The board of directors of Industrial and General Insurance plc (IGI) has appointed Rotimi Fashola as the substantive group managing director of the company. He succeeds Remi Olowude, the company’s executive vice-chairman/founder, who passed on September last year.
Fashola’s appointment, which takes immediate effect, was part of the decisions taken at a meeting of the board held in Lagos on Wednesday, February 11, 2015. The board also named the erstwhile executive director, special risks Sina Elusakin, deputy managing director, while Foluso Gbadamosi was appointed executive director, human resource, administration and information communication technology.
A statement from the company said the appointment was guided by proper corporate governance procedures and best practice aimed at ensuring seamless business continuity, stability and growth in the interest of all stakeholders.
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“With his over 20 years experience and a remarkable track record in the insurance and financial services industry, Fashola has earned a reputation as a truly accomplished and highly respected professional. The Board believes that he possesses the core values upon which IGI was founded and has the capacity to take the company to greater heights,” the statement read.
Prior to his new position, Fashola served as the deputy managing director before he was later appointed acting managing director when the late executive vice chairman/CEO went on medical leave. He has pledged to uphold the vision of the company and drive its growth and transformation strategies to ensure its continued competitiveness in the industry.
A chartered insurer and a seasoned marketing expert, Fashola holds a Master of Business Administration in Marketing from Obafemi Awolowo University, Ile-Ife, Nigeria. Before joining IGI in 1993, he was the CEO of Liberty Assurance Company Limited. He is a Fellow of numerous institutions, including the National Institute of Marketing of Nigeria (NIMN), Institute of Directors (IOD), Institute of Direct Marketing (IDM) and the West African Insurance Institute (WAII), The Gambia.
He is an Associate of Chartered Insurance Institute of London (ACII) and the Chartered Institute of Arbitration, (ACI Arb) London. Fashola is an alumnus of both the West African College of Insurance and Risk Management in The Gambia and the Global Institute for Leadership Development (GILD), United States. He is a member of the Governing Council of WAII and the West African Insurance Companies Association (WAICA).
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