NIC Boss Passes On

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Insurance and risk management services provider National Insurance Corporation Limited has lost their Chairman, Mr. Remi Olowude, OON who passed on Saturday, 27th after a prolonged illness. Mr. Olowude, was until his death, the founder and Executive Vice Chairman of Industrial and General Insurance Plc (IGI Plc) with investment footprints in Nigeria, Ghana, Gambia, Sierra Leone, Uganda and Rwanda.

RIP; Mr. Olowude wasa consummate businessman, an acclaimed insurance professional, and will surely be missed by all on the Board of NIC
RIP; Mr. Olowude wasa consummate businessman, an acclaimed insurance professional, and will surely be missed by all on the Board of NIC

The Vice Chairman, Dr. Martin Aliker, a distinguished elder statesman and Senior Presidential Adviser has been the Acting Chairman of NIC during Mr. Olowude’s absence and the Board does not envisage any change in the short term.

“Mr. Remi Olowude lived ahead of his time. He set up the first indigenous privately owned insurance company in Nigeria and grew its shareholders’ fund from a modest N20million (Ushs322million) in 1992 to N18billion (Ushs300billion) as at June 2013,” Dr. Aliker  told Red Pepper Online edition.

“He was a consummate businessman, an acclaimed insurance professional, and will surely be missed by all on the Board of NIC.

The Managing Director of NIC, Mr. Bayo Folayan, said, “Mr. Remi Olowude left the state-owned National Insurance Company of Nigeria (NICON) in 1992 and set up IGI Plc which became West Africa’s biggest oil and gas underwriter with an asset base in excess of N39billion (Ushs633billion). He was a humane leader and will be missed by the insurance fraternity.”

Mr. Olowude is survived by a wife and four children. Burial arrangements will be announced in due course. Meanwhile, a condolence register has been opened at NIC 10th Floor to receive condolence messages.

National Insurance Corporation Limited building in Kampala
National Insurance Corporation Limited building in Kampala
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