At 55: Leadway Records ₦500bn Claims Payment, Eyes Regional Growth Amid Push for Financial Inclusion

By LOVETH AZODO,  Lagos

Leadway, one of Nigeria’s leading non-banking financial institutions, has marked its 55th anniversary with renewed commitment to expanding financial inclusion across West Africa and strengthening regional partnerships.

Founded in 1970, the company has evolved from a traditional insurance provider into a diversified group offering life and general insurance, pensions, health coverage, asset management, estate planning, and credit solutions.

In nearly a decade, Leadway has paid out about ₦500 billion in insurance claims, including ₦117 billion in 2024 alone, maintaining its position as one of Nigeria’s most consistent claims-paying insurers. Industry observers say this record has helped reinforce public trust in a sector often viewed with skepticism.

Speaking at the anniversary event in Lagos, Group Managing Director, Tunde Hassan-Odukale, said Leadway’s journey mirrors Nigeria’s resilience and adaptability over the years.
According to him, the company’s new frontier is regional integration, with active operations already established in Côte d’Ivoire, a move aimed at deepening access between Anglophone and Francophone markets.

“Our mission has grown beyond providing protection to building an ecosystem that enhances wellbeing through insurance, pensions, health, and investment services,” Hassan-Odukale said.

Beyond its core business, Leadway is also expanding its social footprint through youth empowerment and entrepreneurship initiatives. Programmes such as LeadForward and Campus Connect promote financial literacy among young Nigerians, while the Hersurred platform supports women with mentorship, skills development, and networking opportunities.

Leadway’s health arm, the Leadway HMO, continues to provide coverage to millions of Nigerians through a network of more than 2,500 hospitals nationwide, offering affordable access to healthcare and preventive wellness.

Analysts note that Leadway’s 55th anniversary comes at a critical time when Nigeria’s insurance penetration remains below 1%, despite increasing awareness.

The company’s integrated approach combining insurance, pensions, and investment solutions is seen as a model for bridging that gap and advancing national financial inclusion.

As it marks more than five decades of service, Leadway’s story underscores both the progress and the challenges of Nigeria’s insurance industry a sector still striving to convince millions that protection, not just savings, secures the future.