NIC appoints new MD

The Board of Directors of National Insurance Corporation Ltd announces the appointment of Mr. Bayo Folayan as Acting Managing Director with effect from 1st December 2011.

He replaces Mr Sam Njoroge who left the services of the Company after a successfully one-year period of stewardship. .

Mr Folayan is a seasoned insurance practitioner with a Bsc in Insurance from the University of Lagos, Nigeria and an MBA from the University of Ilorin, Kwara State, Nigeria. He is a Fellow of the Chartered Insurance Institute, London (since 1993); Fellow of the Chartered Insurance Institute, Nigeria (since 2002) and member of other professional bodies and associations. He is an insurance professional with analytical skills and entrepreneurial drive. His impactful and function-relevant capability for leadership is grounded in his vast knowledge of the West African insurance industry as well as his rich experience in Life and Non-life insurance.

He has over 28 years experience in the insurance world, starting with Sakiina Insurance Brokers, Nigeria in 1983. He eventually rose in the insurance profession to become Acting Managing Director of Elmac Assurance (Nigeria) Limited, a composite Insurance company in 2001 and later Managing Director of the same organisation in July 2002.

His experience cuts across all aspects of Life Insurance and Non-Life insurance practice including, underwriting, claims, special risks (oil and gas) etc.

NIC Board Vice Chairman, Dr. Martin Aliker, said: “The appointment of Mr. Folayan as Ag. Managing Director of NIC is aimed at moving the company to the next stage of our plan to consolidate our industry leadership as the preferred insurer in Uganda.

“The Board is confident that with his deep knowledge of the African market, his vast experience (particularly in the area of oil and gas) and his professional track record over the years, he will passionately drive NIC’s vision of being the number one provider of insurance, risk management and financial services not only in Uganda but in the entire East African region.”

 

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For further information, please contact:

Josephine O. Aguma

Head, Corporate Communications

Office: +256 312 258 002

Mobile: +256 772 825 263, Email: jomunyidde@nic.co.ug