AIICO Insurance New Managing Director, Fajemirokun Assumes Duty

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Yemisi Izuora 

Mr. Babatunde Fajemirokun has stepped in as managing director of AIICO Insurance Plc.

In a notice signed by the company’s secretary, Donald Kanu, and sent to the Nigeria Stock Exchange (NSE), the appointment takes immediate effect and approved by the National Insurance Commission.

Mr Fajemirokun joined the company in 2009 and was responsible for key projects in the company.

Mr Fajemirokun started his career in 2001 as a visiting lecturer in the Division of Economics & Enterprise in Glasgow Caledonian University.

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.

He joined AllCO Insurance Plc, Life Division, in 2009 and was responsible for key company projects in its maiden transformation projects.

He led retail operations between 2009 and 2013, which encompassed retail processing (underwriting new business & renewals, alterations/ endorsements and policy issuance & delivery), customer services/ retail claims, business process projects 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, which encompassed 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 growth strategic 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 AllCO 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.) and a BA (Hons) degree in Business Economics.

He is qualified as an ACII (UK and Nigeria) and holds a Chartered Status (Chartered Insurer). He is also a member of the Institute of Directors.

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