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: 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).
