Royal Exchange Plc has appointed Mr Ikeme Osakwe as its new Chairman in a move aimed at strengthening leadership and accelerating the company’s ongoing repositioning strategy.
The company announced the appointment in separate notifications to the Nigerian Exchange Ltd. (NGX) and the Securities and Exchange Commission (SEC) on Saturday.
Osakwe’s appointment follows the retirement of the former Chairman, Mr Kenny Ezenweani Odogwu, which took effect the same day.
With the change, the board of Royal Exchange Plc now comprises Osakwe as Chairman; Chief Anthony Idigbe, a lawyer; Sen. Sanusi Mohammed Daggash; Mr Ezekiel Onilude; Ms Pamela Yough; Mr Afolabi Caxton; and Mrs Idu Okeahialam, the Group Managing Director.
Addressing investors, shareholders, employees and other market stakeholders, Osakwe described the board changes and ongoing restructuring as critical to advancing the company’s strategic direction.
He said the measures were designed to drive sustainable growth and deliver stronger performance for stakeholders.
Osakwe is a seasoned financial management professional with experience across the public and private sectors.
He holds bachelor’s and master’s degrees from the University of Oxford and is an Associate Member of the Institute of Chartered Accountants in England and Wales.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria.
He currently serves on the boards of Oando Plc and other organisations, and previously sat on the Governing Board of the Federal Inland Revenue Service, where he chaired the Board Committee on Revenue and Finance.
The board expressed confidence that his experience would strengthen corporate governance and support the achievement of Royal Exchange’s strategic objectives.
The statement recalled that Royal Exchange Plc appointed a veteran financial expert, Mrs Idu Okeahialam, as Group Managing Director and Chief Executive Officer in 2025, as part of preparations for the company’s next growth phase.
Reaffirming the group’s commitment to stakeholders, Okeahialam said Royal Exchange remained focused on operational excellence and customer satisfaction.
She noted that new initiatives had been rolled out to drive long-term growth, including the resuscitation of the company’s trustee business.
For the financial year ended March 31, 2025, Royal Exchange Plc reported a profit after tax of N497 million, while interest income rose to N143.7 million.
Shareholders’ funds increased to N7.17 billion, with total assets standing at N9.69 billion.
With a strong shareholder base, the company said it remained confident that its growth strategy would deliver its short- and long-term objectives.
Royal Exchange’s subsidiaries and associates include Royal Exchange Finance Company with 100 per cent; Royal Exchange General Insurance, 40 per cent; Royal Exchange Microfinance Bank, 30 per cent and DOT HMO, 30 per cent.
