NAICOM sacks African Alliance Insurance board, management

The National Insurance Commission (NAICOM) on Wednesday wielded the big stick, sacking the board and management of the ailing African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies.

The regulator, having taken over the insolvent firm over  failure to meet obligations to annuitants and policyholders, has also appointed an interim managers to take charge of the company.

The Interim managers consists Haruna Mustapha who is the Chairman while Jacob Erhabor will serve as its managing director.

Others are Wasiu Amao – Executive Director, Technical, Oremeyi Longe – Executive Director, Finance, Anthony Achebe – Non-Executive  and Halimatu Khabeeb – Non-Executive Director.

The Commission which has thus taken over the board and  Management of African Alliance Insurance Plc, effective Wednesday, 30th October, 2024.

NAICOM decision came after 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 Interim Managers Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

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.

The Commission is committed to maintaining the stability and integrity of Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

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