The National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, following years of insolvency and failure to meet the obligations of annuitants and policyholders.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this on Wednesday during a press conference in its Lagos office.
According to Omosehin, the Commission, as the primary regulator of the insurance sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October, 2024.
Omosehin said: “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.
“The Commission has therefore appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc. The composition of the Interim Board is as follows: Dr. Haruna Mustapha will serve as Chairman; Mr. Jacob Erhabor – MD/CEO; Mr. Wasiu Amao – Executive Director, Technical; Ms. Oremeyi Longe – Executive Director, Finance; Mr. Anthony Achebe – Non-Executive; Haj. Halimatu M. Khabeeb – Non-Executive Director.
Omosehin stated that the Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
He said: “The Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.
“The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.
