Tag: Leadway Assurance

Paga, the fintech company behind the Doroki merchant platform, has entered into a strategic partnership with Leadway Assurance, one of Nigeria’s foremost insurance providers, to deliver comprehensive insurance solutions designed specifically for Doroki merchants.

The collaboration aims to help merchants safeguard their businesses against everyday risks and recover quickly from unforeseen events.

Under this partnership, Doroki merchants will gain access to tailored insurance solutions designed to protect the critical components of their day-to-day operations thereby safeguarding their income, assets, and continuity of operations.

Beyond offering coverage, this initiative is built on a holistic approach to risk resilience.

Doroki and Leadway will equip merchants with clear guidance on what each product covers, how to file a claim, and best practices for risk management—empowering them with knowledge that strengthens decision-making and builds confidence in handling uncertainties.

The General Manager of Doroki Merchants, Arike Okwunowo said: “At Doroki, we see our merchants as partners in driving economic activity across Nigeria’s retail landscape.

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“This partnership with Leadway, an insurer with decades of experience and a strong reputation for reliability—means our merchants can focus on growing their businesses with the peace of mind that they’re protected,” he noted.

Commenting on the development, Head of Digital Business, Leadway, Diana Mulili reiterated Leadway’s commitment to expanding access to financial security for every Nigerian.

“At Leadway, we believe insurance should integrate seamlessly into the everyday realities of people and businesses. By partnering with Doroki, we are embedding practical, easy-to-understand insurance solutions into platform merchants already trust—helping them to protect their income, assets, and livelihoods while continuing to grow with confidence.

“This collaboration not only provides financial protection for Doroki merchants but also fosters a culture of preparedness, awareness, and informed decision-making—key pillars for sustainable business growth in an unpredictable environment”, he added.

Leadway Assurance has reaffirmed its leadership in Nigeria’s insurance sector through a strategic partnership with the Alliance for a Green Revolution in Africa (AGRA), the National Agricultural Development Fund (NADF), and Verdure Climate to advance solutions for agricultural and climate risks.

The high-level forum,with the  theme: “Accelerating Agricultural Lending to Market Actors and Smallholder Farmers using index-based agric insurance & blended finance solutions,” brought together policymakers, financial institutions, agribusiness leaders, and development experts to identify actionable strategies to strengthen Nigeria’s agricultural resilience.

Recent studies indicate that over 82per cent of Nigerian farmers remain uninsured, while climate-induced disruptions could slash agricultural productivity by 10–25 per cent by 2080, with some rain-dependent regions facing losses of up to 50 per cent. Against this backdrop, the dialogue provided a critical platform to explore integrated solutions combining insurance, credit, and climate-risk financing.

The Global Head, Agriculture Risk Solutions at Leadway Assurance, Ayoola Fatona, emphasised the company’s commitment to using insurance as a tool for financial inclusion and agricultural transformation.

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He said: “We are on a mission to make insurance a catalyst for productivity, enabling farmers to access credit, adopt climate-smart practices, and recover quickly from weather-related shocks. Partnering with AGRA, NADF, and Verdure Climate allows us to co-create solutions that strengthen the entire value chain and secure Nigeria’s food systems,”.

Fatona highlighted that the forum forms part of an AGRA-supported initiative targeting Niger, Kaduna, and Nasarawa States.

“As climate risks intensify, our role goes beyond underwriting. Index-based insurance integrated with blended finance provides the transparency, speed, and scalability needed to unlock credit for both market actors and smallholder farmers.

“The collaboration underscores the need for government, insurers, financiers, and development partners to translate innovation into tangible impact for farmers, from maize growers in Nasarawa to rice producers in Niger.

“Leadway has long invested in strengthening Nigeria’s agricultural insurance framework through index-based crop insurance, public-private partnerships, and capacity-building for rural communities. Between 2024 and 2025, the company expanded coverage for thousands of smallholder farmers, enhancing financial stability and continuity in the agribusiness sector,” he added.

Leadway Assurance, Nigeria’s leading insurance company, has announced the appointment of Mrs. Adebisi Lamikanra as the new Chairperson of the Board, following the tenure expiration and formal retirement of General (Rtd) Martin Luther Agwai, who has admirably served as Board Chairman since November 2016.

In a statement made available by the company, Mrs. Lamikanra is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

According to the company, she brings nearly four decades of exceptional leadership and advisory experience to the role.

The statement read: “She was a Partner at Andersen Nigeria and made history as the first female Partner at KPMG Nigeria, where she retired as Head of Advisory Services and Lead for the African Region Advisory Practice.

“Her career has been defined by strategic consultancy to leading local and multinational organisations across sectors. A proud alumna of the University of Lagos and the Lagos Business School, she has also honed her leadership skills through advanced executive programs at Harvard Business School, INSEAD University, and the Kellogg School of Management.

“Mrs. Lamikanra currently serves on the boards of Standard Chartered Bank Nigeria, Evercare Hospital Lekki, and Nestle Nigeria, where her governance acumen and cross-sector insights continue to shape corporate excellence”.

Speaking on the appointment, the outgoing Chairman, General (Rtd) Martin Luther Agwai, expressed his confidence in Mrs. Lamikanra’s leadership, stating, “It has been a profound honour to serve Leadway Assurance, a company that continues to define trust and innovation in Nigeria’s financial services sector. As I pass the baton, I take pride in the enduring culture of excellence we have built together. Mrs. Lamikanra’s appointment represents a seamless continuation of this legacy; her integrity, professionalism, and wealth of experience will ensure that Leadway continues to grow stronger and advance firmly into its next chapter of success.”

The company further stated that under General Agwai’s stewardship, Leadway Assurance achieved significant milestones, including restructuring into a holding company, expanding across West Africa, and solidifying its position as one of the West Africa’s most trusted financial services institutions.

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“His tenure will be remembered for stability, innovation, and a commitment to governance excellence. His exit, after his successful tenure, reinforces Leadway’s penchant for uploading good governance principles”.

Meanwhile, speaking on her appointment as the first female Board Chairperson of the Company, Mrs. Lamikanra expressed gratitude and optimism about the company’s future.

“I am deeply honoured to assume this responsibility at such a pivotal moment in Leadway Assurance’s journey. The organization’s legacy of trust and innovation, built over five decades, continues to inspire confidence in Nigeria’s financial ecosystem”, she said.

She expressed gratitude to her predecessor, Gen (Rtd.) Martin Luther Agwai, recognizing his outstanding leadership and mentorship skills in steering the affairs of the Board during his tenure as the Board Chairperson.

She further called on the Board, management, and all stakeholders to collaborate and work together in strengthening the Leadway legacy, driving sustainable growth, advancing digital transformation while reinforcing Leadway’s role as a catalyst for financial inclusion and economic development.

Mrs. Lamikanra’s appointment signals a continuation of this legacy, blending experience, foresight, and the dynamism required to navigate Nigeria’s evolving financial landscape. Her leadership is expected to strengthen further the organisation’s culture of excellence, innovation, and sustainable growth.

Leadway Assurance, Nigeria’s leading insurance provider, has once again reinforced its industry leadership, clinching two prestigious honours at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards Insurance, as the insurance company of the Year (for the second consecutive year) and Excellence in Claims Leadership & Digital Innovation.

These recognitions reaffirm Leadway Assurance’s position as Nigeria’s most trusted insurer, underpinned by 55 years of legacy of integrity, innovation, and customer focus. In 2024 alone, the company paid out N117 billion in claims—the highest in the industry—further strengthening its reputation as the nation’s most consistent and reliable insurer.

Commenting on the milestone, Gboyega Lesi, Managing Director of Leadway Assurance, said: Each payout reflects restored livelihoods and renewed confidence for families and businesses across the country. These double honours are a worthy recognition of the dedication of our team and our commitment to serving customers better every day. The recognition motivates us to continue building systems and teams that ensure no one faces uncertainty alone. Each innovation and every claim fulfilled reaffirms our promise to provide protection. For Leadway Assurance, these accolades celebrate our sense of purpose, reliability, and the lasting strength of an indigenous brand built to endure.

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“Winning the Insurance Company of the Year for the second consecutive year and adding Excellence in Claims Leadership and Digital Innovation awards reflects our consistent devotion to excellence, consistency, and innovation in delivering value.

‘‘We thank the leadership of BusinessDay for celebrating our relentless pursuit of efficiency, transparency, and empathy in every customer interaction; from simplifying claims processes to leveraging technology for faster, smarter access to insurance policies, as we continue to redefine trust and innovation in the insurance industry.

“Leadway Assurance’s transformation of claims management has set a new benchmark in the insurance industry. Leveraging cutting-edge technology, the company has digitised its claims processes, enabling customers to file, track, and finalise claims seamlessly. This digital shift has significantly reduced turnaround times and elevated customer experience nationwide”, Lesi added.

The BAFI Awards, regarded as the gold standard for financial excellence, celebrate institutions that embody innovation, strong governance, and customer-centricity.

Leadway Assurance has entered into a partnership with Ecobank Nigeria Limited.

Director of Sales, Retail and Partnerships at Leadway Assurance, Kikelomo Fischer, said the alliance aims to deliver integrated insurance offerings to both internal and external stakeholders within Ecobank, spanning employees, customers, and small business owners.

According to her, the launch of the partnership marked a significant step in advancing financial inclusion by embedding insurance access directly within everyday banking touchpoints. From life and health protection to motor and home insurance solutions, Ecobank customers and stakeholders will now enjoy seamless access to Leadway’s trusted suite of products, expertly tailored to meet their evolving needs.

He said: “Beyond convenience, the initiative is designed to deepen insurance awareness and foster uptake through interactive product education across key engagement platforms, including physical Ecobank branches, staff engagements, Ecobank’s mobile platforms, and direct customer channels.

 “This collaboration is about making insurance simple, accessible, and part of everyday life. By working with Ecobank and leveraging their wide network, we’re bringing financial protection closer to people—right where they are, and when they need it most.”

She added that this isn’t just about operations but a purposeful move to bridge the insurance gap in Nigeria. By combining our customer-focused solutions with Ecobank’s reach, we’re making it easier for more Nigerians to access the protection they deserve.

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Head of Distribution Channels and Sales, Consumer & Commercial Banking at Ecobank, Adeola Ogunyemi, added: “At Ecobank, we are delighted to partner with Leadway Assurance, one of the country’s foremost insurance service providers. This strategic collaboration aligns with our vision to create a one-stop hub offering robust financial services. Through this initiative, our customers will enjoy the convenience of accessing tailored insurance solutions alongside their banking needs.”

The rollout will start across select Ecobank branches, with product champions trained to guide users through policy options, including Leadway’s Group Life Cover, Personal Accident Insurance, and Term Life policies, which are especially beneficial to Ecobank’s workforce and retail clientele””, he stated.

• Pays N117b claims

Leadway Assurance Company Limited has posted a record-breaking N173.2 billion revenue, representing a 51 per cent increase from N114.4 billion in 2023.

The company also settled N117 billion claims.

Managing Director, Leadway Assurance, Gboyega Lesi, said this payout maintains the company’s eight-year streak as the industry’s highest claims-paying insurer.

He explained that the robust performance cements Leadway’s leadership in the industry, underscoring its ability to deliver sustained growth and customer service.

He said: “Claims expenses rose from N70.4 billion in 2023 to N117 billion in 2024, with the non-life segment accounting for N49.5 billion, followed by N44.9 billion in annuity payouts and N23.2 billion in life business claims.’’

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Lesi said the results reflected their resilience and readiness to adapt in an evolving market, adding:This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners.”

He emphasised the company’s agenda, stating: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.”

The company’s Chairperson, General Martin Luther Agwai (rtd) added: “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers.”

“I am confident that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to stakeholders. Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation.”

Leadway Assurance Company Limited has called on Nigerians to take steps to avert the flooding forecast by the National Emergency Management Agency (NEMA).

The company stated that in a July report presented at a forum in Abuja, NEMA predicted an increase in flooding incidents across 33 states from this month to October. As a result, the agency urged various sectors to take precautionary measures.

Chief Executive Officer, Leadway Assurance, Gboyega Lesi, who made the call, reechoed NEMA’s warnings, emphasising the seriousness of the situation.

He said: “Flooding poses a significant threat to communities across Nigeria, and the latest Nigerian Meteorological Agency (NIMET) report highlights the urgent need for proactive protection measures for individuals, families, properties and investments.

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“The Nigerian Bureau of Statistics (NBS) reported that the 2022 flood disaster, deemed the worst in decades, caused about $9.12 billion in direct economic damages, as the Federal Government and the World Bank estimated.

“The assessment reveals extensive damage to residential and non-residential buildings, businesses, households, and public infrastructure and significant disruption to productive and agricultural sectors.The financial impact is overwhelming, underscoring the need for urgent action”.

Lesi underscored Leadway‘s dedication to equipping Nigerians for rapid recovery from disaster impacts through its specialised insurance solutions tailored to the distinct challenges posed by flood-related risks.