AIICO Insurance Plc has announced the appointment of three new directors to its board as the company moves to strengthen corporate governance, strategic oversight, and long-term business growth within Nigeria’s insurance industry.
The appointments include Sadiq Mohammed as Independent Non-Executive Director, while Tunde Mabawonku and Rolake Akinkugbe-Filani join the board as Non-Executive Directors.
The company disclosed that the newly appointed directors bring decades of experience spanning financial services, banking, infrastructure finance, capital markets, investment management, digital transformation, and strategic advisory operations.
Brandspur Banking News Desk reports that the board expects the appointments to further enhance institutional governance and support AIICO Insurance’s expansion strategy within Nigeria’s evolving financial services sector.
Sadiq Mohammed, founder and Chief Executive Officer of Hexium Investments, has over three decades of experience across pensions, infrastructure, real estate, fintech, and alternative investments.
He previously spent nearly three decades at ARM Group, where he served in multiple executive positions including Deputy Group Chief Executive Officer, Managing Director of ARM Pension Managers, and Chief Operating Officer.
Mohammed has also served on the boards of FMDQ Group and FMDQ Clear Limited and currently holds board positions at Meta Digital Services Nigeria Limited and DCSL Corporate Services Limited.
Tunde Mabawonku currently serves as Executive Director overseeing Finance, Retail and Digital Business at Wema Bank Plc and has accumulated more than 25 years of experience in banking, strategy, finance, risk management, and digital operations.
Before joining the executive management team at Wema Bank, he held senior leadership roles across several financial institutions, where he managed financial control, business strategy, performance management, and corporate advisory functions.
Rolake Akinkugbe-Filani, who currently leads EnergyInc Advisors as Founding Managing Director and Chief Executive Officer, brings extensive experience in energy finance, development finance, capital mobilisation, and risk governance across African markets.
Her professional career includes roles at Zenith Bank Plc, Ecobank Group, FBNQuest Merchant Bank, Mixta Africa, and Control Risks Group.
The appointments come as AIICO Insurance continues to post stronger financial performance on the Nigerian Exchange.
The insurance company recently reported a pre-tax profit of N5.8 billion for the first quarter of 2026, compared to N5.1 billion recorded during the same period in 2025.
Premium income also rose significantly to N55.4 billion, while claims paid increased to N25.1 billion, reflecting continued business growth and expanding insurance activities within the period.
AIICO Insurance shares have gained more than 21 per cent year-to-date on the Nigerian Exchange, with the stock currently trading at N4.60 per share.
