a Master of Business Administration in Marketing from the University of Lagos (1995). He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Chartered Institute of Bankers of Nigeria (FCIB), and Chartered Institute of Stockbrokers (FCS), reflecting a multi-disciplinary command of accounting, banking, and capital markets practice.

Semowo began his professional career in 1993 at BBC Balogun Badejo & Co., a firm of chartered accountants, where he built a foundation in audit and financial control. He moved into banking in 1997, working across UTB, Magnum Bank, and MBC International Bank Limited, gaining exposure to credit, operations, and corporate banking functions.

He later transitioned into capital markets, joining Kinley Securities Limited as Assistant General Manager, Finance Services, a role he held until 2007 before moving into the insurance sector with NEM Insurance Plc as Assistant General Manager, Investments.

Within NEM Insurance, he rose steadily through senior management, becoming General Manager, Finance & Investment in 2021 before his elevation to Chief Financial Officer. In his current role, he oversees the company’s financial strategy, investment portfolio, and capital allocation framework.

He was promoted to the General Manager (Finance & Investment) in 2021. He is currently the Executive Director (Finance and Investment). Mr. Semowo has attended several courses on Professional Management, Credit Analysis, Selling, Marketing and Costing of Financial Services and Products, both locally and internationally.