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Business News

AIICO Insurance Plc gets a new MD/CEO

AIICO Insurance Plc has appointed Babatunde Fajemirokun as its new Managing Director and Chief Executive Officer with effect from Wednesday, August 14, 2019.

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Babatunde Fajemirokun, AIICO Insurance

AIICO Insurance Plc has announced the appointment of Babatunde Fajemirokun as its new Managing Director and Chief Executive Officer with effect from Wednesday, August 14, 2019.

Fajemirokun’s appointment was disclosed in a notification to the Nigerian Stock Exchange (NSE) and the investing public at large.

[READ MORE: Understanding regulatory technology and the role of regulators in Nigeria]

Profile: Fajemirokun started his career in 2001 as a visiting lecturer in the Division of Economics and Enterprise in Glasgow Caledonian University. He joined Accenture (Nigeria) Financial Services Unit (Banking and Insurance Groups) in 2003, as an analyst and specialized in Mergers and Acquisitions projects. He later joined Capgemini Consulting (UK) Business Information Strategy Unit (cross-industry) in 2008, as a Senior Consultant, and worked on UK government transformation projects.

Fakemirokun joined AllCO Insurance Plc, Life Division, in 2009 and was responsible for key company projects in its maiden transformation projects. He led retail operations between 2009 and 2013, which encompassed retail processing (underwriting new business and renewals, alterations/ endorsements and policy issuance & delivery), customer services/ retail claims, business process projects and technology. In October 2013, he was appointed Chief Operating Officer. This position required him to oversee all strategic functions, retail processing/ operations, actuarial functions, enterprise risk management and shared services (finance, human resources, information technology, procurement and estate management) operations in the company.

[READ MORE: Sterling Bank appoints Femi Jaiyeola as Chief Compliance Officer]

In 2017, he was appointed Group Chief Business Officer, a position which encompassed the subsidiary businesses, especially the asset management business. He is also responsible for raising additional capital at appropriate valuations for Group companies to meet solvency and/or growth strategic objectives. He has deep experience in life assurance/ insurance business operations, strategy for life and non-life businesses, retail operations, business process reengineering, actuarial, financial reporting, corporate finance and risk management fields including economic capital, life embedded value, ORSA, risk appetite, and ERM. He is also the Non-Executive Director of AllCO Pension Managers Limited, Food Concepts Pic and Xerox Corporation Nigeria (XHS).

Fajemirokun holds an MBA from University of Chicago Booth School of Business with a concentration in Finance, a Master’s Degree in Business Information Technology Systems (with dist.) and a BA (Hons) degree in Business Economics. He is qualified as an ACI (UK and Nigeria) and holds a Chartered Status (Chartered Insurer). He is also a member of the Institute of Directors.

[READ MORE: Old Mutual suspends CEO with immediate effect, as CEO reacts]

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Hospitality & Travel

FG discusses nation’s carrier, Nigeria Air with US Ambassador

The FG has held a discussion with the US government over the establishment of a national carrier for Nigeria.

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Just in: FG bars Air France, KLM and other foreign airlines, FG to spend N13 billion for automation projects in 4 airports, domestic flights, international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The federal government has held a discussion with the government of the United States of America over the establishment of a national carrier for Nigeria.

This was disclosed by the Minister of Aviation, Hadi Sirika via his Twitter handle after he held a discussion with the Ambassador at the United States Embassy in Abuja.

He tweeted, “We took the opportunity to discuss investments and opportunities in the aviation sector, including national carrier. The partnership looks promising. USA is the only country we have open skies with. Thanks, Ambassador Mary and the team.”

What you should know

In July 2018, the Federal Government unveiled the branding and livery for the new airline, Nigeria Air, and stated that the carrier would be inaugurated at the end of that year.

Sirika unveiled the carrier at a press conference during the Farnborough Air Show in London that year.

“I am very pleased to tell you that we are finally on track to launching a new national flag carrier for our country, Nigeria Air. We are all fully committed to fulfilling the campaign promise made by our President, Muhammadu Buhari, in 2015. We are aiming to launch Nigeria Air by the end of this year,” the minister had said.

He also stated that the government had obtained the Certificate of Compliance from the Nigerian Infrastructure Concession Regulatory Commission and would go into investor search.

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Economy & Politics

SERAP asks Buhari to probe N39.5 billion duplicated, mysterious projects

SERAP has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.

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See what FSDH is saying about the 2020 budget and FG’s revenue drive , 2020 budget

Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.

This is to know if public funds have been diverted in the guise of implementing the projects and prosecute those allegedly involved including those from the executive and the National Assembly.

The request from SERAP follows a report from BudgiT last week, where they alleged that there are 316 duplicated capital projects worth N139.5 billion in the 2021 budget.

This disclosure is contained in a public statement issued by SERAP on Sunday, May 9, 2021, and can be seen on its website.

SERAP said that the investigation of the alleged duplicated and mysterious projects, which are part of the 2021 appropriation bill of N13.588 trillion, should establish whether public funds have been mismanaged, diverted or stolen in the guise of implementing these projects.

What SERAP is saying in its letter

In the letter dated 8th May 2021 and signed by SERAP, Deputy Director, Kolawole Oluwadare said: “The misallocation of public funds for duplicated and mysterious projects has seriously undermined the ability of the indicted MDAs, and the government to ensure respect for Nigerians’ human rights through developing and implementing well-thought-out policies, plans, and budgets.”

The letter from SERAP partly reads, “BudgIT had in a report last week stated that there are 316 duplicated capital projects worth N39.5 billion in the 2021 budget. The duplicated and mysterious projects are contained in the 2021 appropriation bill of N13.588 trillion signed into law in December 2020.”

These damning revelations suggest a grave violation of the public trust, and Nigerians’ rights to education, health, water, sanitation, and clean and satisfactory environment because the indicted MDAs have misallocated public funds at the expense of the people’s access to basic public services, and enjoyment of rights.”

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SERAP urges you to ask the heads of the MDAs involved to explain why they allegedly failed to ensure strict compliance with constitutional and international standards of transparency and accountability in the preparation, processes and decisions on their budgets, and to return any misallocated public funds to the public treasury.”

Investigating and prosecuting any allegations of mismanagement, diversion and stealing of public funds budgeted for the 316 duplicated and mysterious projects would allow your government to use the budget to effectively promote Nigerians’ access to essential public goods and services.

Publishing the ‘implementation status’ of the duplicated and mysterious projects would allow Nigerians to hold their government to account in the spending of public funds. This is particularly true for marginalized and excluded groups, such as people living in poverty, women, children, and persons with disabilities, as the budget has a disproportionate impact on their welfare.”

We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.” 

SERAP also urges you to direct Mrs Zainab Ahmed, Minister of Finance Budget and National Planning to publish full details of current ‘implementation status’ of the duplicated and mysterious projects, and any spending on the projects to date, including the 115 projects inserted in the budget of the Ministry of Health; the 23 projects inserted in the budget of the Ministry of Education, and 10 projects inserted in the budget of the Ministry of Water Resources.

The following ministries are reportedly involved in the duplicated and mysterious projects: Ministry of Health with 115 projects; Ministry of Information and Culture with 40 projects; Ministry of Agriculture and Rural Development with 25 projects; Ministry of Education with 23 projects; Ministry of Transportation with 17 projects; and Ministry of Science and Technology with 17 projects.”

Others are the Ministry of Environment with 13 projects; Ministry of Power with 11 projects; Ministry of Labour and Employment with 11 projects, and Ministry of Water Resources with 10 projects.”

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The letter was copied to Mr Malami; Professor Bolaji Owasanoye, Chairman Independent Corrupt Practices and Other Related Offences Commission (ICPC); Mr Abdulrasheed Bawa, Chairman, Economic and Financial Crimes Commission (EFCC); and Mrs Ahmed, the Finance Minister.

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