AIICO Insurance Announces Appointment of Three Directors to Strengthen Board Composition

AIICO Insurance Plc has announced the appointment of three new directors to its Board, following receipt of regulatory no-objection approval.

According to the company, the newly appointed directors are Mr Sadiq Mohammed, who joins the Board as an Independent Non-Executive Director; Mr Tunde Mabawonku, who is the current Director of Finance, Retail and Digital Business at Wema Bank Plc, joins as a Non-Executive Director; and Mrs Rolake Akinkugbe-Filani, HCIB, joins as a Non-Executive Director.

1. Profile of Mr 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, including 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. Before his career at ARM, Sadiq spent 3 years 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 and DCSL Corporate Services Limited, and 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.

2. Profile of Mr Tunde Mabawonku – Non-Executive Director 

Tunde Mabawonku is the Executive Director in charge of Finance, Retail and Digital Business at Wema Bank Plc with over 25 years of cognate working experience spanning digital and retail banking, financial, strategy management, culture transformation, change management, tax & cost management, investor relations, corporate sustainability, human capital management, business performance, credit/risk, and customer experience. 

Before he was appointed Executive Director, he served as the Chief Finance and Strategy Officer, responsible for the Finance and Corporate Services Division. Tunde started his career at Chartered Bank, then moved to Prudent Bank, where he headed the performance management and cost control unit and was eventually elevated to Deputy Head of the Financial Control and Strategy Department. He headed several other departments, including Human Capital Management, Performance Management, and Financial Advisory Services, in the then Skye Bank (now Polaris Bank).

He is a Fellow of the Chartered Institute of Taxation Nigeria (ACITN), an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN), a Fellow of the Institute of Chartered Accountants in Nigeria (ICAN), and an alumnus of Harvard Business School GMP. Tunde Mabawonku holds a master’s in finance (MiF) from London Business School in London and a BSc in Economics from the University of Ibadan in Oyo State, Nigeria.

3. Profile of Rolake Akinkugbe-Filani, HCIB – Non-Executive Director 

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 mobilisation, 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 & Organisation, and Investment Committees. Recognised for helping to scale and strengthen organisations 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, mobilising 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 mobilisation, 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 at 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. 

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. 

Currently serves as an Independent Non-Executive Director at UpEnergy, an Independent Non-Executive Director and Investment Committee Member at ALL ON, and 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 organisations seeking a commercially minded, governance-strong, and impact-driven Non-Executive Director.

The appointments form part of AIICO  Insurance Plc’s efforts to strengthen its governance framework. The company stated that the appointments have received the necessary regulatory no-objection approval and are effective immediately.