Corporate Governance

At AIICO, trust in leadership matters

AIICO Insurance Plc has consistently improved upon the foundation laid by its founders over 50 years ago. In today’s business environment, it is imperative that a market leader such as AIICO Insurance Plc abide by a set of Corporate Governance Codes and Practices which will further reassure all stakeholders that our business practices have been institutionalized and that the Enterprise has been positioned to deliver value to its Stakeholders.

Having adopted the Codes of Corporate Governance set out by both the National Commission for Insurance (NAICOM) in 2009 and The Securities & Exchange Commission of Nigeria (SEC) in 2011, we have been fastidious in adhering to those codes in addition to also evolving certain business practices which have enhanced our Corporate Governance stature and culture.

AIICO Insurance Plc developed a framework for the business which guarantees the independence and authority of both management and Board of Directors. The Board of Directors maintains its oversight function and effectiveness in the discharge of its responsibilities through a number of Board Committees set up for that purpose. These committees are as follows: Board Establishment and Corporate Governance Committee, Board Finance & General Purpose Committee, Board Real Estate Committee, Board Audit Committee and Board Risk Management & Investment Committee.

Board of Directors

Olalekan Akinyanmis

Chairman

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.

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).

Folake Edun

NON-EXECUTIVE DIRECTOR

Raimund Synders

Non-Executive Directive-LF Representative

Raimund, a Partner of Leapfrog Investment, serves as a Non-Executive Director on the Board of AIICO Insurance Plc, having been recommended by Leapfrog Investment to represent its interest in AIICO Insurance Plc. Raimund brings to bear his experience as one of the most seasoned insurance leaders on the African continent, to the benefit of the LeapFrog team and partner companies. He joined LeapFrog from Old Mutual Group where as CEO of Mutual & Federal, the 185-year-old insurer, he led a turnaround of the company as part of the Old Mutual Group's strategy to establish itself as a leading financial services group across the African continent. Under his leadership, Mutual & Federal was rebranded to become Old Mutual Insure. Prior to this Raimund served in executive leadership positions in the Old Mutual Group, leading large multi-disciplinary teams in areas of business such as distribution, bancassurance, investments and wealth management. Key positions included: COO and Head of Distribution for Old Mutual's African operations; Executive General Manager, Old Mutual Life Assurance Co (South Africa); CEO, Old Mutual Life Assurance Co (Namibia); Managing Director, Old Mutual Investment Services. His experience in the insurance industry in Africa is both vast and deep. Over his career, Raimund has led organic and inorganic expansion, sales, marketing, product development, distribution, bancassurance, investment and wealth management – with responsibilities across retail, institutional and enterprise functions cultivated during a 27+ year career with Old Mutual. Raimund holds a Bachelor of Commerce, Bachelor of Laws from Stellenbosch University, as well as Executive Leadership qualifications from the Graduate School of Business, University of Cape Town, and Harvard Business School. He is a member of Finance, Investment & General Purpose, Nomination, Remuneration, Governance & Sustainability, and the Statutory Audit Committees of the board of AIICO. He joined the board on October 30, 2019.

Kemi Adewole

Independent Non-Executive Director

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, Said Business School and IMD. She is a Qualified Risk Director and has a certificate in Risk Governance from the DCRO Institute and also serves a member of the Reputational Risk council of the 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.

Sadiq Mohammed

Independent Non-Executive Director

Sadiq is an accomplished business leader and board‑level executive with more than 33 years of experience across financial markets, asset management, pensions, alternative investments, infrastructure, real estate and fintech/startup investments. He is the Founder and Chief Executive Officer of Hexium Investments, an investment and advisory firm operating in the financial services and real estate sectors. He spent 28 years at ARM Group, where he held several senior leadership roles, including Deputy Group CEO, Managing Director/CEO of ARM Pension Managers, Chief Operating Officer, and Managing Director of ARM’s Proprietary Business. His tenure included oversight of major proprietary investments and landmark infrastructure and real estate projects such as the Lekki Concession Company (LCC), Fara Park Estate, Beechwood Estate, and Lakowe Lakes Golf & Country Estate. During his tenure at ARM, he served on the Boards of ARM Holding Company and most of its subsidiaries. Prior to his career at ARM, Sadiq had a 3-year stint at Arthur Andersen (now KPMG Professional Services Nigeria). A highly experienced board director, he has served on several boards across financial services, infrastructure, real estate, hospitality, technology and industrial sectors. His board leadership includes chairing FMDQ Clear Limited, where he guided its development into a full Central Counterparty Clearing (CCP) platform, and serving as an Independent Non‑Executive Director of FMDQ Group. He currently serves on the boards of Meta Digital Services (MDS) Nigeria Limited, DCSL Corporate Services Limited, and sits on the ARM‑Harith Infrastructure Fund Investment Committee, among other advisory board roles. He is a graduate of the Harvard Business School Advanced Management Program, a Financial Risk Manager (FRM) Charterholder with GARP, and holds a dual International Wealth Management Executive MBA from Carnegie Mellon University and the University of Geneva, as well as a B. Tech (Hons) from Abubakar Tafawa‑Balewa University. His professional development includes extensive technical and leadership training across global institutions. Across his career, he has earned a reputation for strategic leadership, governance excellence, and deep investment expertise, contributing significantly to the development of Nigeria’s financial markets and broader economic landscape.

Rolake Akinkugbe-Filani, HCIB

Non- Executive Director (NED)

A highly versatile board‑level leader with nearly two decades of experience spanning financial services, energy, banking (IB/CB), capital markets, development finance, risk advisory, and regulated financial institutions. Brings deep expertise in capital mobilization, investment appraisal and oversight, risk governance, and energy finance, with a strong track record operating across pan‑African, multi‑jurisdictional regulatory environments. An experienced Non‑Executive Director with committee exposure across Audit & Risk, Finance, People & Organization, and Investment Committees. Recognized for helping to scale and strengthen organizations through disciplined governance, strategic challenge, and robust oversight. Has led and advised on transactions, projects, and capital raises exceeding $10bn across the energy, infrastructure, and financial services sectors, mobilizing and coordinating multi‑stakeholder teams across public and private markets. Currently the Founding Managing Director/CEO of EnergyInc Advisors, a financial advisory and strategy consulting firm focused on capital mobilization, infrastructure financing, project de‑risking, and strategic advisory in the energy, oil and gas, finance, and climate sectors. Previous senior roles include GM/Head of Investor Relations & Corporate Development at Zenith Bank Plc, Chief Commercial Officer for Mixta Africa, Senior Africa Advisor at IFU, and energy sector-focused senior leadership positions at FBNQuest Merchant Bank, Ecobank Group, Eurasia Group, and Control Risks Group. Currently serves as an Independent Non‑Executive Director at UpEnergy, an Independent Non‑Executive Director and Investment Committee Member at ALL ON, a Non‑Executive Director at Save the Children International. Brings to the boardroom a rare combination of strategic insight, financial acumen, sectoral depth, and cross‑continental operating experience—well‑suited to organizations seeking a commercially minded, governance‑strong, and impact‑driven Non‑Executive Director. Holds a Global Executive MBA (Finance) from the TRIUM programme (NYU Stern, LSE, HEC Paris), an MSc in International Relations and a BSc (Hons) in Government from the London School of Economics. She is an Honorary Member of the Chartered Institute of Bankers of Nigeria (HCIB). Early career experience includes political, regulatory and security risk advisory at Control Risks Group and Exclusive Analysis, providing foundational expertise in enterprise risk assessment across frontier and emerging markets, as well as roles with the European Commission and International Crisis Group.

Tunde Mabawonku

Non-Executive Director (NED)