The National Insurance Commission (NAICOM) today October 30, sacked the Board and Management of African Alliance Insurance Plc, following years of insolvency and failure to meet the obligations of annuitants and policyholders.
The Commission announced that it has taken over the Board and Management of African Alliance Insurance Plc in order to protect the interests of the company’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.
This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner, which has for some time now, generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
Subsequently, the Commission has appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc.
The composition of the Interim Board is as follows:
1. Dr. Haruna Mustapha – Chairman
2. Mr. Jacob Erhabor – MD/CEO
3. Mr. Wasiu Amao – Executive Director, Technical
4. Ms. Oremeyi Longe – Executive Director, Finance
5. Mr. Anthony Achebe – Non-Executive
6. Haj. Halimatu M. Khabeeb – Non-Executive Director
The Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
NAICOM promised to will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
The Commission stressed that it is committed to maintaining the stability and integrity of Nigerian insurance industry, noting that “Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”