AIICO announces Babatunde Fajemirokun as new MD/CEO
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Babatunde Fajemirokun is the new managing director and chief executive officer of AIICO Insurance Plc.
His appointment was announced by the company through a regulatory filing at the Nigerian Stock Exchange, Wednesday.
According to the statement, Fajemirokun’s appointment is effective from Today (Wednesday), August 14, 2019.
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In a brief profile submitted by the company, Fajemirokun was said to have started his career in 2001 as a visiting lecturer in the Division of Economics and Enterprise in Glasgow Caledonian University. After which he joined Accenture (Nigeria) Financial Services Unit (Banking and Insurance Groups) in 2003, as an analyst and specialized in Mergers and Acquisitions projects. He later joined Capgemini Consulting (UK) Business Information Strategy Unit (cross-industry) in 2008, as a Senior Consultant, and worked on UK government transformation projects.
Fakemirokun’s AIICO journey began in 2009, when he joined the company’s life division, 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 and 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. This position 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, the statement explained.
Furthermore, Fajemirokun was said to have been appointed group chief business officer, a position 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 is also the Non-Executive Director of AllCO Pension Managers Limited, Food Concepts Pic and Xerox Corporation Nigeria (XHS).
Donald Kanu, AIICO’s company secretary who endorsed the statement, also noted that Fajemirokun 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 ACI (UK and Nigeria) and holds a Chartered Status (Chartered Insurer). He is also a member of the Institute of Directors.