AIICO Insurance Plc has announced the appointment of three new directors to its board in a notification signed by Company Secretary Donald Kanu.
In the disclosure, Mr. Sadiq Mohammed was appointed as an Independent Non-Executive Director, while Mr. Tunde Mabawonku and Mrs. Rolake Akinkugbe-Filani, HCIB, were appointed as Non-Executive Directors.
The board highlighted their combined experience across financial services, banking, capital markets, and advisory roles, noting that the appointments are expected to strengthen governance and strategic oversight.
About Sadiq Mohammed
Mr. Sadiq Mohammed has over 33 years of experience across financial markets, pensions, infrastructure, real estate, fintech, and alternative investments.
- He is the Founder and Chief Executive Officer of Hexium Investments, an investment and advisory firm operating in financial services and real estate.
- He spent 28 years at ARM Group, where he served as Deputy Group CEO, Managing Director of ARM Pension Managers, Chief Operating Officer, and Managing Director of ARM’s Proprietary Business.
- His responsibilities at ARM included oversight of investments and projects such as Lekki Concession Company, Fara Park Estate, Beechwood Estate, and Lakowe Lakes Golf & Country Estate.
- He has served on several boards, including FMDQ Clear Limited and FMDQ Group, and currently serves on the boards of Meta Digital Services Nigeria Limited and DCSL Corporate Services Limited.
Sadiq attended Harvard Business School’s Advanced Management Program and holds an Executive MBA from Carnegie Mellon University and the University of Geneva, alongside a B.Tech degree from Abubakar Tafawa-Balewa University.
About Tunde Mabawonku
Mr. Tunde Mabawonku is the Executive Director in charge of Finance, Retail and Digital Business at Wema Bank Plc, with over 25 years of experience across banking, finance, strategy, risk management, and digital transformation.
Before becoming an Executive Director, he served as Chief Finance and Strategy Officer, overseeing the Finance and Corporate Services Division, after holding leadership roles across Chartered Bank, Prudent Bank, and Skye Bank.
His previous responsibilities included performance management, cost control, financial advisory services, human capital management, and financial control functions during his banking career.
Tunde Mabawonku holds a Master’s in Finance from London Business School and a degree in Economics from University of Ibadan, alongside professional memberships with ICAN, CIBN, and ACITN.
About Rolake Akinkugbe-Filani
Rolake Akinkugbe-Filani, HCIB, has nearly two decades of experience across financial services, energy, banking, capital markets, development finance, and risk advisory.
- Her experience includes capital mobilization, investment oversight, risk governance, and energy finance across pan-African and multi-jurisdictional operating environments.
- She is the Founding Managing Director and Chief Executive Officer of EnergyInc Advisors, focused on infrastructure financing, capital mobilization, and strategic advisory services.
- Her previous roles include positions at Zenith Bank Plc, Mixta Africa, Ecobank Group, FBNQuest Merchant Bank, Eurasia Group, and Control Risks Group.
She holds a Global Executive MBA from the TRIUM programme involving New York University Stern School of Business, London School of Economics, and HEC Paris, alongside degrees in International Relations and Government from the London School of Economics.
Akinkugbe-Filani currently serves as an independent Non-Executive Director at UpEnergy.
More insights
The newly appointed directors now join a board chaired by Kundan Sainani, with Babatunde Fajemirokun serving as Managing Director/Chief Executive Officer.
At the executive level, the leadership includes Adewale Kadri and Gbenga Ilori, serving as Executive Directors.
The non-executive directors are Ademola Adebise, Samaila Dalhat Zubairu, Folake Edun, Olalekan Akinyanmi, and Raimund Snyders.
The independent non-executive representation includes Kemi Adewole as Independent Non-Executive Director.
What you should know
AIICO Insurance Plc has recorded a year-to-date performance of over 21% on the Nigerian Exchange and is currently priced at N4.60 per share.
In Q1 2026, the insurance company reported a pre-tax profit of N5.8 billion, up from N5.1 billion recorded in Q1 2025.
In the period, received premiums rose to N55.4 billion from N46.9 billion, while claims paid increased to N25.1 billion, up from N21.9 billion.
