Funmilayo Omo speaks on leading with purpose in Nigeria’s insurance industry

Funmilayo Omo is the Managing Director of Enterprise Life Assurance Company (Nigeria) Limited.

With over 30 years of experience in the insurance industry, she has led multiple innovations and transformation projects that have improved financial inclusion and access to life insurance in Nigeria.

In this interview with PREMIUM TIMES, Mrs Omo speaks about her journey to leadership, the challenges she’s faced as a woman in a male-dominated industry, and what it truly means to accelerate action as a woman in leadership.

PT: Can you tell us about your professional journey and how you became a CEO?

Mrs Omo: My career in the insurance industry spans over 30 years, and it has been a journey of learning, innovation, and leadership.

I started at African Alliance Insurance Plc, where I was deeply involved in launching groundbreaking initiatives—developing micro-insurance solutions, designing annuity products, and pioneering Takaful for the Family Takaful Office in Nigeria.

These experiences shaped my understanding of the industry and fueled my passion for using innovation to drive growth.

Over the years, I embraced technology and financial inclusion, which led me to leadership roles that required a forward-thinking approach.

My studies at the China European Business School and Lagos Business School and my affiliations with the Chartered Insurance Institute and the Institute of Directors provided me with the strategic insights needed to navigate executive leadership.

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In 2017, I was honoured to be appointed Managing Director of African Alliance, and in 2020, I took on the role of the pioneer Managing Director of Enterprise Life Assurance Nigeria.

Leading these organisations through digital transformation has been one of the most fulfilling aspects of my career. Seeing how technology makes financial services more accessible to everyday Nigerians confirms my belief that innovation is the key to creating lasting change in the insurance sector.

PT: In your opinion, how do women leaders inspire and empower others around them, especially other women?

Mrs Omo: In my journey in the Nigerian insurance industry, I encountered several challenges that were both systemic and personal.

Early on, there was a prevailing scepticism about women leading in a male-dominated field.

Introducing innovative digital solutions and pioneering new products like micro insurance and Takaful came with resistance from traditionalists who were reluctant to change established practices.

I overcame these hurdles by remaining steadfast in my vision and investing in continuous learning.
I built a strong support network through mentorship and by aligning with industry initiatives that championed gender inclusion.

Embracing technology allowed me to demonstrate tangible results, which gradually shifted perceptions and earned me the trust of stakeholders.

Ultimately, perseverance, clear communication, and the willingness to innovate not only advanced my career but also helped pave the way for future women leaders in the industry.

PT: What do you think is unique about women in leadership roles compared to men?

Mrs Omo: Women often bring a more holistic, collaborative, and empathetic approach to leadership.

While traditional leadership models sometimes emphasise authority and hierarchy, many women prioritise mentorship, inclusivity, and long-term sustainability.

This doesn’t mean one style is better than the other, but it highlights the power of diverse leadership.

Women leaders tend to focus on fostering a culture where people feel heard and supported. We also champion innovation and adaptability, which are crucial in today’s fast-changing business landscape.

PT: What challenges did you face as a woman in your industry, and how did you overcome them?

Mrs Omo: In my journey in the Nigerian insurance industry, I encountered several challenges that were both systemic and personal.

Early on, there was a prevailing skepticism about women leading in a traditionally male-dominated field. Introducing innovative digital solutions and pioneering new products like micro insurance and Takaful came with resistance from traditionalists who were reluctant to change established practices.

I overcame these hurdles by remaining steadfast in my vision and investing in continuous learning. I built a strong support network through mentorship and by aligning with industry initiatives that championed gender inclusion.

Embracing technology allowed me to demonstrate tangible results, which gradually shifted perceptions and earned me the trust of stakeholders.

Ultimately, perseverance, clear communication, and the willingness to innovate not only advanced my career but also helped pave the way for future women leaders in the industry.

PT: Can you share one of the most rewarding moments in your career that solidified your passion for leadership?

Mrs Omo: One of my most fulfilling moments was pioneering the launch of micro-insurance products at African Alliance Insurance Plc.

Seeing how affordable insurance solutions could transform lives, providing financial security to families who had never had access before—was truly inspiring.

That experience reinforced my belief that insurance isn’t just about policies and numbers; it’s about people. It showed me the power of leadership in driving meaningful impact, and it continues to fuel my passion for creating accessible and innovative financial solutions.

PT: What advice would you give to young Nigerian women aspiring to become leaders in their fields?

Mrs Omo: I would tell them to invest relentlessly in themselves—pursue education, continually build your skill set, and stay curious about emerging technologies.

Embrace challenges as opportunities for growth rather than setbacks. Surround yourself with mentors and like-minded peers who uplift and support you.

Never let traditional expectations or societal stereotypes limit your ambitions. Your unique perspective is your strength; use it to innovate and lead with confidence.

Remember, leadership is as much about resilience and vision as it is about strategy. Stay persistent, believe in your potential, and know that every step forward makes a difference not only for you but for the generations that follow.

PT: How do you balance the demands of being a CEO with other aspects of your personal life?

Mrs Omo: Balancing the demanding role of a CEO with personal life isn’t about achieving a perfect 50/50 split every day, it’s about setting clear priorities, being intentional with your time, and leaning on a trusted support system.

I make it a point to delegate effectively and utilise technology to streamline operations, which frees up precious time to be fully present with family and pursue personal interests.

Over the years, I’ve learned that setting firm boundaries and scheduling quality downtime not only recharges me personally but also enhances my effectiveness as a leader.

Ultimately, it’s about creating a sustainable rhythm where work and life feed into one another, ensuring I bring my best self to every aspect of my life.

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PT: This year’s International Women’s Day theme is “Accelerate Action.” What does this theme mean to you and how does it reflect your leadership approach?

Mrs Omo: For me, “Accelerate Action” is a mindset—it’s about seizing opportunities, driving change, and taking bold steps toward progress.

Throughout my career, I’ve seen how timely decisions and innovative thinking can transform industries.
At Enterprise Life Assurance Nigeria, we’ve embraced this by leading digital transformation efforts that make insurance more accessible.

This theme is a call for women to step up, act, and create lasting impact. Whether it’s breaking barriers, mentoring the next generation, or driving change in our communities, we all have a role to play in accelerating progress.

Leadership isn’t about waiting for the right moment—it’s about making things happen now.

This interview was conducted in partnership with Women in Management, Business, and Public Service (WIMBIZ), a Nigerian non-profit organisation committed to advancing and empowering women in leadership. Mrs Omo is also a member of WIMBIZ.