Fajemirokun Appointed AIICO MD/CEO, NSE All-Share Index Falls Further

Babatunde Fajemirokun

Goddy Egene

AIICO Insurance Plc has appointed Mr. Babatunde Fajemirokun as the managing director/chief executive officer (MD/CEO) effective August 14, 2019. He replaces Mr. Edwin Igbiti, who retired on July 11, 2019 after 27 years.

In a notification to the Nigerian Stock Exchange (NSE) yesterday, AIICO Insurance said the appointment of Fajemirokun had been approved by the “Managing Director/Chief Executive Officer” with effect from August 14, 2019. 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.

Fajemirokun started his career in 2001 as a visiting lecturer in the departmentof 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 specialised 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.

The new MD/CEO 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.

Meanwhile, the equities market extended its bearish trading as sell pressures in bellwethers led to a decline of 0.11 per cent in NSE All-Share Index to close at 27,052.93. Market capitalisation shed N14.7 billion to close lower at N13.2 trillion, thereby worsening the year-to-date decline to 13.9 per cent.