AIICO Insurance Plc has appointed three new directors to its board after receiving regulatory approval, the company said in a notice.
The appointments bring in Sadiq Mohammed as an Independent Non-Executive Director, alongside Tunde Mabawonku and Rolake Akinkugbe-Filani as Non-Executive Directors.Â
The changes take effect immediately and is part of its board-level governance structure.
Mohammed arrives with more than three decades of experience across financial markets, pensions, infrastructure, real estate and alternative investments. He founded Hexium Investments, an advisory and investment firm focused on financial services and real estate.
He also spent 28 years at ARM Group, where he held senior roles including Deputy Group Chief Executive and Managing Director of ARM Pension Managers. His work covered large-scale projects such as the Lekki Concession Company, Fara Park Estate, Beechwood Estate and Lakowe Lakes Golf and Country Estate.
He previously served on several boards across financial services and infrastructure. These include FMDQ Clear Limited and FMDQ Group. He currently sits on the boards of Meta Digital Services Nigeria Limited and DCSL Corporate Services Limited. He is also part of the ARM-Harith Infrastructure Fund Investment Committee.
Mohammed studied at Abubakar Tafawa Balewa University and also completed an Executive MBA, attending leadership programmes at Harvard Business School. He holds the Financial Risk Manager certification.
Tunde Mabawonku joins the board as a Non-Executive Director while serving as Executive Director at Wema Bank Plc, where he oversees finance, retail and digital business.
He brings more than 25 years of experience in banking and financial services. His background covers strategy, financial control, risk management, digital transformation and cost management.
He started his career at Chartered Bank and later worked at Prudent Bank. At Prudent Bank, he led performance management and cost control functions. He also held senior roles at Skye Bank, now Polaris Bank, covering financial control, human capital management and advisory functions.
Mabawonku holds a Master’s degree in Finance from London Business School and a degree in Economics from the University of Ibadan. He is a fellow of the Institute of Chartered Accountants of Nigeria and a member of several professional bodies.
Rolake Akinkugbe-Filani joins the board with nearly twenty years of experience across banking, energy, capital markets, development finance and risk advisory.
She is the founder and chief executive officer of EnergyInc Advisors, a firm focused on infrastructure financing, capital mobilisation and strategic advisory services. Her previous roles include senior positions at Zenith Bank Plc, Ecobank Group, FBNQuest Merchant Bank, Mixta Africa, Eurasia Group and Control Risks Group.
She has worked across transactions and advisory engagements involving energy and infrastructure projects across multiple markets. Her experience also covers investment oversight, capital raising and risk governance.
Akinkugbe-Filani holds a Global Executive MBA under the TRIUM programme involving New York University Stern School of Business, London School of Economics and HEC Paris. She also studied International Relations and Government at the London School of Economics. She is an honorary member of the Chartered Institute of Bankers of Nigeria.
The three new directors now join an expanded board structure at AIICO Insurance Plc. The board is chaired by Kundan Sainani, with Babatunde Fajemirokun serving as Managing Director and Chief Executive Officer.
The executive team also includes Adewale Kadri and Gbenga Ilori as Executive Directors. Other Non-Executive Directors include Ademola Adebise, Samaila Dalhat Zubairu, Folake Edun, Olalekan Akinyanmi and Raimund Snyders. Kemi Adewole serves as Independent Non-Executive Director.
The company noted that the board changes strengthen its governance framework and support long-term strategic direction.
In recent performance updates, AIICO Insurance has recorded year-to-date profits of over 21% on the Nigerian Exchange, with its share price at N4.60.
For the first quarter of 2026, the insurer posted a pre-tax profit of N5.8 billion. This compares with N5.1 billion in the same period last year.
Premium income rose to N55.4 billion from N46.9 billion. Claims also increased to N25.1 billion from N21.9 billion over the same period.
AIICO Insurance operates in a market affected by high premiums and higher claims costs, maintaining growth in earnings while expanding its governance structure through new board appointments.
