By Favour Nnabugwu
The reorganisation of the board and executive management of Nigeria Reinsurance in which Mr Olugbenga Falekulo came on board as the new Managing Director, is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country.
Falekulo with over 25 years of experience spanning across the sector said he brought his wealth of experience and professionalism to the fore.
The new Managing Director stated that he and his team are prepaid to take Nigeria Re to the next level in the market.
Nigeria Re is taking a new dimension in the insurance industry though he did not disclose the strategic plans he and his team have put together but promise that a new era is here for the reinsurance company
He has BSc in Insurance, Masters in Business Admin, a.member of the Chartered Insurance Institute of London. He worked the NICON Insurance, Great Nigeria and Continental Re, he left Continental and an Exexutive director before he left in 2014 and went into his private business until this appointment.
He is well travelled and has attended so many course within and outside Nigeria. He is married with children.
Supporting Falekulo is the Executive Director, Fiance & admin, Mr Olsegun Ilori, as astute professional as well
The board and management of Nigeria Reinsurance Corporation has Mr Mela Audu Nunghe SAN as Chairman, Gbenga Falekulo ACII serves as Managing Director/Chief Executive Officer and Mr Olusegun Ilori FCA ACIIN comes in as Executive Director, Finance & Admin. Mr Alexander Ayoola Okoh, the 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 on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria.
In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.