A tepid statement announcing the resignation of Adaobi Nwakuche as Managing Director/CEO at Heirs Insurance Limited (HIL) to pursue other interests will emanate from Heirs Holdings in a few days. If you believe that, you will believe everything. Inside sources allege that the very enthusiastic professional was forced out of the digital general insurance arm of Heirs Holdings, owned by billionaire investor and philanthropist Tony Elumelu.
Nwakuche is described as a victim of her success. She was reportedly very hands-on, proactive, and passionate about helping the company achieve its goal of becoming the leading Nigerian insurer leveraging digital tools and technology to provide simple, quick, reliable, and accessible insurance to individuals and businesses.
Popularly called the First Lady of the Insurance Industry, Nwakuche joined Heirs Insurance in 2015 as Executive Director of Business Development. Based on her enviable cognate experience in the industry spanning about two decades, expertise in handling complex and corporate insurance matters, and education (she holds a Ph.D. in Insurance, Risk Management, and Corporate Governance), she was, in December 2020, appointed the acting Managing Director/CEO to champion the company’s market dominance while providing strategic direction and leadership for the business. Under her guidance, Heirs Insurance Limited averred that it achieved its first-year strategic objectives and launched an aggressive foray into digital insurance to provide simple, quick, accessible, and reliable service to customers.
Just last year, Nwakuche masterminded the launch of the innovative motor insurance plan for women, Her Motor Plan, an affordable yet, holistic, comprehensive motor insurance plan offering coverage and support involving the mechanical breakdown of vehicles while providing all-day protection and coverage for cars against road accidents, theft, or fire.
So, it was never a case of ever being found wanting at her job. “It was just a case of gang up against Adaobi. She is a victim of the dirty boardroom politics at the entire Heirs Holdings. She is a highly skilled insurance professional, and in the two years she served as MD/CEO, even the blind can see that she is a perfect fit for the job. We can see the results. But those who don’t want her around have succeeded in kicking her out. I hope the company will survive this,” said a source at the Heirs Towers in Victoria Island, Lagos.
