MD, NIC Holdings Ltd (since November 2011)
The Nigerian entered the insurance industry in 1983 with Sakiina Insurance Brokers in Nigeria. Folayan has a BSc in Insurance from the University of Lagos and an MBA from the University of Ilorin, Nigeria. He is a fellow of the Chartered Insurance Institute (UK) and a fellow of the Chartered Insurance Institute (Nigeria).
His tenure at the helm of NIC has seen net profit decline by 85.1%, from Shs12.9 billion in 2011 to Shs1.9 billion in 2015. The company’s assets were revaluated in 2012, reducing its net profitability by 71.4% to Shs3.6 billion for the year.
Other board memberships: N/A