NAICOM Appoints Fajemirokun As AIICO’s MD

The National Insurance Commission has approved the appointment of Mr Babatunde Fajemirokun as the managing director and chief executive officer of AIICO Insurance Plc with effect from August 14.

Prior to Fajemirokun’s appointment, Mr Edwin Igbiti was the managing director/chief executive officer of the company. Igbiti retired on July 11, 2019 after 27 years of service.

A statement from the firm said Fajemirokun started his career in 2001 as a visiting lecturer in the Department of Economics & Enterprise at the Glasgow Caledonian University, Scotland.

He joined Accentur (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 the UK government transformation projects.

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 between 2009 and 2013, which encompassed retail processing (underwriting new

business and renewals, alteration/ endorsements and policy issuance and 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.