Royal Exchange Plc has named Ikeme Osakwe as its new chairman, aiming to bolster the leadership team of Nigeria’s leading insurance company amid the ongoing industry repositioning.
Osakwe will take over from Kenny Ezenweani Odogwu, who is stepping down from the role effective January 22, 2026, as stated in notices to the Nigerian Exchange Limited and the Securities and Exchange Commission (SEC).
After the recent changes, the board now includes Ikeme Osakwe as Chairman, Anthony Idigbe, SAN, Senator Sanusi Mohammed Daggash, Ezekiel Onilude, Pamela Yough, Afolabi Caxton, and Idu Okeahialam as Managing Director.
Speaking to investors, shareholders, employees, and other market participants, the new chairman called the board changes and ongoing restructuring key moves in driving Royal Exchange PLC’s strategic goals, aimed at delivering sustainable, better results for all stakeholders.
Osakwe is an experienced financial management professional with a strong background in both the public and private sectors, specialising in corporate governance and public finance. He earned his bachelor’s and master’s degrees from the University of Oxford and is an Associate Member of the Institute of Chartered Accountants in England and Wales and a Fellow of the Institute of Chartered Accountants of Nigeria.
He’s currently on the boards of Oando Plc and several other organizations, and in the past, he was part of the Governing Board of the Federal Inland Revenue Service, where he led the Board Committee on Revenue and Finance. The Board is confident he’ll bring strong leadership to drive the Company’s strategic goals and uphold high corporate governance standards.
Last year, the organization brought on veteran financial expert Idu Okeahialam as Group Managing Director (GMD) and Chief Executive Officer to help drive the next phase of its growth.
Idu reaffirmed the group’s unwavering commitment to excellence and customer satisfaction, noting that new initiatives are underway to drive strong, long-term growth, including reviving its trustee business.
For the financial year ending March 31, 2025, Royal Exchange Plc recorded a profit after tax of N497 million, with interest income climbing to N143.7 million. The shareholders’ fund grew to N7.17 billion, while total assets reached N9.69 billion.
With a solid shareholder base, the company says it remains confident that its current growth plan would achieve its short-to-long term goals. Its current subsidiaries/associates companies include REFCO 100 per cent, REX – 40 per cent, REMFB- 30 per cent and DOT HMO – 30 per cent.
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