NAICOM approves as Fajemirokun emerges AIICO Insurance boss

AIICO Insurance Plc has officially announced Mr Babatunde Fajemirokun as its new Managing Director and the Chief Executive Officer (CEO) with effect from Aug. 14.

According to a statement from AIICO on Thursday in Lagos signed by Mr Donald Kanu, the company’s secretary, the new development came on the heels of Fajemirokun’s approval by the National Insurance Commission (NAICOM).

The underwriting firm said prior to Fajemrokun’s appointment, Mr Edwin Igbiti was the Managing Director and CEO of the company until July 11 adding that he led the company meritoriously for 27 years.

According to AIICO, Fajemirokun holds a Masters in Business Administration (MBA) from University of Chicago with a concentration in Finance, a Master Degree in Business Information Technology System from the University of Strathclyde.

He 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 company said.

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 company 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,’’ the company added.