By Chiamaka Ajeamo
Following a reorganisation in the Board and executive management of Nigeria Reinsurance (NigeriaRe), Mr Olugbenga Falekulo, has been appointed the new Managing Director/CEO to steer the affairs of the Company.
Falekulo who has over 25 years of experience spanning across the sector, said he and his team are prepared to take Nigeria Re to the next level in the nation’s and global reinsurance market.
The new Nigeria Re boss has a Bachelor of Science degree in Insurance and a Masters in Business Administration. He is a member of the Chartered Insurance Institute of London.
He had worked in NICON Insurance, Great Nigeria and Continental Re, where he left as an Executive Director in 2014 and was into private business until his appointment.
The Board of Nigeria Re has Mela Audu Nunghe (SAN) as Chairman, Falekulo as Executive Director, Finance and administration, Olusegun Ilori.
Other members are Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as a Non-Executive Director while Yvonne Isichei, joins as Non-Executive Director (Independent).
Nigeria Reinsurance Corporation was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 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 been in opeartion for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.