Mrs. Ebelechukwu Nwachukwu has been named the next managing director and chief executive officer by Royal Exchange General Insurance Company, beginning December 1, 2022.
The National Insurance Commission validated the nomination, according to the company’s chairman, Mr. Ike Chioke, who made the announcement on Monday in Lagos (NAICOM).
He expressed his belief that Nwachukwu’s in-depth understanding of the insurance sector and experience will help the business expand.
Having previously served as the CEO of two insurance businesses in Nigeria, Nwachukwu brings to Royal Exchange General Insurance nearly three decades of diverse and dependable experience.
We have every faith that she will lead the business to even higher heights, he said.
He asserts that Nwachukwu, the company’s first female managing director, will concentrate on the insurer’s reform strategy as it strives to diversify its business lines and concentrate on the retail insurance market.
Royal Exchange General Insurance, according to Chioke, has a goal to become and be the industry leader in terms of profitability and superior service.
In light of our goal of becoming one of Nigeria’s top three general insurance firms, he said: “For us on the board, we see Nwachukwu as someone who can drive this vision.
Within the next three to five years, the board and investors plan to achieve this target.
Chioke also praised Mr. Benjamin Agili, the firm’s departing MD, for his distinguished service to the company.
He said Agili would be remembered for his great devotion to the business, leadership, and service.
The board thanked Agili for his efforts because “under Agili’s watch, the company has evolved to be a prominent player in the general insurance industry in Nigeria,” he stated.
Nwachukwu responded by stating her willingness to engage with the team to situate the business in an admirable position.
The new managing director expressed her gratitude to the insurer’s board of directors for its faith in her and pledged to do everything in her power to uphold everyone’s expectations.
“I would concentrate on reforming the retail sector to support financial inclusion and create a strong customer base,” she stated.
Nwachukwu earned her Master of Business Administration from the ESUT Business School after graduating from the University of Benin in Edo State.
She graduated from Columbia Business School in New York and the London Business School’s Executive Education program.
Nwachukwu additionally participated in executive programs at the Lagos and Manchester Business Schools.
After completing the required NYSC in 1994, Nwachukwu began her insurance career at International Standard Insurance. In 1996, she joined Standard Alliance Insurance Plc as an Officer in, Public Sector.
The new MD formerly held a variety of positions at major insurance businesses, including MD at Zenith General Insurance (2008) and MD/CEO at NSIA Insurance (Jan. 2018 to May 2022). Nwachukwu is a member of the Nigerian Chartered Insurance Institute (CIIN) and the
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.