Leadway Assurance Limited has announced the appointment of Gboyega Lesi as its acting Managing Director on January 1, 2024, pending the requisite regulatory approval of the appointment from the National Insurance Commission (NAICOM).
He is replacing Tunde Hassan-Odukale who stepped down as CEO, as the company moves to adhere to NAICOM’s directive regarding the 10-year tenure limit for Managing Directors and Executive Directors.
Before his appointment, Gboyega Lesi was the Executive Director of commercials at Leadway Assurance.
On November 22, 2022, NAICOM released a circular mandating the compulsory retirement of Executive Directors and Chief Executive Officers of Insurance and Reinsurance Companies after 10 years in the position.
According to the circular, CEOs and other Executive Directors of insurance and reinsurance companies can serve for a maximum of 10 years, split into two terms of 5 years each.
While, if an Executive Director becomes the CEO of the same company, their total time in both roles cannot exceed 15 years altogether.
Tunde-Hassan Odukale before he retired from Leadway Assurance had spent 31 years at the company, having joined as an Executive Director in 1992, and becoming the CEO in 2020.
Speaking on the appointment of his successor, Hassan-Odukale noted,
Commenting on his appointment, Gboyega Lesi, noted,
In line with NAICOM’s regulation, the company also announced the appointment of a new Executive Director, Oluwafunmilayo Amanwa as the Executive Director, Technical and Operations.
The appointment follows the exit of the Executive Director, Technical Services, Adetola Adegbayi in line with the tenure limit rules.
