Last week, the National Insurance Corporation (NIC) group of companies appointed new boards of directors.
The appointments follow a directive from the Insurance Regulatory Authority early this year, which compelled IGI, the parent company of NIC, to split NIC into three firms NIC Holdings Ltd (formerly National Insurance Corporation Limited – an insurance group comprising both life and non-life insurance companies), NIC General (Non-Life Insurance) and NIC Life (Life Assurance business).
Dr Martin Aliker, a former board member, is now the new chair for both NIC Holdings and NIC General. Aliker’s board at NIC Holdings is virtually the same as the one chaired by the late Remi Olowude under the old NIC.
The board of NIC Holdings comprises of Obayomi Lawal, who joins in from IGI’s Rwanda subsidiary, Sonarwa Life Assurance Company Ltd, Rotimi Fashola (vice chairman), Michael Olupot Tukei (from the Finance ministry), Bernard Katureebe (a Kampala lawyer) and Bayo Folayan (the company managing director).
At NIC General, Aliker’s board has Olusina Elusakin, a member of the Energy Institute in London, Adeyinka Obalade, a banker based in Lagos, Kenneth Aigbinode, acting CEO of Fidelity bank (Nigeria), Charles Tukacungurwa, Bernard Katureebe (a Kampala Lawyer) and Bayo Folayan (the company managing director).
At NIC Life, Rotimi Fashola is the chairman, and other members include Michael Olupot Tukei, Obayomi Lawal and Nhamo Mawadza, a technical director at Unic Insurance (Nigeria).
NIC Holdings is 64.9 per cent owned by Industrial and General Insurance Plc (IGI Plc) of Nigeria and 35.05 per cent by the public. Following the appointments, Aliker said the move would be good for the industry.
“The newly-appointed directors with their diverse skills and experience will add impetus to the efforts to reposition NIC as a leading insurance group, a preferred provider of insurance, risk management and financial services,” Dr Aliker said.
The new directors will be presented at the next annual general meeting in June for approval.
Source : The Observer