AIICO Insurance Plc has announced Mr. Babatunde Fajemirokun as its new Managing Director and the Chief Executive Officer with effect from August 14, following the approval by the National Insurance Commission (NAICOM).
Prior to his appointment, Mr. Edwin Igbiti was the Managing Director and CEO of the company until July 11.
Announcing Fajemirokun’s appointment, AIICO Secretary, Donald Kanu, in a statement in Lagos, said the new MD/CEO holds a Masters in Business Administration (MBA) from University of Chicago with a concentration in Finance and a Master Degree in Business Information Technology System from the University of Strathclyde.
The statement added that Fajemirokun has BA (Hons) degree in Business Economics from the Glasgow Caledonian University.
“He is also 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 (IoD),” the statement pointed out.
AIICO said Fajemirokun started his career in 2001 as a visiting lecturer in the department of Economics and Enterprise at the Glasgow Caledonian University, Scotland.
“He joined Accenture Nigeria Financial Services Unit in 2003, as an analyst and specialised in Mergers and Acquisitions projects.
“He joined United Kingdom (UK) Capgemini Consulting Business Information Strategy Unit in 2008 as a Senior Consultant and worked on UK government transformation projects,” the statement said.
The underwriting firm said Fajemirokun joined AIICO Insurance, 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 and renewals), alterations.
“It included endorsements and policy issuance delivery, customer services, retail claims, business process redesign and technology among others.
“In October 2013, he was appointed Chief Operating Officer (COO) of the underwriting firm to oversee all strategic functions, retail operations, actuarial functions.
“The operation included enterprise risk management and shared services (finance, human resources, information technology) procurement and estate management operations in the company.
“In 2017, he was appointed as 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 strategic growth objectives among others,’’ Kanu added.
