NIC Holdings Limited (NIC) has officially announced the retirement of its Managing Director, Mr. Bayo Folayan, effective 30th April 2025, marking the end of a distinguished 13-year tenure. The company also revealed the appointment of Mr. Elias Edu as the Acting Managing Director and Chief Executive Officer (CEO) to ensure a seamless leadership transition.
Mr. Folayan’s retirement comes after more than a decade of dedicated service, during which he played a pivotal role in steering NIC Holdings toward growth and stability. Recognizing his invaluable contributions, the Board has retained him as a Non-Executive Director, allowing him to continue supporting the company’s strategic direction in an advisory capacity.
In a public statement, the Board expressed gratitude for Mr. Folayan’s leadership, citing his commitment to excellence and the strong foundation he has laid for the company’s future.
Taking the helm as Acting MD/CEO is Mr. Elias Edu, a seasoned professional with over 20 years of experience in the insurance industry. Mr. Edu’s extensive background includes key leadership roles such as Company Secretary/Director at Industrial and General Insurance (Ghana) Limited and Former Acting Managing Director of NIC Holdings and its subsidiary, NIC General Insurance Company Limited.
His familiarity with the company’s operations and proven track record in executive management positions him as an ideal candidate to lead NIC Holdings during this transitional phase.
The announcement was made in compliance with Rule 36(2)(H) of the Use Listing Rules 2025, underscoring NIC Holdings’ commitment to corporate governance and transparency. The move reassures shareholders and the public of a structured and well-managed leadership transition.
While Mr. Edu assumes the role in an acting capacity, the Board is expected to conduct a formal search process for a permanent Managing Director. Meanwhile, stakeholders can remain confident in the company’s stability, given the continuity provided by Mr. Folayan’s ongoing involvement and Mr. Edu’s interim leadership.
NIC Holdings’ proactive approach to leadership transition reflects its commitment to sustainable growth and strong governance. As Mr. Folayan steps down from his executive role, the company honors his legacy while embracing a new chapter under Mr. Edu’s interim stewardship.