AIICO Insurance Nigeria: Babatunde Fajemirokun appointed new MD/CEO

AIICO Insurance Plc (??the Company?”) is pleased to announce the appointment of Mr. Babatunde Fajemirokun as the ?SManaging Director/Chief Executive Officer?? with effect from August 14, 2019.
This appointment has been approved by the National Insurance Commission. Prior to this appointment, Mr. Edwin Igbiti was the Managing Director/Chief Executive Officer of the Company. He retired on July 11, 2019 after 27 years of meritorious and dedicated service.
Mr. Babatunde Fajemirokun started his career in 2001 as a visiting lecturer in the department of Economics & Enterprise at the Glasgow Caledonian University, Scotland. He joined Accenture (Nigeria) Financial Services Unit (Banking and Insurance Groups) in 2003, as an analyst and specialized in Mergers & Acquisitions projects. He joined Capgemini Consulting (UK) Business Information Strategy Unit (cross-industry) in 2008, as a Senior Consultant, and worked on UK government transformation projects.

Mr. Fajemirokun joined AIICO Insurance Plc, Life Division, in 2009
and was responsible for the delivery of key projects in its maiden
transformation initiatives. He led the retail operations function
between 2009 and 2013, which encompassed retail processing (underwriting
new business & renewals, alterations/ endorsements and policy
issuance & delivery), customer services/ retail claims, business
process redesign and technology. In October 2013, he was appointed Chief
Operating Officer, which required him to oversee all strategic
functions, retail processing/ operations, actuarial functions,
enterprise risk management and shared services (finance, human
resources, information technology, procurement and estate management)
operations in the company.
In 2017, he was appointed Group Chief Business Officer, with supervisory
responsibility for all the subsidiary businesses especially the asset
management business. He is also responsible for raising additional
capital at appropriate valuations for Group companies to meet solvency
and/ or strategic growth objectives. He has deep experience in life
assurance/ insurance business operations, strategy for life and non-life
businesses, retail operations, business process reengineering,
actuarial, financial reporting, corporate finance and risk management
fields including economic capital, life embedded value, ORSA, risk
appetite, and ERM. He also has external appointments as a Non-Executive
Director in AIICO Pension Managers Limited, Food Concepts Plc and Xerox
Corporation Nigeria (XHS).
He holds an MBA from University of Chicago Booth School of Business with
a concentration in Finance, a Master?”s Degree in Business Information
Technology Systems (with dist.) from the University of Strathclyde and a
BA (Hons) degree in Business Economics from the Glasgow Caledonian
University. He is a qualified associate (ACII) of the Charted Institute
of Insurance (UK and Nigeria) with a Chartered Status (Chartered
Insurer). He is also a member of the Institute of Directors.

Donald KANU

Company Secretary   

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