Former Accenture and Capgemini executive takes over at AIICO

Nigerian insurance company AIICO Insurance has appointed consulting veteran Babatunde Fajemirokun as its new Managing Director. Fajemirokun has worked at global management consultancy Accenture as well as Capgemini Consulting over the course of a 15-year-plus professional career.

Founded in Nigeria in 1963, AIICO is an insurance firm that offers a wide variety of financial services. Offerings at the firm include life assurance & annuity, general insurance & special risks, pension management, health insurance and asset management. As of 2017, the firm generated Gross Premium Income of N21 billion.

Claims paid at the firm amount to N23 billion, while total assets comprise nearly N100 billion. These expansive operations will now be run by Babatunde Fajemirokun with immediate effect. Fajemirokun has a background as an academic in the field of Economics & Enterprise, and began his corporate career in 2001.

He began at Accenture, where he was engaged with the firm’s financial services practice, serving a broad range of banking and insurance companies.  During his time at global management consultancy firm, he specialised in supporting firms with strategic mergers & acquisitions (M&A).

Following half a decade at Accenture, he joined Capgemini in 2008, where he worked as a Senior Consultant, engaged with the UK government on a variety of transformation projects. His engagement at Capgemini was primarily within the Business Information Strategy vertical. 

Since 2009, Fajemorikun has been at AIICO, where he has supported a number of transformation projects. Initially, he was engaged at AIICO’s retail practice, before he was promoted to Chief Operating Officer at the firm in 2013. In his new role, he oversees a variety of functions, including strategic, actuarial and policy practices.

He now takes over at Managing Director of AIICO, at a time when the insurance sector in Nigeria – and across the rest of Africa – is undergoing a period of major transformation. The sector is contending with regulatory and technological disruption, although some domains are expected to skyrocket in years to come.