By Ayomide Otitoju
Royal Exchange Plc has announced the appointment of Mr. Ikeme Osakwe as its new Chairman, as the company continues to strengthen its leadership team amid an ongoing corporate repositioning exercise.
In separate notifications to the Nigerian Exchange Limited and the Securities and Exchange Commission (SEC) dated January 22, 2026, the insurance group said Osakwe’s appointment followed the retirement of the former Chairman, Mr. Kenny Ezenweani Odogwu, with effect from the same date.
Following the changes, the Board of Royal Exchange Plc is now composed 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, who serves as Managing Director.
Addressing investors, shareholders, employees and other market participants, Osakwe described the board changes and ongoing restructuring as critical steps toward advancing the company’s strategic objectives and delivering sustainable value to stakeholders.
Osakwe is a seasoned public and private sector financial management professional 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, as well as a Fellow of the Institute of Chartered Accountants of Nigeria. He currently serves on the board of Oando Plc and other organisations, 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 expressed confidence that his leadership will further strengthen Royal Exchange Plc’s corporate governance and strategic direction.
As part of its broader repositioning efforts, the company last year appointed veteran financial expert, Mrs. Idu Okeahialam, as Group Managing Director and Chief Executive Officer. Reaffirming the group’s commitment to excellence and customer satisfaction, Okeahialam said new initiatives have been introduced to drive long-term growth, including the revival of its trustee business.
For the financial year ended March 31, 2025, Royal Exchange Plc recorded a profit after tax of N497 million, while interest income rose to N143.7 million. Shareholders’ funds increased to N7.17 billion, with total assets standing at N9.69 billion.
With a solid shareholder base, the company said it remains confident that its current growth strategy will deliver its short- and long-term objectives. Royal Exchange Plc’s subsidiaries and associate companies include REFCO (100 per cent), REX (40 per cent), REMFB (30 per cent), and DOT HMO (30 per cent
