A New Dawn For Nigeria Reinsurance As MD, Falekulo Insists On Transparency And Accountability

By LOVETH AZODO, Lagos

The Newly appointed Managing Director of Nigeria Reinsurance, Mr Olugbenga Falekulo has vowed that the board and executive management will ensure that the firm will continue in their quest for transparency and accountability in running the affairs of the company.

In a statement, Falekulo stated that all is set for he and his team to take Nigeria Re to the next level in the market.

Falekulo who has over 25 years of experience in the insurance sector assures that he brought his wealth of experience and professionalism to the fore.

In his optimism, he stated that a new era is here for the reinsurance company adding that Nigeria Re is taking a new dimension in the insurance industry.

It would be recalled that the National Insurance Commission (NAICOM) had on Monday approved a new board and management for NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

The Commission said the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria (AMCON), and the Bureau for Public Enterprises (BPE) .

BPE is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations , enhance smooth running, efficient and effective management of the two firms.

Falekulo has Bachelor of Science in insurance, Masters in Business Administration and a member of the Chartered Insurance Institute of London.

He worked with NICON Insurance, Great Nigeria and Continental Re and left Continental Re in 2014 as an Exexutive director to set up his private business until this appointment.

Other members of the board and management of the firm are : Mr Mela Nunghe SAN , Chairman, Mr Olusegun Ilori FCA ACIIN, Executive Director, Finance and Administration

Mr Alexander Okoh, Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Mrs Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent).

Nigeria Reinsurance Corporation was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977 and commenced operations on Jan. 1, 1978, as Nigeria’s flag reinsurer.

The corporation in 2002 was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares.

With over 40 years of operation, the corporation is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.