Babington-Ashaye now CIIN President … as Chukwuma bows out
Mrs. Funmi Babington-Ashaye, the Managing Director/ CEO of Risk Analyst Insurance Brokers Limited will on 25th July, 2017 crown the 40th President of Chartered Insurance Institute of Nigeria (CIIN).
Babington-Ashaye was born in Lagos into the Family of Mr. Alfred Olubunmi and Mrs. Esther Olatunde Akinbami, both of blessed memory, on February 8, 1965. She is the fourth in the family of six. Both parents hailed from Abeokuta Ogun State. She attended Methodist Primary School Yaba, Lagos; and Lisabi Grammar School Abeokuta for her high schooleducation.
She attended Lagos state Polytechnic and emerged as the best graduating Higher National Diploma student in Insurance Department in 1987. She also holds a Masters degree in Business Administration which she obtained in 1995. She is an Alumnus of Lagos Business School, a Fellow of Chartered Insurance Institute of Nigeria and United Kingdom. She is a Council member of the Institute of Directors of Nigeria.
An accomplished practitioner and seasoned underwriter with over 30years cognate experience in the insurance industry, Mrs. Babington-Ashaye was the former Managing Director/Chief Executive Officer of Cornerstone Insurance PLC and later, of NICON Insurance PLC, two leading listed insurance companies in the Nigerian Stock Exchange.
Mrs Babington-Ashaye started her insurance career with Royal Exchange Assurance Plc as Insurance Superintendent in 1987 and later joined Cornerstone Insurance PLC as a pioneer staff in 1991. Through dint of hardwork and exceptional performance, she rose through the ranks and became the MD/CEO of the company within fifteen years. In that capacity, she brought her wealth of experience and creativity to bear on the performance of the company, which easily became the reference pointin the industry. Through her sterling leadership qualities, she grew the turnover of the company by over 80 percent within one year and also successfully recapitalised the company.
In appreciation of her invaluable wealth of experience, she was appointed interim Managing Director of NICON Insurance PLC by the Federal Government to assist in re-engineering the company to a going concern status pending the resolution of the impasse between the insurance industry, the regulator (NATIONAL INSURANCE COMMISSION) and the core investor. At the end of her tenure, the FGN specially commended her performance and indeed, offered to retain her as the substantive MD/CEO but she politely declined.
She has won various awards foremost of which is the JCs Lepine Prize Award by Chartered Insurance Institute London in 1990. In the same year, she also emerged as the overall Best Graduating Female student in the Chartered Insurance Institute of Nigeria (CIIN) final qualifying examinations. In 2007, she won the Women Entrepreneur Achievers of Nigeria (WEAN) award in the Non- Banking sector.
A thought leader in every respect, Mrs Babington-Ashaye has attended many courses and delivered lectures at various professional fora in Nigeria and abroad and currently serves on the governing council of the Chartered Insurance Institute of Nigeria as Deputy President.
She has also served on several committees of the Chartered Insurance institute such as Audit and General Purposes Committee, Activities Committee, Strategy Advisory Committee, Education Committee, Chairman Organizing Committee of the Inaugural Insurance Industry Mega Conference, and presently the Chairman, College of Insurance and Financial studies. She also sits on the Board of Pearl Awards Limited.
As part of her contributions to the development and expansion of the frontiers of knowledge in the Insurance Education and Profession, she has published a lot of insurance and risk management articles in leading newspapers and journals in Nigeria and abroad.
Mrs. Babington-Ashaye was the former President of Entrepreneurs Organisation, Lagos Chapter (an international organisation of entrepreneurs with headquarters in Virginia USA), member of Ikoyi Club 1938 as well as member of the Professional Insurance Ladies Association.
As part of her efforts to give back to the society, she recently set up Funmi Babington-Ashaye Foundation whose mission is to support brilliant but indigent students through yearly award of scholarships. The Foundation is in partnership with University of Lagos, Lagos state polytechnic and Lisabi Grammar school, her Alma Mater. In March this year, she launched her book on Insurance, titled, Insurance in Practice-All you need to know about Insurance in Nigeria” which she has started distributing to all tertiary institutions to further deepen Insurance knowledge in Nigeria.
A great family woman and role model, Funmi was married to the Late Prince Abiodun Adebajo Babington-Ashaye, FCA, a former President of the Institute of Chartered Accountants of Nigeria and the marriage was blessed with three lovely children. Oyindamola, Adetola and Adefemi. As a devout Christian, she attributes all her success to the Grace of God and hard work. Her hobbies include swimming, travelling and writing.