NAICOM Authorises Ajayi to Join AIICO Insurance Board

By Modupe Gbadeyanka

The appointment of Mr Olusola Ajayi as an Executive Director of AIICO Insurance Plc has been approved by the National Insurance Commission (NAICOM).

This information was confirmed by the insurer in a notice to the Nigerian Stock Exchange (NSE) on Monday.

Mr Ajayi is making his entry into the board of directors of AIICO after joining the company in 2009 as head of the Business Strategy and Transformation teams.

It was stated that the new director, who went through a thorough assessment, is armed with over 15 years’ leadership positions in management consulting and insurance in Nigeria and the United Kingdom.

In 2013, he assumed leadership of the retail life insurance business, and has led the transformation of the agency business, by deploying cutting-edge solutions and enabling capabilities which has resulted in significant growth in the company’s annual premiums and asset under management (AUM).

Prior to joining AIICO, he worked at the prestigious consulting firm Accenture (Lagos) in the Financial Services market unit, before joining Deloitte Consulting (London, UK).

As a business consultant in both firms, he supported/led business transformation initiatives in Strategy, Process Optimization and Technology Deployments.

In this new position, he will oversee the Group Retail Division, with a mandate to drive growth across the group retail businesses and retaining AIICO as an industry leader.

Mr Olusola currently serves as Chairman of the Board of AIICO Multishield Limited, the Group’s Health Maintenance Organization (HMO).

He holds an MBA from INSEAD and obtained his first degree in Chemical Engineering from the University of Lagos. He is a certified Project Manager as well as a Senior Member of the Chartered Insurance Institute of Nigeria.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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