According to a Nigerian website www.dailypost.ng, Olowude died at the age of 63 after a long battle with prostate cancer.
According to NIC Head of Corporate Communications, Pamela Abonyo, the Board of Directors and Management of NIC currently led by Vice Chairman Dr. Martin Aliker expressed regret at the death of their chairman.
The statement read: “The Board of Directors and Management of National Insurance Corporation Limited regret to announce the untimely death of their Chairman, Mr. Remi Olowude, OON who passed on Saturday, 27th September, 2014 after a prolonged illness.”
The statement added that, Olowude, was until his death, the founder and Executive Vice Chairman of Industrial and General Insurance Plc (IGI Plc) with investment footprints in Nigeria, Ghana, Gambia, Sierra Leone, Uganda and Rwanda.
The statement added that Aliker, a renowned elder statesman and Senior Presidential Adviser has been the Acting Chairman of NIC during Olowude’s absence and is expected to stay in acting capacity for sometime.
Dr. Aliker eulogised Olowude as a consummate businessman and an acclaimed insurance professional.
Aliker said: “Mr. Remi Olowude lived ahead of his time. He set up the first indigenous privately owned insurance company in Nigeria and grew its shareholders’ fund from a modest N20million (Ushs322million) in 1992 to N18billion (Ushs300billion) as at June 2013. He was a consummate businessman, an acclaimed insurance professional, and will surely be missed by all on the Board of NIC.”
The Managing Director of NIC, Bayo Folayan, said: “Mr. Remi Olowude left the state-owned National Insurance Company of Nigeria (NICON) in 1992 and set up IGI Plc which became West Africa’s biggest oil and gas underwriter with an asset base in excess of N39billion (Ushs633billion). He was a humane leader and will be missed by the insurance fraternity.”
Olowude is survived by a wife and four children. Burial arrangements will be announced in due course, but, a condolence register has been opened at the 10th Floor of NIC house.
NIC is one of the 16 listed companies n the Uganda Securities Exchange. Olowude’s death has so far not adversely affected NIC’s share price at the USE.