Nigeria’s leading life insurer, FBNInsurance Ltd., has announced the appointment of Dr. Femi Oyetunji as its Chairman and Alhaji Mohammed Borodo as an Independent Non-Executive Director.

Dr. Oyetunji has over 30 years of extensive industry experience with fiscal, strategic, operational, and transformational leadership. The last 10 years was spent as the Group Managing Director/CEO of Continental Reinsurance Plc where Oyentunji served before his retirement in 2021.

Dr. Oyetunji, holds a Bachelor of Science degree from Victoria University of Manchester where he graduated with First Class in Statistics and Operational Research, a Master of Science degree [MSC] from the University of London, and a Ph.D. from the University of Manchester, Institute of Science & Technology, England and Fellow of the Institute of Actuaries, United Kingdom, Institute of Directors, Nigeria [IOD], and Association of Pension Funds of Nigeria.

The industry giant has served on the Board of Crusader Sterling Pensions Limited and Tangerine Life Insurance and acted as President of the Investment Advisers and Portfolio Managers [IAPM] and had a stint with Nigerian Insurance Association [NIA] as the Vice-Chairman. Dr. Oyetunji, has served in leading Insurance Companies in Nigeria including, Crusader Insurance Nigeria Plc. as Managing Director/CEO and AIICO Insurance Plc as General Manager, Life Operations Division. Prior to his appointment as the Managing Director/CEO of Continental Reinsurance Plc, he served as the Managing Director/Chief Actuary of Alexander Forbes Consulting Actuaries Nigeria Limited.

In the same development, Alhaji Borodo, the new Independent Non-Executive Director was the pioneer Company Secretary of FBN Holdings Plc (FBN Holdings) who oversaw the process of admitting FBN Holdings to the Premium Board of the Nigerian Stock Exchange in 2015 and retired from FBN Holdings in October 2017 after a successful career spanning over 29 years with the Group.

Borodo holds a law degree from the Ahmadu Bello University, Zaria, a B.L (Barrister at Law) from the Nigerian Law School, Nigeria and a master’s in law degree from the University of Essex, United Kingdom. He is a Fellow, Institute of Directors, Nigeria, the Society for Corporate Governance Nigeria; and the Institute of Chartered Secretaries and Administrators, Nigeria.

Borodo is a Member, International Bar Association, Nigerian Bar Association, and an Honorary Senior Member, Chartered Institute of Bankers of Nigeria. In October 2017, he was given a lifetime achievement award for his contributions to the legal profession in Nigeria by the Esq Magazine. In January 2018, Borodo was appointed a member of the Technical Committee that drafted the Financial Reporting Council’s Nigerian Code of Corporate Governance 2018. He is currently the Principal Partner of Tijjani M. Borodo & Associates, a top tier law firm with offices at Lagos and Abuja.

FBNInsurance is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. FBNInsurance is also a member of the Sanlam Group, a leading diversified, pan-African financial

services group. Leveraging the strength of the Sanlam Group brand, FBNInsurance is strategically positioned to transform the insurance industry in Nigeria. The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization 2019.

Dr. Femi Oyetunji, Chairman of the Board FBNInsurance Limited

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September 2nd, 2022

FBNInsurance Limited, a leading insurer in Nigeria, recently concluded its Annual General Meeting in Lagos and the shareholders approved a full year dividend of 74 kobo per ordinary share for the year end 2021.

Speaking at the Annual General Meeting, Mr. Val Ojumah, the Managing Director/Chief Executive Officer of FBNInsurance Limited, stated that FBNInsurance financial performance in 2021 demonstrates the company’s strong footing despite the challenging operating environment in 2021. “We are pleased with our 2021 financial year end results and also grateful for the trust that our shareholders have in our ability to continue to grow the business,” Mr. Ojumah commented.

Mr. Ojumah further stated that while the nation anticipates an improved economy, FBNInsurance Limited remains adaptable and responsive to the unfolding trends, modifying plans and operations in a manner that would ensure the company achieves its strategic objectives.

The dividend declared for year 2021 is a 6% increase from 70k that was declared in 2020. It is worthy to note that FBNInsurance Limited has consistently paid dividend to its shareholders in the last 8 years.

Recall that it was earlier reported that the underwriting firm paid claims to the tune of N16.1 billion to its customers in 2021.

FBNInsurance is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. FBNInsurance is also a member of the Sanlam Group, a leading diversified, pan-African financial services group. Leveraging the strength of the Sanlam Group brand, FBNInsurance is strategically positioned to transform the insurance industry in Nigeria. The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization 2019.

L-R: Mr. Festus Izevbizua, Executive Director, Finance and Admin, FBNInsurance Limited; Mr. Odinakachi Umekwe, Executive Director, Retail Distribution, FBNInsurance Limited; Mr. Kobus Vlok, Non-Executive Director, FBNInsurance Limited; Mr. Oyewale Ariyibi, Non-Executive Director, FBNInsurance Limited; Mr. Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance Limited; Mr. Robert Dommisse, Non-Executive Director, FBNInsurance Limited; Mrs. Anne Edeogu, Company Secretary/Head, Legal Services, FBNInsurance Limited; Dr. Femi Oyetunji, Independent, Non-Executive Director Nominee, FBNInsurance Limited; Mr. Moruf Apampa, Executive Director, Business Development and Technical, FBNInsurance Limited; Mr. Nelius Bezuidenhout, Non-Executive Director, FBNInsurance Limited, and Alhaji Tijjani Borodo, Independent Non-Executive Director Nominee, FBNInsurance Limited at FBNInsurance Annual General Meeting held in Lagos.

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May 25th, 2022

The Board, Management, staff of FBNInsurance Limited, friends, and family members all gathered recently to celebrate the outgoing Chairman, Mrs. Adenrele Kehinde.

Speaking at the event, Mr. Val Ojumah, the Managing Director/Chief Executive officer of FBNInsurance Limited, said Mrs. Adenrele demonstrated brilliance, excellence and a high level of professionalism, and strong competence on the job. Mr. Ojumah also described Mrs. Adenrele as an advocate of high ethical standards who regularly challenged the company’s executive management to deliver industry-leading results using her usual mantra “the result of hard work is more work.”

Also, speaking at the event, Mr. Bode Opadokun, Managing Director/ Chief Executive Officer, FBN General Insurance Limited, applauded Mrs. Adenrele for her openness and professionalism. He added that though she has retired, the company would continue to draw from her wealth of experience.

Mr. Oyewale Ariyibi, a Non-Executive Director, FBNInsurance Limited and Chief Financial Officer, FBNHoldings, commended Mrs. Adenrele for dedication and leadership which he said brought some innovation and initiatives to FBNInsurance. She believed strongly in the name of the institution, leadership of the board, and management, Mr. Ariyibi added.

Mr. Robert Dommisse, Chief Executive Officer, Sanlam Pan-Africa Life Insurance, also commended the outgoing chairman for her dedication, commitment, and passion for the growth of the company. Mr. Dommisse, also described Mrs. Adenrele as a good negotiator, a woman who never accepts no for an answer when it comes to negotiating for anything for her company.

Further commendation came from Wale Babalakin, Chairman, Bi-Courtney Group of companies, who commended Mrs. Adenrele for her support and selflessness. Babalakin narrated how with the help of Mrs. Adenrele, he was able to secure a loan from a bank at the age of 28 to build an 11-storey building.

In addition to these great achievements and commendation, Mrs. Adenrele will also be remembered for her contribution to the tremendous growth that FBNInsurance enjoyed under her leadership. Under her watch, the company’s gross premium grew from N3.9 billion in 2013 when she joined to N38.6 billion as of December 2021.

In her response, Mrs. Adenrele, reiterated the need to sustain the growth that the company has achieved over the years. “We must remain keen to attain uncontested leadership status in the life insurance sub-sector and growth of our General Insurance business. She also added that the brand must remain focused on its goal which is to exceed expectations, break records and delight customers and shareholders in a greater measure than in the past.

Mrs. Adenrele Kehinde was appointed to the board of FBNInsurance Limited as Chairman in May 2013, following her earlier admission into the Board in March of the same year as a Non-Executive Director. She however took over the leadership of the Board from Mrs. Ibukun Awosika, the pioneer board Chairperson.

Mrs. Adenrele before her appointment to FBNInsurance was a Non-Executive Director in FBNCapital Limited, now FBNQuest Limited.

FBNInsurance is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. FBNInsurance is also a member of the Sanlam Group, a leading diversified, pan-African financial services group. Leveraging the strength of the Sanlam Group brand, FBNInsurance is strategically positioned to transform the insurance industry in Nigeria. The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization 2019.

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May 11th, 2022

One of Nigeria’s leading insurance companies and the one adjudged the most profitable life insurance company in Nigeria has revealed that it paid ₦16.1 billion claims to its customers at year-end December 31, 2021.

While speaking on the company’s claims profile, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, disclosed that the company’s commitment to satisfying her clients is non-negotiable. “At FBNInsurance Limited, we are in the business of paying genuine claims that are due. Our strategy remains to provide financial security for our clients and as always, we will not rest on our oars to exceed our customers’ and stakeholders’ expectations, because, to us, the Customer is King,” Mr. Ojumah concluded.

Speaking further, Ojumah reiterated that “Customer satisfaction is the fulcrum of insurance business, and this inevitably builds customer loyalty, and we will not fail to ensure this. We believe once FBNInsurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBNInsurance will be able to meet its financial obligations to them”.

Recall that FBNInsurance paid ₦11.5bn claims in 2020; this was in spite of the challenging operating environment in the country, especially as the world continues to battle with the economic effect of the Covid pandemic.

FBNInsurance Limited is a member of the Sanlam Group, a leading diversified, pan-African financial services group that through its diversification strategy has created value for stakeholders for more than 100 years with a business presence across 33 countries in Africa as well as in the USA, Europe, Malaysia, Australia, the UK, and India.

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April 29th, 2022

As part of its Corporate Responsibility and Sustainability (CR&S) initiative, FBNInsurance Limited and its subsidiary, FBN General Insurance, recently donated various items to Orphanage Homes and a Foundation across three geographical regions of the country: Lagos, Abuja and Port Harcourt.

A statement by the insurance firm named the beneficiaries as Heritage Homes Orphanage, Lagos, Down Syndrome Foundation, Lagos, The Poorest of the Poor, Abuja, and Goodness and Passion Orphanage Home, Port Harcourt.

Items donated by the leading Life Insurance firm include food, beverages, toiletries as well as an undisclosed amount of cash to the beneficiaries.

Most of the items donated to the Homes and Hospice, according to the statement, were largely raised through the company’s annual Staff Gift Drive which is an in-house initiative that encourages members of staff of the company to donate various items for a common cause.

The FBNInsurance Staff Gift Drive was incepted in 2015.

While appreciating the insurer, on behalf of the Board and Management of Heritage Homes & Orphanage, the Assistant General Manager of the orphanage home, Mr. Reuben Amara, thanked the company for its kind donation towards the upkeep of the children in the Home.

“We appreciate FBNInsurance for always standing by us and seeing to the needs of the children every year. We pray that the Almighty God will reward your labour of love. We look forward to seeing you again,” he said.

In the same vein, the Educational Therapist, Down Syndrome Foundation Nigeria, Mr. Innocent Okuru, who received the items on behalf of the Foundation, also expressed the Foundation’s gratitude for the insurer’s donation.

Mr. Okuru said, “We are grateful for your support, concern, love and for interest shown to our mission. We thank you from the depth of our hearts and pray that FBNInsurance continues to grow from strength to strength.”

The Management, staff and children of Goodness and Passion Orphanage Home, Port Harcourt, and The Poorest of the Poor, Abuja, in their words of appreciation to FBNInsurance, prayed for the continuous growth of the company.

In his comment, the Managing Director/Chief Executive Officer of FBNInsurance Limited, Mr. Val Ojumah, said the company was delighted to hold the initiative as it is the organisation’s way of appreciating God’s creation and, at the same time, giving back to the society.

Mr. Ojumah reassured the Orphanages and Foundation of the insurer’s continued commitment to supporting the cause of the organisations in making society a better place.

“We carry out this initiative on a yearly basis and we hope to continue to do more,” Mr. Ojumah concluded.

FBNInsurance is a Limited liability company licensed to transact life insurance businesses in Nigeria. The company, with a presence in strategic geographical locations across the country, is a member of the Sanlam Group, which is a leading diversified pan-African financial service group.

webmaster
February 18th, 2022

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