AIICO Insurance Plc has announced the appointment of Babatunde Fajemirokun as its new Managing Director and Chief Executive Officer with effect from August 14, 2019.
Fajemirokun’s appointment was disclosed in a notification to the Nigerian Stock Exchange (NSE) and the investing public at large.
Fajemirokun 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 and 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.
He was appointed Group Chief Business Officer in 2017, a position that encompassed the subsidiary businesses, especially the asset management business. He was 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 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.