The insurance industry has often played second fiddle to the banking sector, largely due to the low penetration in the country.
Poor corporate governance has meant that many insurance firms have done poorly in terms of share price and dividend payment.
Some firms, however, have managed to stay above water or are being repositioned. Here is a brief profile of some billionaires in the insurance space.
*Valuations were calculated using a cut off date of April 6, 2018.
Mr. Oluwole B. Oshin has a first degree in Actuarial Science from the University of Lagos (1984) and a Masters degree in Business Administration from the University of Ibadan (1990).
Mr. Oshin’s insurance career began in 1984 when he worked for three (3) years in the Actuarial Sciences Department of the National Insurance Corporation (NICON)
In 1987, he became Assistant Manager in the Executive Support Services Division of Femi Johnson & Co., where he was responsible for the entire insurance needs of big conglomerates with assets running into billions of Naira.
Mr. Oshin joined Marketing Department of Crusader Insurance (Nigeria) Plc as Head of Corporate Marketing, responsible for the marketing of its corporate clients in 1991.
He founded Custodian and Allied Plc in 1994 and he has been the Managing Director since 1994 and also serves as its Chief Executive Officer.
Oshin is an Associate Member of the Chartered Insurance Institute, U.K, as well as a Fellow of the Chartered Insurance Institute of Nigeria. He is an Alumnus of Lagos Business School (LBS CEP-9).
Estimated Net worth
Wole Oshin has a direct holding of 238,674,353 shares and indirect holding of 866,134,963 shares in Custodian and Allied Insurance Plc.
At the company’s current share price of N4.97, this gives him a net worth of N5.4 billion.
Aigboje Aig Imoukhuede
Aigboje Aig Imoukhude is the co-founder of Access Bank Plc and currently chairman of Coronation Capital. He served as Managing Director of Access Bank from 2002-2013. Prior to this, he worked in Guaranty Trust Bank from 1992-2002.
He holds an LLB from the University of Benin and participated in the Harvard Business School (HBS) Program for Management Development in 2000.
Estimated Net worth
Aig has total holdings in Wapic insurance Plc amounting to 6,378,300,514 shares.
At our cut off date of April 6, 2018, this gives him a net worth of N3.3 billion.
He is an Accounting graduate and a Member of the Chartered Insurance Institute, London and Nigeria, a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Associate, Chartered Insurance Institute of Nigeria (CIIN), Nigerian Institute of Management (MNIM) and Institute of Directors (M.Inst.D ). He studied Banking and Finance for his Master of Business Administration.
Prior to joining Standard Alliance Group, Mr. Akinboye worked with Industrial and General Insurance PLC as the Management Accountant.
Mr. Akinboye is an alumnus of Harvard Business School, Boston, USA. Mr. Akinboye is an alumnus of Lagos Business School (LBS), Pan African University, has gained considerable experience in strategic marketing, product packaging, and corporate management
Akinboye resigned from Standard Alliance, before making a come back this time as an owner.
Estimated Net worth
Akinboye holds a direct stake of 435,781,914 shares in Standard Alliance Insurance, and an indirect stake of 2,594,060,738 shares through Gemstone Management Company Limited.
At our cut off date of April 6, 2018, this amounts to N1.3 billion.
Aletor is a lawyer by profession and currently a staff of the Nigerian Law School. Prior to this, she had worked at the Continuing Legal Education Association of Nigeria (CLEAN), Akeredolu Olujimi (Legal Practitioners) and Afe Babalola and Co (Emmanuel Chambers) as a lawyer.
Aletor had also made our list of female billionaires.
Yinka Aletor has indirect holdings of 383,492, 958 shares in NEM Insurance Plc. At our cut-off date, this amounts to N1.03 billion.