AIICO names Fajemirokun as new MD


Story by John Edet, Lagos

AIICO Insurance Plc has announced the appointment of Mr. Babatunde Fajemirokun as the Managing Director/Chief Executive Officer with effect from August 14, 2019.

This appointment has been approved by the National Insurance Commission, NAICOM.

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.

A statement signed by the Firm’s Company Secretary, Donald Kanu, said 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 Chartered Institute of Insurance (UK and Nigeria) with a Chartered Status (Chartered Insurer). He is also a member of the Institute of Directors.