OLAJUMOKE AKINNAWO-AJIKOBI
Lagos
Summary
Strategic Chief Financial Officer with 17+ years of experience leading finance in life insurance and group environments, combining board-level advisory, rigorous IFRS governance, and digital finance transformation. Stewardship of ₦59 billion assets and ₦15 billion revenue, proven to accelerate profitable growth, uplift investment returns, and institutionalize controls across complex, regulated businesses. Known for building high-performing, 30-person finance teams, embedding data integrity, and enabling faster, better decisions at scale. Signature outcomes: Revenue: GWP growth ₦19 billion → ₦29 billion (+48%) in 12 months. Investments: Income up 36% (₦6.6 billion → ₦8.9 billion). Cost: 20% OPEX reduction via automation and process redesign. Tempo: Month-end close 10 to 6 days; reporting accuracy increased by 25%; claim turnaround time is more than 7 days.
Overview
18
18
years of professional experience
1
1
Certification
Work History
Chief Financial Officer / Deputy General Manager
MUTUAL BENEFITS LIFE ASSURANCE LIMITED
Lagos
06.2024 - Current
- P&L leadership for ₦15bn revenue; stewardship of ₦59bn AUM; leadership of a 50-member finance community spanning FP&A, Treasury/ALM, Financial Control, Tax, Credit Control, Investment Accounting, Payables/Receivables.
- Trusted advisor to the Board, Audit & Risk Committee, and Investment Committee.
- Architect multi-year financial plan; align pricing, product mix, channel strategy and reinsurance with margin and growth targets.
- Strengthen risk-based capital planning, liquidity buffers, and contingency funding; enhance cash conversion and allocation discipline.
- Build board-grade insights (profitability by cohort/segment, persistency & lapse trends, experience variances, sensitivity analysis).
- Own IFRS-compliant financials and prudential returns; lead IFRS 17 transition (data lineage, actuarial collaboration, CSM/RA governance, disclosures).
- Codify a controls-first environment (period close calendar, reconciliations, SOD, policy suite, audit trail) with zero material control gaps.
- Lead external audit to on-time sign-off; resolve issues via root-cause actions and policy/process fixes.
- Direct treasury & ALM (duration, liquidity ladders, counterparty risk, cash forecasting); optimise yields within risk appetite.
- Partner with the Investment Committee on portfolio construction, tactical rebalancing and market opportunity capture.
- Sponsor ERP deployment (CoA redesign, master-data controls, 3-way match, automated reconciliations, close orchestration).
- Stand up executive dashboards for revenue, cash, claims, and expense run-rates; embed KPI ownership and accountability.
- Reorganise finance into centres of excellence (Control, FP&A, Treasury/ALM, Tax); build succession bench; institute training and coaching.
- GWP +48% (₦19bn → ₦29bn); Investment income +36% (₦6.6bn → ₦8.9bn).
- OPEX −20% via automation (underwriting, claims, finance ops).
- Close 10 → 6 days; accuracy +25%; claims TAT <24h; ERP reporting +~40%.
- Zero penalties; strengthened solvency and liquidity posture.
Assistant General Manager
MUTUAL BENEFITS LIFE ASSURANCE LIMITED
Lagos
01.2021 - 06.2024
- Company-wide finance operations for a ₦15bn revenue portfolio: accounts, treasury, taxation, planning, premium administration, and collections.
- Centralised premium collection across 50+ branches into a unified treasury model; improved liquidity visibility and reduced revenue leakage.
- Designed and executed payment automation (claims, vendor, premium refunds) with ICT—errors −90%, logistics/processing cost −30%.
- Embedded IFRS controls across underwriting, claims, and policy admin; implemented exception reporting and balance-sheet substantiation.
- Formulated tax strategy; ensured on-time filings & zero penalties; supported tax planning for cash efficiency.
- Built real-time reconciliation and cash forecasting; initiated data remediation and process standardisation as ERP groundwork.
- Approval cycle −60%; faster partner/vendor satisfaction.
- Real-time premium reconciliation and improved cash predictability.
- Reduced operational friction and improved readiness for ERP cutover.
Controller
MUTUAL BENEFITS LIFE ASSURANCE LIMITED
Lagos
01.2018 - 12.2020
- Group budgeting, forecasting, consolidation, and management reporting for multiple subsidiaries.
- Designed the group consolidation framework and IFRS templates; automated intercompany eliminations and journal workflows.
- Instituted a discipline around monthly close (calendar, ownership, variance narratives) and rolling forecasts.
- Coordinated audits across subsidiaries; delivered on-time statutory sign-offs with robust audit pack preparation.
- Built board performance scorecards (revenue quality, expense productivity, claims trends, persistency/lapse metrics).
- Close 5 → 1 day for subsidiary packs; faster group view and decisions.
- Budget deviation −15% via KPI-linked variance management.
- Increased transparency enabling divest/reinvest portfolio actions.
Senior Manager, Finance
MUTUAL BENEFITS ASSURANCE GROUP
Lagos
11.2014 - 12.2017
- Led group consolidation & reporting in compliance with IFRS; delivered investor-grade statements and board packs.
- Partnered with Board Committees (Audit & Risk; Finance & GP) on capital planning, policy updates, and regulatory submissions.
- Strengthened control environment, remediation tracking, and regulator interface; improved close timeliness and data quality.
- Result: Group reporting cycle −60%, enabling earlier performance reviews and capital allocation decisions.
Assistant Audit Manager
BDO PROFESSIONAL SERVICES
Lagos
01.2010 - 10.2014
- Planned and led audits: risk assessments, scoping, sampling strategy, walkthroughs, and controls testing.
- Assessed IFRS compliance, revenue recognition, provisions, financial instruments, and consolidations.
- Directed IFRS conversion assignments and M&A due diligence (quality of earnings, working-capital normalisation, control mapping).
- Supervised teams, reviewed workpapers, resolved audit issues with client CFOs/controllers, and presented findings to Audit Committees.
- Reduced audit overruns through issue-triage & milestone tracking.
- Delivered actionable control recommendations that improved governance and reporting timeliness.
Audit Senior II
BDO OYEDIRAN FALEYE OKE & CO (Chartered Accountants)
Lagos
05.2008 - 12.2009
- Executed full audit cycle: pre-audit planning, risk assessment, substantive testing, analytical reviews, and documentation.
- Mapped clients’ accounting systems, identified control gaps, and recommended improvements.
- Prepared audit memos, schedules, and draft financial statements; supported manager/partner reviews and client close-out meetings.
- Contributed to due diligence workstreams for corporate transactions (workpaper preparation, ratio analysis, prospectus support).
Experienced Audit Assistant
OSARETIN OMOREGIE & CO (Chartered Accountants)
Lagos
08.2007 - 04.2008
- Performed acceptance, planning, and risk assessment; set up engagement files and schedules.
- Executed audit programs and substantive testing (vouching, AR/AP, inventory, bank, payroll); prepared working papers and observations.
- Drafted management letters and supported tax filings/statutory compliance; built spreadsheets that cut monthly pack prep 5 → 1 day.
- Developed early proficiency in IFRS/IAS application, documentation quality, and deadline discipline.
Education
MBA -
Nexford University
Washington, DC, USA12.2023
BSc - Applied Accounting
Oxford Brookes University
UK12.2009
Skills
- Strategic planning and financial analysis
- Treasury and liquidity management
- Asset-liability management
- Capital and cash management
- IFRS compliance and regulatory reporting
- Audit readiness and risk management
- Investment strategy and portfolio optimization
- Reinsurance strategy and pricing analytics
- Profitability analysis and performance management
- ERP implementation and finance digitization
- Data governance and control frameworks
- KPI design and stakeholder management
- People leadership and succession planning
- Close orchestration and reconciliation tools
- Business intelligence dashboards and SQL analytics
- Bank connectivity and treasury workstations
- Robotic process automation (RPA) and vendor compliance
Affiliations
- ICAN
- ACCA (UK)
- CITN
Certification
- Fellow Chartered Accountant (FCA), ICAN, 2023
- ACCA (UK), 2016
- ACITN, Chartered Institute of Taxation of Nigeria, 2016
- ACA, ICAN, 2008
- Senior Management Programme (SMP 87), Lagos Business School, 2023
- AAT, ICAN, 2004
Selected Finance Technology Methods
- ERP (GL, AP/AR, FA, CM, Procurement)
- Close Orchestration & Reconciliation Tools
- BI Dashboards & SQL-driven Analytics
- Bank Connectivity & Treasury Workstations
- IFRS 17/9 Reporting Models
- RPA for repetitive finance tasks
- Data Governance (master data, lineage, access controls)
- Three-Way Match & Vendor Compliance
Personal Information
Title: Chief Financial Officer
Languages
- English, Fluent
- Yoruba, Native
Leadership Highlights
- ₦10bn revenue uplift in 12 months from focused channel strategy and pricing discipline.
- ₦2.3bn investment income growth via active rebalancing and duration alignment.
- Strengthened liquidity & solvency; embedded scenario-based forecasting for risk-adjusted decisions.
- Built a controls-first culture (policy suite, RACI, SOD, close calendar, reconciliations, exception reporting).
Signature Outcomes
GWP growth ₦19bn → ₦29bn (+48%) in 12 months., Income up 36% (₦6.6bn → ₦8.9bn)., 20% OPEX reduction via automation and process redesign., Month-end close 10 → 6 days; reporting accuracy +25%; claim TAT 7+ days →
Timeline
Chief Financial Officer / Deputy General Manager
MUTUAL BENEFITS LIFE ASSURANCE LIMITED
06.2024 - Current
Assistant General Manager
MUTUAL BENEFITS LIFE ASSURANCE LIMITED
01.2021 - 06.2024
Controller
MUTUAL BENEFITS LIFE ASSURANCE LIMITED
01.2018 - 12.2020
Senior Manager, Finance
MUTUAL BENEFITS ASSURANCE GROUP
11.2014 - 12.2017
Assistant Audit Manager
BDO PROFESSIONAL SERVICES
01.2010 - 10.2014
Audit Senior II
BDO OYEDIRAN FALEYE OKE & CO (Chartered Accountants)
05.2008 - 12.2009
Experienced Audit Assistant
OSARETIN OMOREGIE & CO (Chartered Accountants)
08.2007 - 04.2008
MBA -
Nexford University
BSc - Applied Accounting
Oxford Brookes University
Similar Profiles
Charles Onyeluka OgbechiCharles Onyeluka Ogbechi
Business Development Manager at SUNLEK INVESTMENTS LIMITEDBusiness Development Manager at SUNLEK INVESTMENTS LIMITED
Mac-Pepple, Victor MacdonaldMac-Pepple, Victor Macdonald
Administration Officer at Mutual Benefits Assurance LimitedAdministration Officer at Mutual Benefits Assurance Limited
Tsholofelo MalekeTsholofelo Maleke
SALARIED FINANCIAL ADVISOR at Old Mutual Life Assurance CompanySALARIED FINANCIAL ADVISOR at Old Mutual Life Assurance Company
Mofiyinfoluwa DairoMofiyinfoluwa Dairo
Project management associate at Kunda KidsProject management associate at Kunda Kids
Oluwaseun AdedokunOluwaseun Adedokun
Business Analyst at Teqbridge LimitedBusiness Analyst at Teqbridge Limited