Nigerian insurance mogul Oye Hassan Odukale guides Leadway Holdings in PAL Pensions deal

Leadway Holdings, one of Nigeria’s largest non-banking financial services groups chaired by Oye Hassan Odukale, has reached an agreement to acquire PAL Pensions. The deal will see PAL Pensions merged with Leadway Pensure, the group’s existing pension subsidiary, placing Leadway among the top three pension fund administrators (PFAs) in the country.

Group Managing Director/CEO Tunde Hassan-Odukale described the move as a defining step for the company. “This acquisition is more than a milestone—it is a statement of our ambition to build a stronger, more competitive financial services group,” he said.

Strengthening presence in Nigeria’s $12.4 billion pension market

Nigeria’s pension industry, which manages assets worth over N19 trillion ($12.4 billion), has been expanding steadily on the back of regulatory reforms and rising enrollment. With PAL Pensions folded into Leadway Pensure, the group will be able to deepen its reach in this growing sector and serve a larger share of Nigerians preparing for retirement.

“The move unlocks opportunities for growth, innovation, and efficiency across our businesses,” Hassan-Odukale added, noting that details of the integration will be shared in the coming weeks. The consolidation also reflects a wider industry shift, as PFAs pursue size and efficiency to remain competitive.

Strategic expansion backed by recent share sale

The acquisition follows Leadway’s divestment in July, when the group and its subsidiaries sold 2.29 billion shares in First HoldCo for N70.8 billion ($46.3 million). Analysts say the sale gave Leadway additional liquidity and flexibility, clearing the path for the PAL Pensions deal.

Over the years, Leadway Holdings has expanded well beyond its insurance roots. Its non-operating holding structure now oversees a wide portfolio spanning pensions, asset management, trusteeship, health, investments, and hospitality. Subsidiaries such as Leadway Assurance, Leadway Pensure, and Leadway Asset Management continue to anchor the group’s reputation for steady performance and customer focus.

A family legacy in Nigerian finance

Leadway traces its beginnings to 1970, when Sir Olusola Hassan Odukale founded the company as an insurance provider. At a time when foreign operators dominated the market, he pushed for stronger Nigerian participation until his passing in 1999. His sons, Oye and Tunde, have since carried forward that vision.

Oye Hassan Odukale, now chairman of Leadway Holdings, earlier served as CEO of Leadway Assurance and has held leadership roles including chair of the Nigerian Insurers Association and the Lagos State Security Trust Fund. A Munich Re scholar, he has also chaired FBN UK and Leadway Asset Management, and was recognized with the national honor of Member of the Order of the Federal Republic (MFR).

With the PAL Pensions acquisition, Leadway strengthens its position as one of Nigeria’s leading pension fund administrators, serving millions of contributors nationwide. The move reflects the group’s determination to scale up in step with the country’s financial sector and signals its intent to play an even bigger role in West Africa’s financial services industry.