Royal Exchange new leadership outlines growth plan as share price rallies

The new management of Royal Exchange Plc, a leading asset management company in Nigeria, has reiterated its determination to transform the organisation into a world-class business, leveraging on the trust it has built in the market over the decades.

The assurance comes on the heels of the recent appointment of Idu C. Okeahialam, a veteran of the financial services industry, as the Group Managing Director (GMD) of the Holding Company.

The current ownership structure of Royal Exchange Plc is Royal Exchange Finance Company, a fully owned subsidiary, with REX Insurance, Royal Exchange MFB, and DOT HMO as affiliate companies.

Okeahialam’s appointment and the ongoing restructuring of the group are expected to bring fresh perspectives and expertise, driving growth and innovation within the company in line with the mission to evolve as one of the leading financial services firms in Nigeria and beyond.

The new vision will entail a strategic restructuring of operations, while a comprehensive and integrated rebranding project will also be undertaken in due course.

This drive will be further boosted by the remarkable growth of the company’s share price, which increased from N0.64 in May to N2.26 in August, a leap that reflects investor confidence following strong financial performance and effective management.

Idu outlined some of the plans in the works and in progress to include technological upgrades, human capital development, risk management, product development and enhancement and diversification, among others.

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She said: “With the new leadership appointment and strong share price performance, Royal Exchange Plc is well-positioned for continued success and growth. Royal Exchange Plc’s commitment to excellence and customer satisfaction remains unwavering”.

The company, she said, is currently working on reinstating and reviving its trustee business, a move that is designed to enhance the range of service offerings as well as provide value-added solutions to its clients.

With a solid shareholder base, the company is confident that its current growth plan will achieve its short-term and long-term goals.

A long-established and virile financial services group, Royal Exchange Plc is a repository of immense experience and expertise in financial services, all of which will be deployed to help ensure that the new entity quickly regains market leadership.

Remarkably, Royal Exchange Plc is close to 100 years of existence, Nigeria’s oldest, and at a time the only insurance company in the country. It has, over time, produced dozens of practitioners who have gone ahead to become CEOs and captains of the financial services sector.

Idu, with two decades of experience in both pension administration and custodianship, is a dynamic financial expert of note. As Head of Branding of the Pension Operators of Nigeria (PenOp), she championed innovative changes to the industry, influencing regulations and increasing awareness for the adoption of the Micro Pension Scheme.

She was Head of the Public Sector Group (PSG) in Stanbic IBTC Bank, Chief Compliance Officer of Stanbic IBTC Pensions Limited and Chief Executive Officer at Oceanic Pension Fund Custodian. She was also the Head of Operations in Diamond Pension Fund Custodian Limited prior to joining Oceanic Pension Fund Custodian.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.