Leadership

Leadership

Mr. Mutiu Sunmonu CON – Chairman, Wapic Insurance Plc

Mr. Mutiu Sunmonu is an Oil & Gas expert with a rich history of experience and performance both locally and internationally. Mr. Mutiu Sunmonu retired from Shell Petroleum Development Company (SPDC) in 2015 after 36years of meritorious service. Until his retirement, Mr. Sunmonu was the Managing Director SPDC and Vice President Production Sub-Saharan Africa, as well as Country Chair of the Shell Companies in Nigeria, roles which he held concurrently from January 1, 2008 and January 1, 2010 respectively.

Mr. Mutiu Sunmonu holds a First Class degree in Mathematics and Computer Science from the University of Lagos and a Masters in Business Administration (MBA) from the Harvard Business School. A respected private sector leader who continues to provide leadership and professional guidance to established and upcoming businesses, Mr. Mutiu Sunmonu sits on the Board of Directors of a number of companies such as Unilever Nigeria Plc, SanLeon Energy Uk, Petralon Energy Limited, Imperial Homes Mortgage Limited and Julius Berger Plc where Mr. Mutiu Sumonu is the Chairman of the Board of Directors. He was appointed to the Board of Directors of Wapic Insurance Plc on January 30, 2019 and became the Chairman of the Board with effect from April 27, 2020.

Leadership

Mr. Bode Osunkoya – Independent Non-Executive Director

Osunkoya commenced his training with the firm of Z. O. Ososanya & Co (Chartered Accountants) where he qualified as a Chartered Accountant in 1986. He thereafter joined Abacus Merchant Bank Limited and later Konsuma Credit Limited, where he honed his financial skills. In 1994, he founded Bababode Osunkoya & Co. (Chartered Accountants), a firm he nurtured until 2008 when he became a partner in Abax-OOSA Professionals, a firm of Chartered Accountants, formed by a merger with three other firms. Mr. Bode Osunkoya served two consecutive tenures as Managing Partner Abax-OOSA Professionals, before reverting to Senior Partner in 2012.

Mr. Bode Osunkoya is a graduate of the Department of Accounting, University of Lagos. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Chartered Institute of Taxation of Nigeria (CITN), and an Associate Member of the Institute of Directors (IoD). In March, 2010, Mr. Bode Osunkoya became one of the first batch of Certified Forensic Accountants of the Institute of Chartered Accountants of Nigeria.

Leadership

Mr. Adamu Atta - Non-Executive Director

Mr. Adamu Atta is the Chief Executive, Matad Group Nigeria Ltd, an investment company with operations across Africa. He also sits on the Board of a number of first class companies. An astute business man with over two decade experience in financial management and consulting, he has developed an enviable portfolio of clients. His consultancy provides services for worldclass companies such as Shell, Nigerian National Petroleum Corporation (NNPC), Nigerian Liquefied Natural Gas Company (NLNG), First Bank of Nigeria Plc. and Lafarge Plc. amongst others. His involvements also extend into projects for the World Bank, UNICEF, DFID and HYSON mainly in the areas of infrastructure, financial services, capacity building, hospitality and tourism, housing, transportation and logistics. His other interests include textile and garments, cement, food and beverage production. He has also served on various Committees in Oil and Gas and Textile sectors and was a pioneer member of the Nigerian Business Forum. He holds a B.A. in International Relations and Economics and an MA in Development Economics from the United States International University

Leadership

Mr. Barnabas Olise - Non-Executive Director

Mr. Barnabas Olise is the Managing Partner/CEO Of Enterprise Value Matrix Consult (EVMC) Limited, a multidisciplinary consultancy firm established in 2010. Olise's rich pool of work experience spans nearly two decades and covers Auditing, Consulting and Banking. Mr. Barnabas began his career in Deloitte, an international firm of Chartered Accountants as an audit trainee. He spent nearly a decade with the firm and gained cognate experience in auditing companies operating in virtually every sector of the Nigerian economy. Following his stint at Deloitte, he joined former Intercontinental Bank (Now Access Bank Plc.) and facilitated the expansion of the Ghanaian subsidiary's branch expansion to 28 outlets. He served as the Bank's Group Head, Project Management and later Group Executive, Management Services and Franchise Expansion before resigning from the Bank to set up a consultancy.Mr. Barnabas holds a BSc. in Mathematics from the University of Ibadan and is a Fellow of the Charted Institute of Accountants of Nigeria (ICAN).

Leadership

Ms. Chizoba Ufoeze - Non-Executive Director

Ms. Chizoba Ufoeze is an Investment Analyst with over two decades of experience in the financial services industry. She began her career as a Research Assistant with African Development Consulting Group and an Investment Officer with African Development Bank. She also worked with BGL Limited as an Investment Analyst and then as the Head of Investments of the Wealth Management Group. She is currently the CEO of United Alliance Company of Nigeria Limited. Ms. Ufoeze is a graduate of the University of Nigeria Nsukka and has an MSc in Investment Management from the City University Business School London, and an MBA from the Middlesex University Business School, London. Ms. Ufoeze brings on board significant investment and wealth management experience.

Leadership

Mrs. Ifeyinwa Osime - Independent Non-Executive Director

Mrs. Ifeyinwa Osime is a partner at McPherson Legal Practitioners, a firm of Barristers and Solicitors in Nigeria. Called to the Nigerian Bar in 1987, she has several years of professional experience in the practice of Law and Insurance. She possesses substantial Board-level experience and had at different times served on the Boards of Bank PHB Plc. (now Keystone Bank Limited), Insurance PHB Limited (now KBL Insurance Ltd) and PHB Healthcare Limited (now KBL Healthcare Ltd) of which she was the Chairperson. She was the Company Secretary of African Development Insurance Company Limited from 1989 to 1997 where in addition to Company Secretarial duties; she had oversight for claims settlement. Married with two children, she is passionate about children and people with special needs. This passion has led to the establishment of a special needs program which offers support, therapy and counselling to people with special needs (developmental delays) and their families. Mrs. Osime holds a Law Degree (LL.B) and a Masters of Laws (LL.M) in Commercial & Corporate Law from the University of Benin and the London School of Economics respectively. She is a Barrister at Law (BL) of the Supreme Court of Nigeria and an Alumnus of the Executive Business Programs of the Harvard Business School and the Insead Graduate Business School.

Leadership

Mr. Olusegun Ogbonnewo - Non-Executive Director

Mr. Olusegun Ogbonnewo is a Director in TenGen Holdings Limited with over 27 years’ professional experience in the financial service industry cutting across banking, human capital development, operations, payment systems and financial technology. Until his retirement in March 2017 he was a General Manager and Group Head Channels Services (E-Banking) of Access Bank Plc where he worked meritoriously for over 10years. While in the Bank, he played a vital role in the successful implementation of Access Bank Plc’s operations transformation program which was key to the seamless absorption of Intercontinental Bank Plc into the Bank’s operations. Mr. Olusegun Ogbonnewo has a BA (Ed) and Master of Public Administration (MPA) from the University of Ilorin and Master of Business Administration (MBA) from Lagos Business School/IESE Barcelona. He is an alumnus of the Harvard Business School, and has also attended management development programs in IDI Dublin, INSEAD and IMD amongst others. Mr. Olusegun Ogbonnewo was appointed to the Board of Directors of Wapic Insurance Plc on October 25, 2017. This appointment has been communicated to NAICOM and the formal approval of the Commission is being awaited.

Mrs titilayo Osuntoki

Mrs. Titilayo Osuntoki - Independent Non-Executive Director

Mrs. Titilayo Osuntoki has over 30 years’ professional experience in the financial sector, cutting across treasury/currency trading, financial control, risk management, as well as corporate finance and relationship management. She began her work experience in the financial sector in 1990 with Guaranty Trust Bank where she worked for over 21years and held various leadership positions across the bank. Until her retirement in March 2019, Mrs. Titilayo Osuntoki was an Executive Director in Access Bank Plc prior to which time she served as an Independent Non-Executive Director on the Board of Wapic Insurance Plc and Coronation Life Assurance Limited between January 1, 2013 and January 16, 2014 and was the Chairperson of the Board Enterprise Risk Management Committee of both companies. Mrs. Titilayo Osuntoki has also served on various other Boards and has attended numerous courses and seminars both locally and internationally.

Mrs. Titilayo Osuntoki, is a graduate of the University of Lagos from where she obtained a Second-Class Upper Division in Civil Engineering in the year 1987 and a Master in Business Administration (MBA) in the year 2000.

Mrs. Titilayo Osuntoki joined the Board in July 2020 following the approval of the National Insurance Commission.

mrs omosalewa fajobi

Mrs. Omosalewa Fajobi - Non-Executive Director

Mrs. Omosalewa Fajobi has about 18years professional experience spanning across corporate law and governance of which 15years has been within the financial sector. She is currently an Operating Director at Tengen Holdings Limited where her responsibilities include overall supervision of legal, governance and compliance functions within Tengen and its investee companies across, oil & gas, digital technology, real estate and financial services sectors. Prior to joining Tengen, Mrs. Omosalewa Fajobi worked with the International Finance Corporation (IFC) where she was the Project Lead (Nigeria) Africa Corporate Governance Program.

Mrs. Omosalewa Fajobi holds a Second-Class Upper Law Degree (LL.B) and a Master of Laws (LL.M) in Commercial & Corporate Law from the University of Lagos and the University of London respectively. She is also a Barrister at Law (BL) of the Supreme Court of Nigeria.

Mrs. Omosalewa Fajobi joined the Board in July 2020 following the approval of the National Insurance Commission.

Leadership

Adeyinka Adekoya - Managing Director/Chief Executive Officer

Mrs. Adekoya started her professional career with Lambert Willis & Associate (Insurance Brokers). She spent 23 years at Law Union and Rock where she rose through the ranks gathering experience in the technical department. Prior to joining Wapic, Mrs. Adekoya was the Head Institutional Business Development Division at Cornerstone Insurance. She was appointed Managing Director of Wapic Insurance Plc on November 1, 2015. Mrs. Adekoya has a Bachelor of Science and Masters of Business Administration both from the University of Lagos. She is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate of the Chartered Insurance Institute, London.

Leadership

Peter Ehimhen - Executive Director

Mr. Peter Ehimhen joined Wapic Insurance Plc on September 2012 and until this appointment as Executive Director Technical, he was the Chief Risk Officer of the Company. He has a Bachelor of Science (B.Sc.) in Insurance from Enugu State University of Science and Technology, and a Master’s in Business Administration (MBA) from the University of Nigeria, Nsukka. Mr. Ehimhen also has a Masters’ of Science (M.Sc.) in Risk Management, from the Glasgow Caledonian University, UK, and has over 24 years’ post-qualification experience, of which over 12 years has been in the insurance industry. Mr. Peter Ehimhen is an Associate of the Chartered Insurance Institute of Nigeria and a Member of the Institute of Risk Management. His appointment was approved by NAICOM on December 5, 2017.

Leadership

Adewale Koko - Managing Director, Coronation Life Assurance Ltd

Adewale Koko holds a Higher National Diploma (HND) in Insurance, a Post Graduate Diploma in Management from the University of Calabar and a Master’s in Business Administration degree from the University of Calabar. He has many years of experience in insurance underwriting and is an Associate of the Chartered Insurance Institute of Nigeria. He has attended several courses and seminars both locally and internationally. Prior to his appointment with Wapic, Adewale was the Group Head, Oil and Gas with Standard Alliance Insurance where he managed several International Oil Companies (IOCs) and marginal field players in Nigeria.

Leadership

Adeyinka Adekoya - Managing Director/Chief Executive Officer

Mrs. Adekoya started her professional career with Lambert Willis & Associate (Insurance Brokers). She spent 23 years at Law Union and Rock where she rose through the ranks gathering experience in the technical department. Prior to joining Wapic, Mrs. Adekoya was the Head Institutional Business Development Division at Cornerstone Insurance. She was appointed Managing Director of Wapic Insurance Plc on November 1, 2015. Mrs. Adekoya has a Bachelor of Science and Masters of Business Administration both from the University of Lagos. She is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate of the Chartered Insurance Institute, London.

Leadership

Peter Ehimhen - Executive Director

Mr. Peter Ehimhen joined Wapic Insurance Plc on September 2012 and until this appointment as Executive Director Technical, he was the Chief Risk Officer of the Company. He has a Bachelor of Science (B.Sc.) in Insurance from Enugu State University of Science and Technology, and a Master’s in Business Administration (MBA) from the University of Nigeria, Nsukka. Mr. Ehimhen also has a Masters’ of Science (M.Sc.) in Risk Management, from the Glasgow Caledonian University, UK, and has over 24 years’ post-qualification experience, of which over 12 years has been in the insurance industry. Mr. Peter Ehimhen is an Associate of the Chartered Insurance Institute of Nigeria and a Member of the Institute of Risk Management. His appointment was approved by NAICOM on December 5, 2017.

Leadership

Adewale Koko - Managing Director, Coronation Life Assurance Ltd

Adewale Koko holds a Higher National Diploma (HND) in Insurance, a Post Graduate Diploma in Management from the University of Calabar and a Master’s in Business Administration degree from the University of Calabar. He has many years of experience in insurance underwriting and is an Associate of the Chartered Insurance Institute of Nigeria. He has attended several courses and seminars both locally and internationally. Prior to his appointment with Wapic, Adewale was the Group Head, Oil and Gas with Standard Alliance Insurance where he managed several International Oil Companies (IOCs) and marginal field players in Nigeria.

Leadership

Adedayo Arowojolu - Managing Director, Wapic Insurance (Ghana) Ltd

Adedayo Arowojolu has several years’ experience in insurance with expertise in sales, and is knowledgeable in underwriting, claims administration and reinsurance. Adedayo has Bachelors and Masters degrees from the University of Ibadan. He also holds a Masters in Business Administration. Adedayo worked at Royal Exchange Insurance for over 14 years before he joined the corporate sales team of Wapic Insurance in 2013.

Leadership

Mary Agha - Company Secretary/Legal Adviser

Mary Agha is a Law graduate of the University of Ibadan. She has worked as company secretary for organizations such as Lead Capital Plc. and Intercontinental Bank Plc. She worked in the Company Secretariat and Subsidiaries legal services department of Access Bank, before joining Wapic Insurance.

Leadership

Sunny Ogbemudia - Chief Internal Auditor

Sunny Ogbemudia supervises the audit function of WAPIC Insurance Group covering all subsidiaries. He also supervises and coordinates the outsourced activities of WAPIC’s external audit firms. Sunny is an Accountancy graduate of the University of Maiduguri, he holds a Masters in Business Administration degree from the University of Benin. Sunny has worked with Akintola Willaims Deloitte (Chartered Accountants), Wema Bank, Ecobank and Access Bank Plc.

Leadership

Nelson Madu – Head, Information Technology and Operations

Nelson Madu has over 2 decade working experience in the Technology and Financial services industry. Before joining Wapic Insurance, he was at various times Group Head, Information Technology, International Subsidiaries; Group Head, Technology Shared Services; Head, Technology Services Management at Access Bank Plc. Prior to Access bank, he was the Chief Technology Officer (CTO) at UBASouth Bank of UBA Group Plc, overseeing the technology function of South Bank. He holds a Bachelor of Engineering (B.Eng) degree in Computer Science and Engineering from Enugu State University of Science and Technology, Enugu, a Masters of Science(MSc.) degree in Systems Engineering (Artificial Intelligence) from the University of Lagos and many other technology professional certifications. He is an Associate Fellow of Institute for Operations Research of Nigeria (INFORN) and a member of Nigeria Society of Engineers (NSE) and COREN.

Leadership

Muyiwa Oke - Chief Compliance Officer

Muyiwa Oke heads the Compliance and Internal control function at Wapic Insurance. He has over a decade’s working experience in the financial services sector with Citibank Nigeria Limited and Access Bank. His extensive experience cuts across various Banking operations departments like Customer Service, Quality Assurance, Business Process Review and Improvement. Muyiwa is a graduate of Engineering from the Federal University of Technology Akure.

Wapic Insurance Plc is fully committed to implementing best practice standards in Corporate Governance. The Company recognizes that Corporate Governance and Practices must balance two goals of protecting the interest of Shareholders and providing for the duty of the Board and Management to direct and manage the affairs of the Company.

In line with our group framework, we have strengthened the corporate governance arrangements of the Company by increasing the Board Committees from four (4) to five (5), namely:

Board Audit and Compliance Committee

  • Purpose - The Committee assists the Board in fulfilling its oversight responsibility relating to the integrity of the Company’s financial statements and the financial reporting process; the independence and performance of the Company’s internal and external auditors; and the Company's system of internal control and mechanism for receiving complaints regarding the Company’s accounting and operating procedures
  • Membership – Three (3) Non-Executive Directors
  • Frequency of meetings – At least once every quarter

Board Enterprise Risk Management and Governance Committee

  • Purpose – The Committee assists the Board in fulfilling its oversight responsibility relating to establishment of policies, standards and guidelines for risk management, governance and compliance with legal and regulatory requirements in the Company
  • Membership – Seven (7) members comprising of Five (5) Non-Executive Directors and Two (2) Executive Directors
  • Frequency of meetings – At least once every quarter

Board Finance, Investment and General Purpose Committee

  • Purpose – The Committee assists the Board in fulfilling its oversight responsibility relating to management of the Company’s exposure to financial risk; management of the Company’s business plan, cash plan, balance sheet and capital structure; the Company’s capital allocation strategy, including the cost of capital; the quality of the Company’s investment portfolio and the trends affecting the portfolio; the effectiveness and administration of investment related policies including compliance with legal investment limits and the Company’s in-house investment restrictions; and providing oversight and guidance to the Company regarding all aspects of implementing the NAICOM Guidelines and compliance with other regulatory Risk based supervision framework.
  • Membership – Eight (8) members comprising of Five (5) Non-Executive Directors and Three (3) Executive Directors
  • Frequency of meetings – At least once every quarter

Board Establishment and Remuneration Committee

  • Purpose – To advise the Board on its oversight responsibilities in relation to remuneration, other human resource matters affecting the Directors and employees of the Company and all other general matters. Specifically, the Committee is responsible for determining and executing the processes for board appointments, removal of non-performing directors and recommending appropriate remuneration for directors (both executive and non-executive) and approving remuneration for all other staff
  • Membership – Four (4) Non-Executive Directors
  • Frequency of meetings – At least once every quarter

Board Information Technology Committee

  • Purpose – To assist the Board in fulfilling its governance and oversight responsibilities relating to development, periodic review and implementation of the Company’s Information Technology strategy; monitoring the Company’s investments and operations in relation to technology and information systems; and ensuring that the Company’s technology initiatives are consistent with the Company’s overall corporate strategy
  • Membership – Four (4) members comprising of Three (3) Non-Executive Directors and One (1) Executive Director
  • Frequency of meetings – At least once every quarter

The over-arching goal is to ensure better strategic oversight by the Board and a more in-depth approach to Corporate Governance in the Company. Members of the Board of Directors attend regular trainings on Corporate Governance and related issues both at local and international levels. In addition, the Company Secretary provides advice to the Board on Corporate Governance best practices from time to time.

Whistleblower Policy Complaints Management Policy
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