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The Board of Directors of Royal Exchange plc, an insurance and asset management Group, has announced the appointment of Auwalu Muktari as the substantive Group Managing Director (GMD), with effect from June 15, 2016. This was made known at the end the company’s board of directors meeting in Lagos.
In announcing the appointment, the Chairman of the board, Kenneth Odogwu, said that Muktari, who was appointed the Acting Group Managing Director in January 2016, has shown dedication to service and contribution towards the continuous expansion of the group. He also affirmed that the Board of Directors believed in Muktari’s ability to drive the group towards greater profitability and growth in the years ahead.
The Chairman added that with Muktari’s extensive experience and knowledge of the insurance industry, his primary assignment would be to drive the continuous growth and profitability of Royal Exchange and make the company a market leader in the financial services industry in Nigeria.
Muktari completed his first degree in Business Administration and later his Masters in Banking and Finance at Bayero University (ABU) Kano in 1993 and 1995 respectively. He also attended ABU Zaria where he obtained a Diploma in Insurance at Credit Level in 1983.
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 of Yankari 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.
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 is an alumnus of Harvard Business School, USA and has attended various Executive Management & Development programmes.
Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers. Following the recapitalization exercise in 2007, the company was reorganized into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries namely – Royal Exchange General Insurance Company Limited (Non-Life Insurance Services); Royal Exchange Prudential Life Plc (Life Assurance Services; Royal Exchange Finance and Investments Limited (Financial Advisory Services; Royal Exchange Healthcare Limited (HMO and Health Insurance and Royal Exchange Microfinance Bank Limited (Banking Services).
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