NAICOM Sacks Board and Management of African Alliance Insurance Plc
By Patience Ikpeme
The National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc due to insolvency issues and their failure to fulfill obligations to policyholders and annuitants.
This decision comes after years of complaints regarding the company’s inability to meet its financial responsibilities. An Interim Management Board has been appointed to oversee the company’s operations moving forward.
In a press statement issued by the commission on Wednesday in Abuja, NAICOM stated that “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”.
NAICOM has therefore appointed an Interim Management Board to oversee African Alliance Insurance Plc. The board members are: Dr. Haruna Mustapha – Chairman, Mr. Jacob Erhabor – MD/CEO, Mr. Wasiu Amao – Executive Director, Technical ,Ms. Oremeyi Longe – Executive Director, Finance, Mr. Anthony Achebe – Non-Executive Director, Haj. Halimatu and M. Khabeeb – Non-Executive Director.
This Interim Board will manage the company’s operations, ensure regulatory compliance, and implement necessary reforms to restore stability and confidence in the organization.
This decision follows a thorough assessment of the company’s financial health, governance, and operational practices, which uncovered serious concerns about its ability to operate safely and effectively. This situation has led to considerable uncertainty regarding claims settlement and payments to annuitants.
The Commission said it is dedicated to collaborating with all stakeholders—including annuitants, policyholders, employees, and investors—to minimize disruptions and ensure continuity during this transition.
The primary goal of this intervention is to safeguard the interests of African Alliance Insurance Plc’s annuitants, policyholders, and other stakeholders, as well as to uphold the integrity of the broader insurance industry. This will facilitate the company’s return to stability and regulatory compliance.
The Commission remains committed to preserving the stability and integrity of Nigeria’s insurance sector. Our actions today reflect our determination to address these concerns and protect the interests of annuitants, policyholders, and the public at large.
