The appointments bring in Sadiq Mohammed as an Independent Non-Executive Director, alongside Tunde Mabawonku and Rolake Akinkugbe-Filani as Non-Executive Directors. 

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.

Companies that want to stay resilient are adapting fast, and two of Nigeria’s oldest and most trusted insurers, Leadway Assurance and AIICO Insurance Plc, are scaling up without losing focus.

In a country where insurance penetration is under 2%, these two industry giants are working alongside other innovators in the sector to ensure the gap is bridged.

Leadway has been around since 1970, and AIICO since 1963. Both have weathered Nigeria’s unstable economic cycles and regulatory instability. But now, digitisation is taking over, the industry is facing total disruption from mobile penetration, changing consumer expectations, and pressure to reduce costs of operations. 

78% Surveyed Insurance Execs Say Closing $1.8trillion Protection Gap is an Ethical Obligation

It’s interesting to look closely at how both firms are adapting, where they’re focusing, and how well they’re delivering on customer expectations in this new phase. So, let’s do that:

Company Overview

Leadway Assurance is a private, family-founded company that has built a reputation for dependable service. It offers a wide range of insurance products, life, general, motor, health, and has expanded into pensions and asset management. Over time, it’s developed strong partnerships and a solid distribution model that includes brokers, agents, and digital platforms.

AIICO Insurance Plc, on the other hand, is publicly listed. Its roots are in life insurance, but it now operates across retail and corporate segments with products in general insurance, pensions, health, and investments. Unlike Leadway, it’s accountable to shareholders, which may influence its speed of innovation, but it stands as one of the most financially solid insurers in the country.

Market Focus and Services

Both companies have broad portfolios, but they’ve taken slightly different paths.

• Leadway has a stronger hold in motor insurance, health, and agricultural insurance. It also offers estate planning and microinsurance products aimed at individuals and small businesses.
• AIICO is seen more in life insurance and retirement planning. It also has strong partnerships with corporate clients, particularly in oil and gas, and offers group life insurance and pensions.

Both have pension subsidiaries: Leadway Pensure and AIICO Pension Managers. These arms manage thousands of Retirement Savings Accounts (RSAs), but Leadway’s approach has been more aggressive in digital outreach, while AIICO has leaned on regulatory compliance and steady growth.

Claims and Customer Experience

When it comes to claims, what most people care about, Leadway leads by example. In 2023 alone, the company paid out over ₦67.1 billion in claims. It has consistently ranked as one of the top claim payers in Nigeria over the last five years. That level of consistency matters. In a market where trust is thin, the ability to settle claims promptly sets you apart.

AIICO, while not disclosing its total claims for 2023, reported a profit after tax of ₦12.02 billion in the same year. That figure speaks to strong financial management, but it doesn’t necessarily tell us how quickly or easily customers get paid. Nonetheless, customer feedback reveals that AIICO has made solid improvements in this area, especially through digital self-service tools.

Digital Shift

Now, let’s talk about what really matters in this phase of change, digital adaptation. Both companies are no longer operating in a paper-heavy world, but their approaches differ.

Leadway has taken steps towards simplifying insurance. It introduced LOLA, a chatbot that helps customers buy insurance, track claims, and get support online. It also launched VehiScanner, a tool that lets users assess car damage with their phone camera. More importantly, it partnered with Octamile to provide flexible motor insurance payment plans, which helps address affordability, a major issue in Nigeria.

AIICO has also upgraded. Its mobile app and online portal allow users to buy policies, file claims, and view policy status. It recently partnered with ETAP, a platform that rewards good driving with lower premiums. This step indicates AIICO is ready to personalise pricing, a model that has seen success abroad.

Financial Strength

Here’s a quick financial snapshot:

What these numbers show is that both are strong, but in different ways. Leadway tops in claims servicing and premium volume, while AIICO is focused on efficient profit management and sustainable growth.

Health Insurance Segment

Another space where competition is rising is health insurance. Nigeria’s public health infrastructure is weak, and HMOs (Health Maintenance Organisations) are stepping in.

Leadway Health, a newer subsidiary, is building digital-first health plans. It provides virtual consultations, digital prescriptions, and customised wellness programmes. Its app allows users to manage benefits and speak with doctors remotely.

AIICO offers health insurance through NHIS-accredited plans. It hasn’t created a separate HMO arm yet, but its health plans are part of its insurance suite and target both individuals and corporates.

In terms of depth and digital readiness, Leadway appears to be ahead in this area.

Challenges and Risks

There’s no shortage of obstacles.

• Penetration is still low: With insurance penetration below 2%, both firms are fishing in shallow waters. Public awareness remains poor, and many still see insurance as a luxury.
• Economic challenges: High inflation, job losses, and currency instability mean fewer people can afford regular premiums.
• Trust issues: The industry still suffers from a trust deficit, especially in rural areas and among low-income earners.

However, even with the issues, digital access is growing, and both firms are using that as a path forward.

Finally?

It’s not a matter of who’s better, but who is doing what better.

• If you want a provider that’s leading with speed, innovation, and user experience, Leadway is clearly ahead.
• If you value financial consistency, corporate reputation, and structured expansion, AIICO has a solid case.

Leadway seems more aggressive in its modernisation efforts, while AIICO is more measured but stable. From a consumer’s point of view, both are viable and dependable. From a competitive standpoint, Leadway is pushing harder to define the next phase of insurance in Nigeria.

Insurance in Nigeria is at a turning point and companies like Leadway and AIICO are adjusting. But success won’t be defined by who has been around the longest, it will depend on who listens to the customer, who simplifies the process, and who makes insurance feel less like a burden and more like a necessity.

At Techeconomy, we believe brand comparisons like this help users and decision-makers see through the noise. In a market with huge potential and still not leveraged as well as it should, the clearer and faster you move, the more relevant you become.

Since 2007, the organization has made it a tradition to provide between 2,000 and 2,500 patients with free eye surgery; they accomplished a similar number in the most recent year.

The Managing Director/CEO of AIICO Insurance Plc, Babatunde Fajemirokun, recently mentioned at the 2022 Sharad Purnima Dandiya event in Lagos that his insurance company offers to help the less fortunate restore their sight through the support it offered to Indo-Eye Care Foundation.

Asserting that this action is in keeping with the company’s Corporate Social Responsibility (CSR) to the communities and humanity, Fajemirokun, who was represented by the Communication Manager of AIICO Insurance, Ademola Adenekan, promised that the company will continue to support the underprivileged and initiatives like the eyecare foundation.

The management of the underwriting company, he claimed, is pleased that its gesture has allowed more blind people to regain their sight.

He stated that fast payment of claims has been and will remain a defining feature of the insurer’s operations and that it will continue to uphold its expectations and civic duties.