Royal Exchange names Auwalu acting GMD as Mokwunye retires

The Board of Directors of Royal Exchange plc, Nigeria’s leading insurance and asset management Group has announce the appointments of Auwalu Muktari, former group executive director, Marketing & Sales, as the Acting Group Managing Director, while Francis Okoli, is now the group chief Finance Officer, Royal Exchange of the Company.

These appointments come following the expiration of the employment contracts of the erstwhile Group Managing Director, Chike Mokwunye and the resignation of the former Chief Financial Officer.

Announcing the appointments recently, the Chairman, Board of Directors, Royal Exchange Kenneth E. Odogwu, extolled the virtues of the exiting officers, especially the retiring Group Managing Director, Chike Mokwunye and commended their esteemed services and contributions to the growth and success of Royal Exchange Group. The Board also expressed sincere appreciation to Mokwunye for the cordial and harmonious working relationship that existed between the board and Mokwunye during his five-year tenure as Group Managing Director.

Speaking further, Odogwu said that Auwalu Muktari, the current Group Executive Director, Marketing & Sales has been appointed as the Acting Group Managing Director with effect from January 1, 2016, when Mokwunye will proceed on his terminal leave. Before then, Muktari will work closely with Mokwunye, pending his final disengagement, Odogwu added.

Francis C. Okoli, who was the Assistant General Manager and Head of Accounts, Royal Exchange Prudential Life, a subsidiary of Royal Exchange plc, has been promoted to Deputy General Manager and appointed the Group Chief Finance Office, Royal Exchange group, with direct responsibility to oversee the Finance and Accounts function of all the subsidiaries in the Group.

Auwalu Muktari, acting GMD, Royal Exchange plc completed his 1st degree in Business Administration and later his Masters Degree in Banking and Finance at Bayero University Kano in 1993 and 1995 respectively. He also attended Ahmadu Bello University Zaria where he obtained a Diploma in Insurance at Credit Level in 1983. Having attended Hagagawa Primary School, Bichi, Auwalu completed his secondary education at Kano Community Commercial College in 1981.

He started his working career with the Kano based insurance company, Kapital Insurance Limited and rose through the ranks to become Head of Re-insurance Department.

Muktari joined Royal Exchange Assurance Nigeria (as it was then known) in 1995 as Branch Manager in Kano, with direct oversight and responsibility over the activities of Bauchi, Maiduguri and Yola offices of the company. In 2003, he became the Regional Director, Abuja.

He left Royal Exchange Plc to become the Managing Director/Chief Executive Officer ofYankari Insurance Co. Ltd in 2008, (later called Fin Insurance to Co. Ltd) and returned to Royal Exchange as the Group Executive Director, Marketing and Sales in 2010.

Alhaji Muktari was elected in 2010 as an associate member of the Institute of Directors, Nigeria; and is also a professional member of the following bodies:Associate Member, Institute of Management Specialist, UK; Member, Chartered Insurance Institute of Nigeria; Associate Member, Institute of Management and is currently the President of the Institute of Sales and Marketing Management of Nigeria.

He has attended various Executive Management & Development programmes around the world and is an alumni of Harvard Business School, USA.
Francis C. Okoli, joined the services of Royal Exchange Prudential Life plc in December 2010 as the Chief Financial Officer. Prior to this appointment, he was a Senior Associate and Head of Financial Control at BGL Securities Limited, one of the top 5 stock broking firms in Nigeria.