NIC Holdings Appoints Elias Edu as Acting MD as Bayo Folayan Retires

NIC Holdings Limited has announced that its Managing Director, Mr Bayo Folayan, will retire effective April 30th, 2025.

The planned retirement comes after Mr. Folayan’s distinguished tenure of over 13 years with the company.

In the announcement made to shareholders and the public, the Board of NIC Holdings expressed gratitude for Mr. Folayan’s “meritorious service.”

To ensure continued strategic oversight, Mr. Folayan will remain involved with the company, transitioning to a role on the Board as a Non-Executive Director, where he will contribute to the ongoing growth of the business.

Concurrent with the retirement announcement, the Board has approved the appointment of MrElias Edu as the Acting Managing Director and Chief Executive Officer.

Mr Edu is described as a “seasoned administrator” with extensive experience spanning over two decades in the insurance industry.

His previous roles include serving as Company Secretary/Director at Industrial and General Insurance (Ghana) Limited. Importantly, Mr Edu has prior experience in leadership roles within the NIC group, having previously served as the Acting Managing Director for both NIC Holdings Limited and NIC General Insurance Company Limited.

The Board stated this appointment, made under Rule 36(2)(H) of The Use Listing Rules 2025, is aimed at ensuring a smooth leadership transition and continued operational success for the company.