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[QUOTE="Munyaradzi Mafaro, post: 33332, member: 636"]
NIC Holdings Limited announced that Bayo Folayan will retire as Managing Director on April 30 after 13 years with the company. He joined NIC in 2011 but plans to remain on the Board as a Non-Executive Director. During his leadership, Folayan restructured operations, improved corporate governance, and expanded the insurance businesses. He led digital innovation efforts that helped grow the company nationwide. Before NIC, he worked in senior roles across Nigeria's insurance industry.

The Board named Elias Edu as Acting Managing Director to handle the transition. Edu brings over 20 years of experience to the position, including previous stints as Acting Managing Director. He holds advanced degrees in both Law and Business Administration. His professional credentials include membership in several prestigious international organizations. He previously served as Company Secretary for Industrial and General Insurance in Ghana.

NIC Holdings trades publicly on the Uganda Securities Exchange. The firm operates mainly through insurance subsidiaries that offer life and general coverage products. The company has built a strong reputation during its 50-year history. It continues as a major participant in the Ugandan insurance market today.
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