The Board of Directors of Royal Exchange General Insurance Company Limited has announced the appointment of Mrs. Ebelechukwu Benedicta Nwachukwu as the Managing Director/Chief Executive Officer (MD/CEO) of the company, following the confirmation of her appointment by the industry regulator, the National Insurance Commission (NAICOM).
Announcing the appointment at a press conference today in Lagos, the Chairman of, Board of Directors, Prince Ike Chioke, said Mrs. Ebele Nwachukwu, with her extensive experience and knowledge of the insurance industry, will seek to drive the continuous growth and profitability of the company and make the company a market leader in the general insurance business in Nigeria, adding that she assumed office December 1, 2022.
According to the Chairman, “Ebele brings close to 3 decades of versatile and trusted experience to Royal Exchange General Insurance, with a track record of excellence and performance, having previously led two (2) insurance companies in Nigeria, and we are very confident in her ability to take the company to even greater heights”.
From left: Company Secretary, Royal Exchange General Insurance Company, Ms. Sheila Ezeuko; Managing Director, Mrs. Ebelechukwu Nwachukwu; Chairman, Ike Chioke, and immediate past Managing Director, Benjamin Ajili at the event.
Speaking further, Prince Chioke said, “Ebele is expected to focus on our transformation agenda as we seek to diversify our business lines and focus on the retail insurance space. Royal Exchange General Insurance has the vision to attain and maintain market leadership in terms of profitability and excellent service. For us at the Board, we see Ebele as someone who can drive this vision, as we seek to be a top 3 general insurance firm in Nigeria. This is the goal and expectation of the investors and the Board, within the next 3-5 years.”
Prince Chioke added, “the Board would like to thank Mr. Benjamin Agili for his meritorious service to the Company. Mr. Agili will always be remembered for his leadership, service, dedication, and a strong commitment to the company. Under his watch, the company has grown to be a major player in the general insurance space in Nigeria, and the Board thanks Agili for his services.
Mrs. Ebele Nwachukwu – MD/CEO, Royal Exchange General Insurance Company Limited
Mrs. Nwachukwu is a graduate of the University of Benin, Edo State, and obtained her master’s degree in Business Administration from the ESUT Business School. She is an Alumni of London Business School (Executive Education); London and The Columbia Business School, New York; and has attended Executive programmes at the Manchester and Lagos Business Schools.
She started her insurance career at International Standard Insurance in 1994 after the mandatory NYSC and spent an additional year with the firm before joining Standard Alliance Insurance Plc in 1996, as an Officer in, Public Sector. She rose to the position of Assistant General Manager (AGM) before leaving in 2004 to join UBA Insurance Company as Deputy General Manager/Divisional Head, Retail and Channel Management with the task of running the Bancassurance Model with UBA Plc. She also had a stint at UBA Plc as Senior Manager/Head, Marketing – Cards Division.
Ebele left UBA Plc to join Zenith General Insurance as a Deputy General Manager (DGM) in 2007, was promoted to the position of General Manager (GM) in 2008, and later appointed the MD/CEO in the same year, leading the company to unprecedented growth in terms of revenue and profitability in the nine (9) years she spent as the Managing Director.
Mrs. Nwachukwu then assumed the leadership position of MD/CEO at NSIA Insurance in January 2018, where she led the business reengineering and transformation projects in the company. While at NSIA, her efforts led to a change in the company’s structure, culture, and operations, leading to increased business patronage, and was awarded the ‘Best Place to work’ in 2019. She left NSIA in May 2022 to pursue other personal interests.
A member of the Chartered Insurance Institute of Nigeria (CIIN); Ebele is also a 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.
In the Nigerian Insurance Industry, Ebele has served in the following capacities: Member of, Governing Council, of Nigeria Insurers Association (NIA); Chairman of, Publicity Sub-Committee of the Insurers Committee (NAICOM); Chairman of, the AIO Organising Committee – AIO 2021, (hosted in Nigeria) and Chairman, NIA House Project.
Royal Exchange General Insurance Company Limited is licensed and regulated by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products and with decades of experience in the Nigerian market, she has an enviable reputation for technical competence and financial strength.
