Mohammed Shosanya
The National Insurance Commission (NAICOM has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies,on account of years of insolvency and failure to meet the obligations of annuitants and policyholders.
The commission takes over the board and management of the insurance company,effective today, 30th October, 2024 in exercise of its power as the regulator of the country’s insurance sector.
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,a statement said on Wednesday.
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:
Dr. Haruna Mustapha – Chairman; Mr. Jacob Erhabor – MD/CEO; Mr. Wasiu Amao – Executive Director, Technical; Ms. Oremeyi Longe – Executive Director, Finance .
Others are Mr. Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
According to the statement from NAICOM,the Interim Management Board will oversee the company’s operations,ensure compliance with regulatory requirements, and implement necessary reforms.
The Commission assured that it will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.
The objective of the takeover,the Commission noted,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.
The statement added:”The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants,policyholders and public interest.”
