Tenure Limit: New MD, ED Emerge At Capital Express Assurance

Following the implementation of the 10-year tenure limit for managing directors/CEOs and executive directors of insurance firms nationwide, the former managing director and former deputy managing director of Capital Express Assurance Limited have paved way for new ones.

To this end, Mr. Mathew Ogwezhi has now assumed the position of acting managing director/CEO, following the exit of former MD/CEO, Mrs. Bola Odukale.

Similarly, Mr. Gbenga Owodunni assumed the position of acting deputy managing director/COO, even as the duo are undergoing approval processing by the National Insurance Commission (NAICOM).

The chairman of the board, Otunba Ademola Adenuga, after a recent board meeting disclosed that these developments align with NAICOM’s released circular on executive tenure limits.

The chairman expressed the board’s gratitude to the former MD/ CEO, Mrs. Bola Odukale, for her dedicated service, leadership, and contributions to the company’s enduring legacy and reminded the new appointees of the huge responsibilities before them which require that they retain and surpass the current achievements.

He stressed that the new leadership must focus on growth and ensure profitability that would take into consideration the interest of all the stakeholders.

Ogwezhi is a seasoned professional with over twenty years’ experience in the insurance industry, with expertise in strategic partnership management, deal structuring, contract negotiations, channel development, marketing, and leadership.

His journey at Capital Express Assurance began in 2003, serving in roles such as Personal Assistant to the then managing director/CEO, head of Educational Institutions, and regional director of South-South/South-East and later, head of marketing, sales and distribution.

Otunba Ademola stated that, Ogwezhi’s ascent to the position of acting managing director/CEO signifies a momentous juncture for the company, acknowledging his over 20 years contributions to effective strategies and business direction. His invaluable contributions in conjunction with others has tremendously upscaled the company’s business.

Furthermore, Mr. Gbenga Owodunni, the new acting deputy managing director/COO, was elevated from his prior role as deputy general manager overseeing the Lagos Division where he was involved in budget planning, market penetration planning, and relationship management.

Mr. Owodunni, who joined Capital Express Assurance in 2004, brings a wealth of experience in technical operations, strategy, product and business development, marketing, and budget planning to the company’s operations. His strategic alignment with Mr. Ogwezhi will form a dynamic leadership duo poised to drive and deliver the company’s strategic objectives going forward.