Our History
Leadway Assurance Company Limited is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.
Incorporation
Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and started business operation in 1971.
The Company’s business operation started in Kaduna from where it expanded to other parts of the federation.
Presently, Leadway has 24 branch offices and 42 Agency Offices across the country. The Registered Office is located in Kaduna where the business started from while Lagos resides the Corporate Office.
Incorporation
Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and started business operation in 1971.
The Company’s business operation started in Kaduna from where it expanded to other parts of the federation.
Presently, Leadway has 24 branch offices and 42 Agency Offices across the country. The Registered Office is located in Kaduna where the business started from while Lagos resides the Corporate Office.
The Founder
The Founder, Sir (Dr.) Hassan Olusola Odukale’s vision was to build an insurance company that will serve the interest of insureds; responding to losses promptly and able to compete with other international insurers.
This vision was driven by a team that included some of its past chairman Alhaji Hassan Hadejia (immediate Past Chairman) Alhaji Mohammed Faruku and Pastor Jaiyeola Oni (former General Manager)
Sir, (Dr) Hassan O. Odukale insurance business started as an agency representing the interests of Royal Exchange Assurance Nigeria in the northern part of Nigeria. It later transformed to Gaskiya Insurance Brokers before it was re-registered as Leadway Assurance Company Limited. During this time, Sir Odukale knew little or nothing about the sector. However, by dint of hard work, confidence and honesty Sir Odukale and his partners were able to build a business that has successfully outlived them. The highly honoured insurance practitioner passed on in 1999. He was a Fellow of Chartered Insurance Institute of Nigeria (1995) and a Paul Harris Fellow.
The Founder
The Founder, Sir (Dr.) Hassan Olusola Odukale’s vision was to build an insurance company that will serve the interest of insureds; responding to losses promptly and able to compete with other international insurers.
This vision was driven by a team that included some of its past chairman Alhaji Hassan Hadejia (immediate Past Chairman) Alhaji Mohammed Faruku and Pastor Jaiyeola Oni (former General Manager)
Sir, (Dr) Hassan O. Odukale insurance business started as an agency representing the interests of Royal Exchange Assurance Nigeria in the northern part of Nigeria. It later transformed to Gaskiya Insurance Brokers before it was re-registered as Leadway Assurance Company Limited. During this time, Sir Odukale knew little or nothing about the sector. However, by dint of hard work, confidence and honesty Sir Odukale and his partners were able to build a business that has successfully outlived them. The highly honoured insurance practitioner passed on in 1999. He was a Fellow of Chartered Insurance Institute of Nigeria (1995) and a Paul Harris Fellow.
Business Operations
At the beginning, the company had to survive on the goodwill of many companies including Northern Nigerian Development Company (NNDC), which gave it rent relief and Bank of the North.
The Founder, Sir. Odukale also mortgaged his house in order to raise the N50,000.00 statutory deposit to Central Bank of Nigeria, (CBN).
One of the major factors that kept Leadway afloat over the years was that Sir Odukale and his successors strategically, shifted the focus of the business from traditional motor and life business to achieve stability and phenomenon growth in other allied insurance businesses, even though motor and Life insurance still constitute a big chunk of its business.
In late seventies the company started operating in Lagos market. The big break from a traditional retail underwriting business to the big corporate underwriter came in the eighties when it started working with brokers. The big break for Leadway was in 1982, when a Broker gave the company the opportunity to participate in the underwriting of some marine insurance businesses. However, one of these policies resulted in a claim of about $1 million. To the surprise of industry watchers, the claim was promptly paid up. The success of this claim opened a new vista of opportunities for Leadway and drastically changed its business operations as it was able to penetrate into corporate organizations and the lucrative Lagos market.
Business Operations
At the beginning, the company had to survive on the goodwill of many companies including Northern Nigerian Development Company (NNDC), which gave it rent relief and Bank of the North.
The Founder, Sir. Odukale also mortgaged his house in order to raise the N50,000.00 statutory deposit to Central Bank of Nigeria, (CBN).
One of the major factors that kept Leadway afloat over the years was that Sir Odukale and his successors strategically, shifted the focus of the business from traditional motor and life business to achieve stability and phenomenon growth in other allied insurance businesses, even though motor and Life insurance still constitute a big chunk of its business.
In late seventies the company started operating in Lagos market. The big break from a traditional retail underwriting business to the big corporate underwriter came in the eighties when it started working with brokers. The big break for Leadway was in 1982, when a Broker gave the company the opportunity to participate in the underwriting of some marine insurance businesses. However, one of these policies resulted in a claim of about $1 million. To the surprise of industry watchers, the claim was promptly paid up. The success of this claim opened a new vista of opportunities for Leadway and drastically changed its business operations as it was able to penetrate into corporate organizations and the lucrative Lagos market.
Leadership Change
In 1994, there was a change in the mantle of Leadership.
Mr. Oye Hassan- Odukale, became the MD/CEO and in less than 10 years, the company was repositioned to an enviable height through the discovery of other sources of investments outside the insurance sector.
These include investments in quoted Government bonds, Public and Private companies.
After close to three decades of heading the company, he resigned in December 2019 and was succeeded by Mr. Tunde Hassan-Odukale, who has been a key member of Leadway’s executive and leadership team since 1999.
Despite resuming his new role in the thick of the Covid 19 pandemic- a period where the world’s economy faced unimaginable hardship and uncertainty, THO as he is fondly called has led the company to unprecedented achievements with impeccable financial/business performance year-on-year since then and the launch of the Company’s Health insurance business in both Nigeria and Cote D’Ivoire.
Leadership Change
In 1994, there was a change in the mantle of Leadership.
Mr. Oye Hassan- Odukale, became the MD/CEO and in less than 10 years, the company was repositioned to an enviable height through the discovery of other sources of investments outside the insurance sector.
These include investments in quoted Government bonds, Public and Private companies.
After close to three decades of heading the company, he resigned in December 2019 and was succeeded by Mr. Tunde Hassan-Odukale, who has been a key member of Leadway’s executive and leadership team since 1999.
Despite resuming his new role in the thick of the Covid 19 pandemic- a period where the world’s economy faced unimaginable hardship and uncertainty, THO as he is fondly called has led the company to unprecedented achievements with impeccable financial/business performance year-on-year since then and the launch of the Company’s Health insurance business in both Nigeria and Cote D’Ivoire.
