AIICO Insurance Plc Appoints New MD/CEO
Babatunde Fajemirokun, the new Managing Director and Chief Executive Officer of AIICO Insurance Plc
AIICO Insurance Plc has appointed Babatunde Fajemirokun as its new Managing Director and Chief Executive Officer with effect from Wednesday, August 14, 2019.
Fajemirokun’s appointment was disclosed in a notification sent to the Nigerian Stock Exchange (NSE) and the investing public at large.
Fajemirokun started his career in 2001 as a visiting lecturer in the Division of Economics and Enterprise in Glasgow Caledonian University. 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 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 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.
In 2017, he was 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).
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.