Leadway Assurance appoints Gboyega Lesi new Acting MD as Hassan-Odukale exits role

Business a.m

Leadway Assurance Limited, one of Nigeria’s leading insurance companies, has announced the appointment of Gboyega Lesi as acting managing director, effective January 1, 2024, subject to regulatory approval from the National Insurance Commission (NAICOM). 

 Lesi is taking over from Tunde Hassan-Odukale, who stepped down as CEO of Leadway Assurance in accordance with NAICOM’s directive on the 10-year tenure limit for managing directors and executive directors. Mr. Lesi has extensive experience in the insurance industry, having previously served as Executive Director of Commercials at Leadway Assurance.

On November 22, 2022, NAICOM issued a circular stipulating that executive directors and chief executive officers of insurance and reinsurance companies in Nigeria must retire after serving for 10 years in the role.

The circular from NAICOM further clarified that executive directors who become CEOs of the same company cannot serve a combined tenure of more than 15 years. This means that even if an executive director serves as CEO for only 5 years, they can only serve as an executive director for an additional 10 years. 

Hassan-Odukale’s long tenure at Leadway Assurance is a testament to his leadership and commitment to the company. He first joined the company in 1992 as an executive director, and over the course of his 31-year career at Leadway, he held various positions, including Group Managing Director and CEO. 

Hassan-Odukale expressed his confidence in Lesi’s ability to lead Leadway Assurance into a new era of growth and success. He highlighted Lesi’s extensive experience in the insurance industry, which spans almost three decades, as a key factor in his selection as the new CEO. L

“Mr. Lesi, a seasoned professional with a wealth of experience, is well-positioned to lead the company into its next phase of growth. His strategic vision and deep understanding of the industry make him an ideal successor to guide Leadway Assurance on its trajectory of sustained success,” he said. 

On his part,Lesi acknowledged the honour of being appointed as the new CEO of Leadway Assurance, and noted that he is taking on the role at a significant moment in the company’s history. He attributed the company’s success over the years to its core values, its focus on providing a high level of service to its customers, and its commitment to innovation and engagement. 

He added, “Taking up the mantle to build upon this rich legacy is a challenge I eagerly embrace alongside our dedicated professional team. Our current standing is a testament to our stakeholders, brokers, and peerless customers’ trust in our ability to provide convenient, tech-driven, and reliable risk management support. My determination to consistently deliver excellence remains unwavering. I am wholeheartedly committed to furthering our accomplishments by placing our clients at the centre of every aspect of our operations.”

In accordance with NAICOM’s regulations, the company has also appointed Oluwafunmilayo Amanwa as the new executive director, technical and operations. Amanwa’s appointment comes after the exit of Adetola Adegbayi, the previous executive director, in line with the rules on tenure limits.