Royal Exchange General Insurance Company Ltd. has announced the appointment of Mrs. Ebelechukwu Nwachukwu as the new Managing Director/Chief Executive Officer, effective December 1, 2022.
The company’s Chairman, Mr. Ike Chioke, made the announcement at a news briefing on Monday in Lagos.
Chioke said that the appointment had been confirmed by the National Insurance Commission (NAICOM).
He expressed confidence that Nwachukwu’s extensive experience and knowledge of the insurance industry would drive and enhance the company’s growth.
“Nwachukwu brings close to three decades of versatile and trusted experience to Royal Exchange General Insurance, with a track record of excellence and performance, having previously led two insurance companies in Nigeria.
“We are very confident in her ability to take the company to even greater heights,” he said.
According to him, Nwachukwu who is the first female Managing director of the company is expected to focus on the insurer’s transformation agenda as it seeks to diversify its business lines and focus on the retail insurance space.
Chioke noted that Royal Exchange General Insurance has the vision to attain and maintain market leadership in terms of profitability and excellent service.
He said: “For us at the board, we see Nwachukwu as someone who can drive this vision, as we seek to be a top three general insurance firm in Nigeria.
“This is the goal and expectation of the investors and the board within the next three to five years.”
Chioke also lauded the firm’s outgone MD, Mr. Benjamin Agili, for his meritorious service to the company.
He noted that Agili would always be remembered for his leadership, service, dedication, and strong commitment to the company.
“Under Agili’s watch, the company has grown to be a major player in the general insurance space in Nigeria, hence, the board thanked him for his services,” he said.
In her response, Nwachukwu expressed her readiness to work with the team to reposition the company to an enviable state.
The new managing director appreciated the insurer’s board of directors for the confidence reposed in her and promised to give her best to make everyone proud.
“My focus would be transforming the retail space to promote financial inclusion and build a formidable customer base,” she said.
Nwachukwu, a graduate of the University of Benin, Edo state, obtained her Master’s degree in Business Administration from the ESUT Business School.
She is an alumnus of the London Business School (Executive Education) and The Columbia Business School, New York.
Nwachukwu also attended Executive programmes at the Manchester and Lagos Business Schools.
Nwachukwu started her insurance career at International Standard Insurance in 1994 after the mandatory NYSC, before joining Standard Alliance Insurance Plc in 1996 as an Officer in Public Sector.
The new MD served in various capacities in different insurance companies such as UBA Insurance Company, MD, Zenith General Insurance (2008), and MD/CEO at NSIA Insurance (January 2018 to May 2022).
Nwachukwu is a member of the Chartered Insurance Institute of Nigeria (CIIN), member of the Institute of Directors, Nigeria (IoD); a Chartered Member of the Nigerian Institute of Management (NIM), and a member of the Personal Finance Society, United Kingdom.
