The National Insurance Commission (NAICOM), has confirmed Moruf Apampa as FBN Insurance’s new Executive Director, Business Development.
Val Ojumah, the Managing Director of FBN Insurance, has lauded Apampa’s appointment, saying Apampa would bring experience and managerial proficiency to bear on their business.
“Apampa is the astute insurance professional any company would be proud to have on board.”
About Moruf Apampa
Apampa started his career at T.A. Braithwaite Insurance Brokers and Company in 1994 where he learnt the ropes of Insurance Brokage in Nigeria.
In 1997, he joined Elmac Assurance Company Limited as Special Products Manager and grew through the ranks to become the Marketing Manager of the firm with experience in managing the company’s branches in Abuja and Kano at various times.
A seasoned Insurance Practitioner, Apampa has over 20 years of insurance, Sales Marketing and Business Development experience in leading insurance companies including AIICO Insurance Plc and Sunu Assurances Nigeria Limited where he led the team as its MD/CEO and launched the first USSD mobile solution in the insurance industry before joining FBN Insurance as Executive Director, Business Development in 2018.
About the company
In February 2010, NAICOM granted an operating licence to First Bank of Nigeria Plc (FirstBank) to establish a life assurance business in partnership with Sanlam Group of South Africa.
Consequently, FirstBank incorporated FBN Life Assurance Limited as a subsidiary. FirstBank has a holding of 65% in the equity of FBN Life Assurance Limited. As a result of the 2012 restructuring of the banking sector, the investment was transferred to FBN Holdings Plc and the name of the company was changed to FBN Insurance Limited in 2014. The segment recorded N10 billion in revenue in its half-year financial reports for the period ended 31st June 2018.
The National Insurance Commission was established by the National Insurance Commission Act No 1 of 1997 to ensure the effective administration, supervision and regulation of insurance business in Nigeria as well as regulate transactions between insurers and reinsurers within and outside Nigeria.