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Number 1 Retail Life Insurer
aiicontact@aiicoplc.com 0201 279 2930 0700 AIIContact (0700 2442 6682 28)

At AIICO, trust in leadership matters

AIICO Insurance Plc has consistently improved upon the foundation laid by its founders over 50 years ago. In today’s business environment, it is imperative that a market leader such as AIICO Insurance Plc abide by a set of Corporate Governance Codes and Practices which will further reassure all stakeholders that our business practices have been institutionalized and that the Enterprise has been positioned to deliver value to its Stakeholders.

Having adopted the Codes of Corporate Governance set out by both the National Commission for Insurance (NAICOM) in 2009 and The Securities & Exchange Commission of Nigeria (SEC) in 2011, we have been fastidious in adhering to those codes in addition to also evolving certain business practices which have enhanced our Corporate Governance stature and culture.

AIICO Insurance Plc developed a framework for the business which guarantees the independence and authority of both management and Board of Directors. The Board of Directors maintains its oversight function and effectiveness in the discharge of its responsibilities through a number of Board Committees set up for that purpose. These committees are as follows: Board Establishment and Corporate Governance Committee, Board Finance & General Purpose Committee, Board Real Estate Committee, Board Audit Committee and Board Risk Management & Investment Committee.

Board of Directors

Kundan Sainani

Kundan Sainani

CHAIRMAN
Mr. Kundan Sainani was nominated as a substantive Director on the Board of AIICO Insurance Plc in 2015. He is currently the Chairman of the Board of Directors of AIICO Insurance Plc. Mr. Sainani brings to the Board over 30 years of experience spanning various industries within and outside of Nigeria. He started his career with Birla Group of Companies, a Multi-Billion Multi-Product conglomerate in India as Head of Management Audit and Internal Control department where he worked for over four years. He spent over five years with Kentz Corporation, Ireland, an Industrial Design and Construction Company and was based in Saudi Arabia. He worked with Tolaram Group of companies in Nigeria for over 18 years as Director (Finance) and was a board member of Viva Methanol Limited, Lekki Deep Sea Port and Lagos Free Trade Zone ; all parts of the Tolaram Group. Mr. Kundan Sainani holds a Bachelor of Commerce (Honours) Degree from India, and he is a fellow of the Institute of Chartered Accountants of India, New Delhi, India. He is also a certified Chartered Secretary from the Institute of Company Secretaries of India, New Delhi, India.
Babatunde Fajemirokun

Babatunde Fajemirokun

MANAGING DIRECTOR/ CHIEF EXECUTIVE OFFICER
Babatunde Fajemirokun is the Managing Director and CEO at AIICO Insurance PLC, a position he has held since August 14th, 2019. He has decades of professional experience cutting across management consulting, insurance, and asset management. He joined AIICO Insurance PLC, Life Insurance Division in May 2009, and was responsible for value-enhancing projects in its maiden growth strategy, business process and technology transformation projects. Prior to his appointment as Managing Director and CEO, he held roles that were responsible for key strategic and operational functions across the business. He was Divisional Head Operations & Technology (2009-2013), Chief Operating Officer (2013-2017) and Group Chief Business Officer (2017-2019). Babatunde started his career in academia in 2001, as a visiting lecturer in the Department of Economics & Enterprise at Glasgow Caledonian University, Scotland. He worked with Accenture, Lagos (2003 – 2007), and then Capgemini Consulting, UK (2008 – 2009). In his management consulting roles, Babatunde provided consulting/advisory services to Financial Services (banking and insurance) and Government Clients, predominantly in mergers and acquisitions, and then United Kingdom Government transformation programs. He also has external appointments as a Non-Executive Director in Food Concepts Plc (chairs the Finance & General-Purpose Committee) and Xerox Corporation Nigeria (XHS). Babatunde is a Fellow of the Society of Underwriting Professionals (FCII), Chartered Insurance Institute UK, and a Chartered Insurer, and has an MBA from the University of Chicago Booth School of Business (2013), a Business Information Strategy Master’s degree (dist.) from the University of Strathclyde (2002), and a Bachelor’s Degree in Business Economics from Glasgow, UK (2000).
Adewale Kadri

Adewale Kadri

EXECUTIVE DIRECTOR, TECHNICAL
Adewale Kadri is the Executive Director- Technical of AIICO Insurance Plc. He is a versatile Insurance practitioner and a seasoned salesperson. He began his Insurance career with Worldwide Insurance Company Limited in 1994 as a Life Marketer and later moved to ELMAC Assurance Nigeria Limited in 1997 where he joined the Team that was saddled with the responsibility of Marketing the Company’s various special packaged products. He also worked as an Insurance Officer of Modandola Group of Companies where he was exposed to the rudiment of Insurance broking and technical operations. He later joined the Marketing team of Newline Insurance Company Limited and Sun Insurance Plc. where he worked in various managerial capacities before joining the pioneer team of UBA Insurance in 2004 as Group Head, Brokers’ Management Division. While at UBA Insurance, he served in various committees which ensured the successful take-off of the first Banc Assurance Business Model in Nigeria. He had a brief stay at NICON Insurance Plc as Senior Manager/Head, Strategic Business Unit before joining Oceanic Insurance Company Limited as Group Head, Brokers Management Unit in 2007. Adewale Kadri was the Acting Managing Director of Oceanic Insurance Company Limited/Old Mutual Nigeria General Insurance between July 2012 and April 2014. He left the services Old Mutual Nigeria as Business Development Executive in April 2017 and joined AIICO Insurance Plc as General Manager, Head of Non-Life Business. His appointment as Executive Director was confirmed by NAICOM on the 5th February 2018. He is a Fellow of Chartered Insurance Institute of Nigeria and a Chartered Certified Accountant. He holds a B.sc in Applied Accounting from Oxford Brookes University, United Kingdom and Master’s Degree in Business Administration with specialization in Marketing from Lagos State University, Ojo. He is also an Alumnus of the Polytechnic Ibadan where he obtained Higher National Diploma in Insurance and graduated with Upper Credit Division. He equally obtained Certificate of competence in Management Advancement Program from University of the Witwatersrand, Johannesburg, South Africa. By virtue of his position as the Executive Director- Technical Operations, he attends all meetings of the Finance & General Purpose committee, ERM & Investment committee, and Statutory Audit. He joined the board on October 30, 2017
Gbenga Ilori

Gbenga Ilori

EXECUTIVE DIRECTOR, RETAIL BUSINESS DIVISION
Gbenga is a seasoned professional with over 20 years of progressive work experience in areas that cut across Sales, Marketing, Operations, Customer Service, Strategy, and General Management. He is a certified insurance practitioner with high financial acumen matched by a success-driven personality. He is self-directed, highly principled, and a collaborative leader. He is a bold and disruptive leader, who is always ready to challenge the status quo for better results. He joined AIICO Insurance Plc in November 2010 as the Group Head of Retail, to drive the retail businesses of both Life and General operations. This he did successfully, overseeing a major re-organization of the agency network for the distribution of all retail products within AIICO. He led his team to establish the annuity desk in AIICO and trained their agency network on annuity opportunities in the Pension Reform Act. He was later appointed the Special Assistant to the Group Managing Director in April 2012. He and his team pioneered the Micro Insurance Business in AIICO in 2014. Some other positions held in AIICO include Head of Lagos Mainland, Head of agency operations and administration/non-life retail, and Head of life benefits and claims/upcountry Operations. Gbenga left AIICO in 2020 to join Coronation Life Assurance Limited in 2020 as the Executive Director of Technical. During his period at Coronation, he oversaw the agency distribution channel, supported the bancassurance initiative of the ecosystem, oversaw product development, technical operations, and the execution of the marketing strategy in the company. Gbenga Ilori rejoined AIICO in 2022 to lead the Retail Business function and Agency Operations. He holds a B.Sc. (Hons) in Actuarial Science from the University of Lagos and a master's degree in business administration with a specialization in Marketing from the Federal University of Technology Akure. He is an associate of the Chartered Insurance Institute of Nigeria (ACIIN) and has attended several courses in Micro insurance, Customer Experience, Brand Management, Strategic Marketing, Product Development, Business Strategy, Relationship Management, Risk Management, and Finance, both locally and abroad. He is an alumnus of the prestigious Lagos Business School, where he took a 9-month course in Senior Management. He is also a member of the Technical Committee of the Chartered Insurance Institute of Nigeria (CIIN).
Ademola Adebise

Ademola Adebise

NON-EXECUTIVE DIRECTOR
A charismatic leader, Mr. Adebise’s glowing track record of excellence spans several decades across fields including fintech, risk management, management consulting and corporate banking. Before joining Wema Bank, the Computer Science graduate of the University of Lagos headed Finance & Performance Management at the Lagos office of Accenture. He is currently on the boards of AIICO Insurance, AIICO Pensions Management Limited and the Nigeria Inter-Bank Settlement Scheme (NIBSS). He was previously the Deputy Managing Director at Wema Bank. Adebise worked as a Programmer/Systems analyst at an indigenous Information technology company in Nigeria in 1988 before he started his banking career at the Information technology department of Chartered Bank (Now Stanbic IBTC bank). He has worked in the following capacities: • Head of Information technology and the Chief financial officer (CFO) of the Chartered Bank (1989 and 2000) • Assistant General Manager at National Bank, supervised Risk Management, Treasury and Corporate Banking (2001 to 2005) • General manager at National Bank (2005). • Head of the Finance & Performance management Practice for Nigeria at Accenture (2005) • Executive director in charge of South Bank, Deputy Managing Director (supervising Corporate Banking, Treasury, and Support Functions at Wema Bank (2009 to 2017) In July 2018, Adebise became the acting Managing Director, following the retirement of Mr Segun Oloketuyi his predecessor. On approval by the Central Bank of Nigeria, he became the substantive MD/ CEO of Wema Bank on October 1, 2018. [2] Adebise serves on the board of Nigeria Inter-Bank Settlement System Plc (NIBSS), AIICO insurance Plc, and AIICO Pension Managers Limited. A fellow of the Institute of Chartered Accountants of Nigeria and an honorary member of the Chartered Institute of Bankers of Nigeria, Mr. Adebise has an MBA from Lagos Business School and is an alumnus of Harvard Business School’s Advanced Management Program. Advanced Management Program, Harvard Business School –2014 Pan African University – Lagos Business School Master of Business Administration (MBA) - 2004 Institute of Chartered Accountants of Nigeria Member (FCA)- 1993 University Of Lagos, Akoka B.Sc. (HONS) 2ND Class Upper, Computer Science- 1987 Baptist Academy Shepherdhill, Obanikoro, Lagos GCE O’LEVELS - Grade 1- 1983
Samaila Dalhat Zubairu

Samaila Dalhat Zubairu

NON-EXEC DIRECTOR (INDEPENDENT)
Samaila Zubairu is African Finance Corporation(AFC)'s President and Chief Executive Officer. Prior to his appointment, Mr.Zubairu was the CEO of Africapital Management Limited, in which capacity he established a joint venture with Old Mutual’s African Infrastructure Investment Managers (AIIM) to develop the Nigerian Infrastructure Investment Fund1(NIIF1) for infrastructure private equity across West Africa. As Chief Financial Officer for Dangote Cement Plc, he launched Africa’s largest syndicated project finance facility for the Obajana Cement project, and, managed the unbundling of Dangote Industries Limited to listed subsidiaries on the Nigerian Stock Exchange. Prior to that, he was the Treasurer for the Dangote Group during its transformation from a trading company to an industrial conglomerate. He has undertaken investments of over US$3 billion, financing green-field project finance, acquisitions, corporate transformation, privatization and equity capital market transactions. Samaila is an Eisenhower Fellow and sits on the Eisenhower Fellowship’s Global Network Council and the President’s Advisory Council. He holds several non-executive board positions including the Advisory board member for KSE Africa a leading operations and management provider of captive power plants in the mining sectors in Botswana and Nigeria. Zubairu is a Fellow of the Institute of Chartered Accountants, Nigeria (FCA)and holds a BSc in Accounting from Ahmadu Bello University, Nigeria.
Folake Edun

Folake Edun

NON-EXECUTIVE DIRECTOR
Folakemi Fajemirokun commenced her work experience as Risk Intern at the AFRISK Management Consultants Ltd, Lagos Nigeria during her service year in 2011. She was instrumental in the development of a risk management framework checklist with 50+ controls to aid Insurance companies in assessing against industry standards. In September 2012, she joined DELOITTE LLP, London England as a Manager, Risk Advisory. During this period, she developed Business Continuity Plan, Process Mapping, was engaged in Risk Management Frameworks reviews for several companies and also advised on risk management frameworks to be adopted She was recently appointed as a Non-Executive Director on the Board of AIICO Insurance Plc. Folakemi Fajemirokun obtained her first degree in Economics (BSc. Economics) at the University College London (UCL). She obtained her Master’s degree (MSc. Decision Sciences in 2011 at the London School of Economics & Political Science (LSE). In 2014, she was awarded A Diploma in Management Accounting at the Chartered Institute of Management Accountants (CIMA). In same year, she obtained a certification in Risk Management (Financial Services) at the Institute of Risk Management (IRM)
Lekan Akinyanmi

Lekan Akinyanmi

Non-Executive Director
Olalekan (“Lekan”) is the founder and Chief Executive Officer of LEKOIL Limited, an Africa focused Oil exploration and production company. Since inception, he has led the company through an IPO and subsequent fundraises of over $200 million on the London Stock Exchange’s AIM market. This funded LEKOIL’s farm-in to OPL 310 and the subsequent discovery of the Ogo field – one of the world’s largest in 2013 with estimated gross resources of 774mmboe. In September 2015 LEKOIL achieved “first oil” on its Otakikpo Marginal Field, just 9 months after commencing operations and currently producing at 6000bpd. In October 2015 the Company announced its acquisition of a controlling interest in OPL 325. Lekan has over 20 years’ experience in the oil and gas industry and was the International Energy Sector Head at AllianceBernstein L.P. in New York (Global asset manager with over $400 Billion under management) with direct responsibility for a $1Billion Energy and Natural Resource Portfolio. Prior to that he was a member of the #1 institutional investor-ranked team of analysts covering the oilfield services industry as an Associate Director at UBS Investment Research. Lekan has held Engineering and operational roles within Schlumberger in a career that spanned Nigeria, Egypt, Pakistan, Oman and Scotland. Lekan graduated from the Obafemi Awolowo University in Nigeria with a Bachelor of Science Degree in Electronic and Electrical Engineering and also holds. He was recently appointed Non-Executive Director of AIICO Insurance Plc .
Raimund Synders

Raimund Synders

Non-Executive Directive-LF Representative