20th September, 2019




The Board of NIC Holdings Ltd, Uganda’s only listed company with wholly owned insurance subsidiaries, NIC General Insurance Company Limited and NIC Life Assurance Company has today, 20th September, 2019 elected a new Chairman in the person of Dr. Alan Shonubi. Dr. Shonubi took over the mantle of leadership at NIC from Dr. Martin Aliker, who had steered the ship since September, 2014 following the death of Dr. Remi Olowude, the first post-privatisation Chairman of NIC.


Dr. Alan Shonubi is the Senior Partner at the law firm of Shonubi Musoke & Co. which he founded in 1987. Since then, Shonubi Musoke & Co has grown to become one of the largest law firms in Uganda. Prior to joining private practice, he was serving in the insurance and banking fields of law.


Dr. Alan has served in many professional capacities including being elected to serve as the President of the East African Law Society, overseeing lawyers in 5 countries in the East Africa Region. He also served as the Vice President to the Uganda Law Society. He has received professional recognition as Senior Counsel, the highest possible rank that can be attained by a practicing advocate in Uganda.


In 2001, he was appointed as lead counsel for the Judicial Commission of inquiry into allegations of illegal exploitation of natural resources in the Democratic Republic of Congo. He has been invited to speak at international and regional fora such as the IBA regional conference and Africa Loans Market Association, on the subjects of mediation and arbitration, CSR and legal risk.


Dr. Shonubi serves as a Director on the Boards of local and regional companies such as Golf Course Holdings, Chairman Uganda Baati Limited, Chairman of Entebbe hospital as well as Patron of Entebbe Red Cross and AAR Health Services. He also serves as Chairman of the Board of Trustees for the Kampala School for the Physically Disabled, where the firm provides free legal advice. He is also a former director East African Breweries Limited, former Chairman Uganda Breweries, Limited both public Companies where he served for nine (9) years and a former Chairman International Distillers Uganda Limited amongst others.


In his remarks, Dr. Martin Aliker, elder statesman who had served notice to the Company’s shareholders that he would be retiring, thanked the members of the Board of NIC for the cooperation extended to him during his tenure as Chairman. He thanked the distinguished shareholders and the insuring public who have maintained steadfast support to the NIC brand. He wished Dr. Alan Shonubi successful tenure on the Board.


In his acceptance remarks, Dr. Alan Shonubi who has been on the Board of NIC since September, 2018 when he was appointed director, thanked members of the Board for the confidence reposed in him as shown by his unanimous election to the position of Chairman. In his words, “I am indeed stepping into very big shoes. Dr. Martin Aliker has indeed been an exemplary leader. He is the father of corporate Uganda and no one has sat or contributed to more private sector Boards than him over such a long time. I will continue to count on the cooperation of members of the Board to follow in the footsteps of this illustrious gentleman, Dr. Aliker who is retiring from the Board”. Dr. Shonubi promised to work hard in the service of NIC and its esteemed clients to justify the confidence reposed in him by the Board


Managing Director of NIC, Mr. Bayo Folayan thanked members of the Board for the steady progress being made by NIC: “With this peaceful and mature transition at the highest level of the Company, the sky is the limit for NIC”.



Notes to the Editors

NIC is the Official Insurer of the Ugandan senior national football team, The Uganda Cranes, also providing insurance coverage for the Federation of Ugandan Football Association (FUFA).


NIC is also a proud sponsor of female Netball in Uganda. The NIC Netball team contributed over 50% of the Uganda She Cranes that represented the country at the recently concluded 2019 Netball World Cup and currently ranked 3rd in Africa and 7th globally.


Netball National League

1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005,2006, 2007, 2008,2009, 2010, 2011, 2013, 2014, 2017.


Reach Abonyo Pamela, Head Corporate Communications for any additional information on