Royal Exchange appoints Wale Banmore new GMD, Iwuajoku as Group ED


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Chuks Udo Okonta

The Board of Directors, Royal Exchange Plc, has announced the appointments of Olawale Banmore, as the new Group Managing Director, while John Iwuajoku has been appointed the Group Executive Director, Operations. Both appointments are effective, December 4, 2019, the firm said.

Announcing the appointments, the Chairman, Board of Directors, Royal Exchange Plc, Kenneth Odogwu, said that Banmore, with his extensive experience and knowledge of the insurance industry, will seek to drive the continuous growth and profitability of Royal Exchange Plc and make the Group a market leader in Insurance and Financial Services in Nigeria, while John Iwuajoku will focus on digital transformation, corporate restructuring and operational efficiency across the group.

According to Odogwu, these two appointments were done in order to ensure that Royal Exchange Plc continues to seek and take advantage of the numerous opportunities that abound in the financial services sector. Besides, the new GMD and GED will work together and oversee the five subsidiaries in the Royal Exchange group and ensure all companies are positioned for growth, expansion and profitability.

Wale Banmore is a seasoned Insurer with over 27 years on the job experience in the insurance Industry. He is a graduate of Sociology from the University of Ibadan and holds a Master’s Degree in Managerial Psychology from the same institution.

He is an associate member of the Chartered Insurance Institute of Nigeria (ACIIN); a member of the Africa Insurance Organization; a member of the Nigeria and South Africa Chambers of Commerce and an alumni of the Lagos Business School.

He joined the Company in 2003 and acted in various managerial capacities within the Company. He was the Managing Director of Royal Exchange Prudential Life Plc, a subsidiary of Royal Exchange Plc from 2011 to December 4, 2019.

Prior to this appointment, he was seconded to Royal Exchange Plc by the Board of Directors to oversee the affairs of the Royal Exchange Group in October, 2018, while still being the Managing Director Royal Exchange Prudential Life.


John Iwuajoku is a consummate finance expert with over 23 years professional experience in the financial services industry. He joined the Company in 2018 as the Chief Operating Officer.

Prior to joining the Company, he was Vice President at First City Monument Bank, Nigeria where he held several top positions, which included Head Branch Coordination, Head Service Management, Head Shared Services, Head Card and Electronic Banking.

John holds a Bachelor’s degree in Economics from the Obafemi Awolowo University and Masters in Business Administration from the University of Calabar. He is an Honorary Associate of the Chartered Institute of Bankers of Nigeria; Fellow, Institute of Information Management; Fellow, Chartered Economist of Nigeria and Member, Nigeria Institute of Management.

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 Company Limited (Financial Advisory Services)

Royal Exchange Healthcare Limited (HMO and Health Insurance)

Royal Exchange Microfinance Bank Limited (Banking Services)

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