The National Insurance Commission (NAICOM) has been urged to revisit the plan to revive African Alliance Insurance Company, so as to ensure that the desired results are achieved.
Following years of insolvency and failure to meet the obligations of annuitants and policyholders, NAICOM had in July 2024 instructed the Board of African Alliance Insurance Plc to settle all outstanding claims from customers and to present a turnaround plan.
After the deadline given to the company expired, the Commission eventually wielded the big stick on October 24, 2024 by dismissing the board and management of company.
Subsequently, NAICOM appointed an interim board and management members, which include Dr Haruna Mustapha as Chairman, Mr Jacob Erhabor as MD/CEO, Mr Wasiu Amao as Executive Director (Technical), Ms Oremeyi Longe as Executive Director (Finance), Mr Anthony Achebe as Non-Executive Director, and Halimatu M. Khabeeb as Non-Executive Director.
However, feelers from the company indicated that NAICOM would equally have to call the interim management to order, so that the aims of setting them up will not be defeated.
Apart from the fact that the interim management was alleged to be demanding for salary considered excessive from the ailing insurance outfit, there is also an allegation that the management wish to buy three SUVs as their official cars.
In the area of staff welfare, it was also alleged that employees of the insurance company have no access to Health Management Organisations (HMOs), while their pension contributions are not being remitted in accordance with the provisions of the Pension Reform Act 2014.
