Royal Exchange Plc has announced the appointment of Mr. Ikeme Osakwe as its new chairman. This is as the foremost Insurance Company in Nigeria further strengthens its leadership team amid the ongoing repositioning exercise.
In notifications to the Nigerian Exchange Limited and the Securities and Exchange Commission (SEC), dated January 22, 2026, the organization said Osakwe’s appointment followed the retirement of Mr. Kenny Ezenweani Odogwu with effect from the above date.
Following the changes, the board now consists of Mr. Ikeme Osakwe (Chairman), Chief Anthony Idigbe, SAN, Senator Sanusi Mohammed Daggash, Mr. Ezekiel Onilude, Ms Pamela Yough, Mr. Afolabi Caxton and Mrs. Idu Okeahialam (Managing Director).
Addressing investors, shareholders, employees and other market participants, the new chairman described the board changes and ongoing restructuring as important steps in advancing Royal Exchange PLC’s strategic objectives, towards creating a sustainable, improved results for all stakeholders.
Osakwe is a seasoned public and private sector financial management specialist with extensive experience in corporate governance and public finance. He holds bachelor’s and master’s degrees from the University of Oxford and is an Associate Member of the Institute of Chartered Accountants in England and Wales and a Fellow of the Institute of Chartered Accountants of Nigeria. He currently serves on the boards of Oando Plc and other organizations and previously served on the Governing Board of the Federal Inland Revenue Service, where he chaired the Board Committee on Revenue and Finance. The Board is confident that he will provide strong leadership in advancing the Company’s strategic objectives and corporate governance standards.
Last year, the organization appointed veteran financial expert, Idu Okeahialam, as Group Managing Director (GMD) and Chief Executive Officer as part of measures to strengthen its next growth phase.
Reaffirming its commitment, Idu said the group’s dedication to excellence and customer satisfaction remains steadfast, adding that new initiatives have been launched to boost strong long-term growth, including resuscitation of its trustee business.
In the financial year ended March 31, 2025, Royal Exchange Plc posted a profit after tax of N497 million, while interest income rose to N143.7 million. Shareholders’ fund increased to N7.17 billion and total assets was N9.69 billion.
With a solid shareholder base, the company says it remains confident that its current growth plan would achieve its short-to-long term goals. Its current subsidiaries/associates companies include REFCO 100%, REX – 40%, REMFB- 30% and DOT HMO – 30%.
