AIICO's Board of Directors: AIICO

Kundan Sainani

Chairman

Babatunde Fajemirokun

MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER

Adewale Kadri

EXECUTIVE DIRECTOR, TECHNICAL

Adewale Kadri is the Executive Director- Technical of AIICO Insurance Plc. He is a versatile Insurance practitioner and a seasoned salesperson. He began his Insurance career with Worldwide Insurance Company Limited in 1994 as a Life Marketer and later moved to ELMAC Assurance Nigeria Limited in 1997 where he joined the Team that was saddled with the responsibility of Marketing the Company’s various special packaged products. He also worked as an Insurance Officer of Modandola Group of Companies where he was exposed to the rudiment of Insurance broking and technical operations. He later joined the Marketing team of Newline Insurance Company Limited and Sun Insurance Plc. where he worked in various managerial capacities before joining the pioneer team of UBA Insurance in 2004 as Group Head, Brokers’ Management Division. While at UBA Insurance, he served in various committees which ensured the successful take-off of the first Banc Assurance Business Model in Nigeria. He had a brief stay at NICON Insurance Plc as Senior Manager/Head, Strategic Business Unit before joining Oceanic Insurance Company Limited as Group Head, Brokers Management Unit in 2007. Adewale Kadri was the Acting Managing Director of Oceanic Insurance Company Limited/Old Mutual Nigeria General Insurance between July 2012 and April 2014. He left the services Old Mutual Nigeria as Business Development Executive in April 2017 and joined AIICO Insurance Plc as General Manager, Head of Non-Life Business. His appointment as Executive Director was confirmed by NAICOM on the 5th February 2018. He is a Fellow of Chartered Insurance Institute of Nigeria and a Chartered Certified Accountant. He holds a B.sc in Applied Accounting from Oxford Brookes University, United Kingdom and Master’s Degree in Business Administration with specialization in Marketing from Lagos State University, Ojo. He is also an Alumnus of the Polytechnic Ibadan where he obtained Higher National Diploma in Insurance and graduated with Upper Credit Division. He equally obtained Certificate of competence in Management Advancement Program from University of the Witwatersrand, Johannesburg, South Africa. By virtue of his position as the Executive Director- Technical Operations, he attends all meetings of the Finance & General Purpose committee, ERM & Investment committee, and Statutory Audit. He joined the board on October 30, 2017

Gbenga Ilori

EXECUTIVE DIRECTOR, RETAIL BUSINESS DIVISION

Gbenga is a seasoned professional with over 20 years of progressive work experience in areas that cut across Sales, Marketing, Operations, Customer Service, Strategy, and General Management. He is a certified insurance practitioner with high financial acumen matched by a success-driven personality. He is self-directed, highly principled, and a collaborative leader. He is a bold and disruptive leader, who is always ready to challenge the status quo for better results. He joined AIICO Insurance Plc in November 2010 as the Group Head of Retail, to drive the retail businesses of both Life and General operations. This he did successfully, overseeing a major re-organization of the agency network for the distribution of all retail products within AIICO. He led his team to establish the annuity desk in AIICO and trained their agency network on annuity opportunities in the Pension Reform Act. He was later appointed the Special Assistant to the Group Managing Director in April 2012. He and his team pioneered the Micro Insurance Business in AIICO in 2014. Some other positions held in AIICO include Head of Lagos Mainland, Head of agency operations and administration/non-life retail, and Head of life benefits and claims/upcountry Operations. Gbenga left AIICO in 2020 to join Coronation Life Assurance Limited in 2020 as the Executive Director of Technical. During his period at Coronation, he oversaw the agency distribution channel, supported the bancassurance initiative of the ecosystem, oversaw product development, technical operations, and the execution of the marketing strategy in the company. Gbenga Ilori rejoined AIICO in 2022 to lead the Retail Business function and Agency Operations. He holds a B.Sc. (Hons) in Actuarial Science from the University of Lagos and a master's degree in business administration with a specialization in Marketing from the Federal University of Technology Akure. He is an associate of the Chartered Insurance Institute of Nigeria (ACIIN) and has attended several courses in Micro insurance, Customer Experience, Brand Management, Strategic Marketing, Product Development, Business Strategy, Relationship Management, Risk Management, and Finance, both locally and abroad. He is an alumnus of the prestigious Lagos Business School, where he took a 9-month course in Senior Management. He is also a member of the Technical Committee of the Chartered Insurance Institute of Nigeria (CIIN).

Ademola Adebise

Non- Executive Director (NED)

A charismatic leader, Mr. Adebise’s glowing track record of excellence spans several decades across fields including fintech, risk management, management consulting and corporate banking. Before joining Wema Bank, the Computer Science graduate of the University of Lagos headed Finance & Performance Management at the Lagos office of Accenture. He is currently on the boards of AIICO Insurance, AIICO Pensions Management Limited and the Nigeria Inter-Bank Settlement Scheme (NIBSS). He was previously the Deputy Managing Director at Wema Bank. Adebise worked as a Programmer/Systems analyst at an indigenous Information technology company in Nigeria in 1988 before he started his banking career at the Information technology department of Chartered Bank (Now Stanbic IBTC bank). He has worked in the following capacities: • Head of Information technology and the Chief financial officer (CFO) of the Chartered Bank (1989 and 2000) • Assistant General Manager at National Bank, supervised Risk Management, Treasury and Corporate Banking (2001 to 2005) • General manager at National Bank (2005). • Head of the Finance & Performance management Practice for Nigeria at Accenture (2005) • Executive director in charge of South Bank, Deputy Managing Director (supervising Corporate Banking, Treasury, and Support Functions at Wema Bank (2009 to 2017) In July 2018, Adebise became the acting Managing Director, following the retirement of Mr Segun Oloketuyi his predecessor. On approval by the Central Bank of Nigeria, he became the substantive MD/ CEO of Wema Bank on October 1, 2018. [2] Adebise serves on the board of Nigeria Inter-Bank Settlement System Plc (NIBSS), AIICO insurance Plc, and AIICO Pension Managers Limited. A fellow of the Institute of Chartered Accountants of Nigeria and an honorary member of the Chartered Institute of Bankers of Nigeria, Mr. Adebise has an MBA from Lagos Business School and is an alumnus of Harvard Business School’s Advanced Management Program. Advanced Management Program, Harvard Business School –2014 Pan African University – Lagos Business School Master of Business Administration (MBA) - 2004 Institute of Chartered Accountants of Nigeria Member (FCA)- 1993 University Of Lagos, Akoka B.Sc. (HONS) 2ND Class Upper, Computer Science- 1987 Baptist Academy Shepherdhill, Obanikoro, Lagos GCE O’LEVELS - Grade 1- 1983

Samaila Dalhat Zubairu

Non-Executive Director (NED) (INDEPENDENT)

Folake Edun

Non-Executive Director (NED)

Olalekan Akinyanmi

Non-Executive Director (NED)

Olalekan (“Lekan”) Akinyanmi is the founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company. Under his leadership, LEKOIL has successfully raised over $300 million from public and private institutions to finance the acquisition and development of its assets. These include the farm-in to OPL 310 and the subsequent discovery of the Ogo field—one of the world’s largest discoveries in 2013, with estimated gross resources of 774 mmboe. In September 2015, LEKOIL achieved "first oil" on the Otakikpo Marginal Field just nine months after commencing operations. Today, the field produces 11,000 barrels per day (bpd). The company has also expanded its portfolio, acquiring a controlling interest in OPL 325 in October 2015 and securing an interest in OPL 276 in August 2019. Lekan brings over 30 years of experience in the oil and gas industry. Before founding LEKOIL, he was the International Energy Sector Head at Alliance Bernstein L.P. in New York, where he managed a $1 billion Energy and Natural Resource Portfolio within a global asset management firm overseeing more than $800 billion in assets during his tenure. Prior to that, he served as an Associate Director at UBS Investment Research, where he was part of a top-ranked institutional investor team covering the oilfield services sector. His early career saw him take on engineering and operational roles at Schlumberger, working across Nigeria, Egypt, Pakistan, Oman, and Scotland. Beyond oil and gas, Lekan is the founder and chairman of Cambridge Growth Partners, an investment firm focused on natural resources, mining, and agriculture. Through this platform, he drives growth and innovation across a diverse portfolio of high-potential ventures worldwide. He is also deeply committed to social impact, serving on the board of the Global Fund for Widows, where he advocates for widow empowerment and women's rights—causes inspired by his late mother’s experiences as a widow. Lekan holds a first-class honors degree in Electronic and Electrical Engineering from Obafemi Awolowo University in Nigeria and an MBA from the Massachusetts Institute of Technology (MIT) Sloan School of Management. In July 2019, he was appointed as a Non-Executive Director of AIICO Insurance Plc, where he serves on the Finance & General Purpose, Nomination, Remuneration & Governance Committees. He also chairs the Compliance and Enterprise Risk Management Committee.

Raimund Synders

Non-Executive Director (NED) (LF Representative)

Kemi Adewole

Independent Non-Executive Director (INED)

With over two decades of distinguished board-level experience, Kemi Adewole is a seasoned Non-Executive Director, Board Committee Chair, and Qualified Risk Director (QRD®). Her expertise spans financial services, risk management, and consulting, delivering strategic and operational insights that drive corporate governance excellence and sustainable growth. She is recognized for balancing shareholder returns with a commitment to purpose and sustainability across diverse organizations. She is committed to contributing significantly to the corporate sector and as founder and Lead Consultant of Protiquette Consults, she advises on strategic growth and organizational value creation, particularly in enhancing governance frameworks and strategic leadership. Kemi is dedicated to advancing corporate governance excellence and is a member of the Ethics Committee of the Chartered Institute of Directors (CIOD), Nigeria and continues to leverage extensive experience and expertise to drive growth and sustainability within organizations. She is adept at steering governance best practices. And does this on the boards she currently serves on FBN Quest Trustees Limited as an Independent Non-Executive Director, and at Pilot Securities Limited as a Non-Executive Director. Kemi built a successful career in the financial sector working for leading Global and Nigerian institutions, including Citibank Nigeria as the Country Head of Investor and Issuer Services where she steered the strategic direction and enhanced market presence of the franchise. Prior to joining Citibank Nigeria, Kemi worked in First Bank of Nigeria where she led several Pioneering Initiatives, including as Head of the Global Custody Business, the establishment and profitability of Nigeria’s first domestic Non-Pension Custody service to achieve rapid asset growth. Earlier in her banking career, she worked in Chartered Bank of Nigeria where she was responsible for many successful product developments. She holds an MBA in Marketing, from the University of Lagos, Nigeria and a BSc in Business Administration from the University of Benin, Nigeria. Her executive development is complemented by specialized board training programs including Harvard Business School, IE Business School and IMD. She is a Qualified Risk Director and has a certificate in Risk Governance from the DCRO Institute. Kemi was a co-founder and first female President of the Association of Asset Custodians of Nigeria and has won multiple awards for her contributions to the Nigerian capital markets and corporate governance.