Auwalu Muktari now Royal Exchange’s Acting Group Managing Director

Alhaji Auwalu Muktari, Ag. Group Managing Director, Royal Exchange Plc


• Francis Okoli appointed Group Chief Financial Officer

The Board of Directors of Royal Exchange Plc, Nigeria’s leading Insurance and Asset Management Group is pleased to announce the appointments of the following officers to direct affairs of the group. The appointments are:

• Alhaji Auwalu Muktari, former Group Executive Director, Marketing & Sales, is now the Acting Group Managing Director,
• Mr. Francis Okoli, is now the Group Chief Finance Officer, Royal Exchange Plc.

These appointments come following the expiration of the employment contracts of the erstwhile Group Managing Director and Managing Director, Mr. Chike Mokwunye and the resignation of the former Chief Financial Officer.

Announcing the appointments recently, the Chairman, Board of Directors, Royal Exchange Plc, Mr. Kenneth E. Odogwu, extolled the virtues of the exiting officers, especially the retiring Group Managing Director, Mr. Chike Mokwunye and commended their esteemed services and contributions to the growth and success of Royal Exchange Group. The Board also expressed sincere appreciation to Mr. Mokwunye for the cordial and harmonious working relationship that existed between the board and Mr. Mokwunye during his five-year tenure as Group Managing Director.

Speaking further, Mr. Odogwu said that Alhaji Auwalu Muktari, the current Group Executive Director, Marketing & Sales has been appointed as the Acting Group Managing Director with effect from January 1, 2016, when Mr. Mokwunye will proceed on his terminal leave. Before then, Muktari will work closely with Mokwunye, pending his final disengagement, Mr. Odogwu added.

Francis C. Okoli, who was the Assistant General Manager and Head of Accounts, Royal Exchange Prudential Life, a subsidiary of Royal Exchange Plc, has been promoted to Deputy General Manager and appointed the Group Chief Finance Office, Royal Exchange group, with direct responsibility to oversee the Finance and Accounts function of all the subsidiaries in the Group.

Below is a profile of the new appointees:

Alhaji Auwalu Muktari – Acting Group Managing Director, Royal Exchange Plc

He completed his 1st degree in Business Administration and later his Masters Degree in Banking and Finance at BayeroUniversity Kano in 1993 and 1995 respectively.He also attendedAhmadu Bello University Zaria where he obtained a Diploma in Insurance at Credit Level in 1983. Having attended Hagagawa Primary School, Bichi, Auwalu completed his secondary education at Kano Community Commercial College in 1981.

He started his working career with the Kano based insurance company, Kapital Insurance Limited and rose through the ranks to become Head of Re-insurance Department.

Alhaji Muktari joined Royal Exchange Assurance Nigeria (as it was then known) in 1995 as Branch Manager in Kano, with direct oversight and responsibility over the activities of Bauchi, Maiduguri and Yola offices of the company. In 2003, he became the Regional Director, Abuja.

He left Royal Exchange Plc to become the Managing Director/Chief Executive Officer ofYankari Insurance Co. Ltd in 2008, (later called Fin Insurance to Co. Ltd) and returned to Royal Exchange as the Group Executive Director, Marketing and Sales in 2010.

Alhaji Muktari was elected in 2010 as an associate member of the Institute of Directors, Nigeria; and is also a professional member of the following bodies:Associate Member, Institute of Management Specialist, UK; Member, Chartered Insurance Institute of Nigeria; Associate Member, Institute of Management and is currently the President of the Institute of Sales and Marketing Management of Nigeria.

He has attended various Executive Management & Development programmes around the world and is an alumni of Harvard Business School, USA.

Mr. Francis Okoli – Group Chief Finance Officer, Royal Exchange Plc

Francis C. Okoli, joined the services of Royal Exchange Prudential Life Plc in December 2010 as the Chief Financial Officer. Prior to this appointment, he was a Senior Associate and Head of Financial Control at BGL Securities Limited, one of the top 5 stock broking firms in Nigeria, during which he lead the successful implementation of BGL PLC Capital market application called “Symbols”, amongst other achievements. Before joining BGL Group, he worked at Hallmark Bank PLC and rose to the position of a Senior Manager/Deputy Chief Financial Officer until the bank was acquired by ECO Bank PLC. He also had a stint at both Owena Bank Plc and Kazel Savings & Loans Ltd.
He started his career in 1990 at Manufacturers Merchant Bank Ltd (which later merged with Fidelity Bank) where he rose to the position of a Senior Analyst before leaving in 1993. He served the one year compulsory National Youth Service Corps (NYSC) at City Express Bank Ltd (formerly Industrial Bank Ltd, Merchant Bankers) between 1988 and 1989.
He has over two decades of experience in financial control and strategic financial management, which he acquired in diverse financial services sector such as merchant banking, universal banking, mortgage banking, commercial banking, assets management, investment banking and insurance.
Okoli obtained a bachelor’s degree in Accounting from the University of Port Harcourt, Nigeria in 1988 and a Masters degree in Finance at the University of Lagos. He is a Fellow of The Institute of Chartered Accountants of Nigeria (FCA), The Chartered Institute of Taxation of Nigeria (FCTI) and The Chartered Institute of Bankers of Nigeria (FCIB). Furthermore, he has other international Certifications such as CISA (Certified Information Systems Auditor), USA; Certified Information Security Manager (CISM), USA; CISSP (Certified Information Systems Security Professional) and CIA (Certified Internal Auditor), USA.
He has attended both local and international courses which included the Advanced Management Programme (AMP 24) of Lagos Business School; Executive Leadership Programme at University of Pretoria, South Africa; Senior Leadership Programme, Judge Business School, Cambridge University, United Kingdom, amongst others.

About Royal Exchange Plc

Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers. Following the recapitalization exercise in 2007, the company was reorganised into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries namely:

• Royal Exchange General Insurance Company Limited (Non-Life Insurance Services)
• Royal Exchange Prudential Life Plc (Life Assurance Services)
• Royal Exchange Finance and Investments Limited (Financial Advisory Services)
• Royal Exchange Healthcare Limited (HMO and Health Insurance)
• Royal Exchange Microfinance Bank Limited (Banking Services)

For more information, please contact:

Wilson Okoh – Esene
Group Head, Corporate Communications
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Tel: 0802 718 4941, 01-454 0441


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