Mr. Folayan is a seasoned insurance practitioner with a Bsc in Insurance from the University of Lagos, Nigeria and an MBA from the University of Ilorin, Kwara State, Nigeria. He is a Fellow of the Chartered Insurance Institute, London (since 1993) Fellow of the Chartered Insurance Institute, Nigeria (since 2002) and member of other professional bodies and associations.

He has over 30 years’ experience in the insurance world, starting with Sakiina Insurance Brokers, Nigeria in 1983. He eventually rose in the insurance profession to become the Managing Director of Elmac Assurance (Nigeria) Limited, a composite insurance company in July 2002. He joined IGI in May 2011 as Deputy Director (Special Risks) and later became Deputy Director (Private Sector Marketing) from where he was seconded to NIC as Managing Director. He retired from NIC on 30th April 2025 after 14 years of meritorious service to the company