The National Insurance Commission (NAICOM) has dismissed the board and management of African Alliance Insurance Company, citing concerns over the company’s financial health and governance.
This decision, effective Wednesday, follows an in-depth review by NAICOM, which uncovered significant issues affecting the insurer’s ability to operate securely and consistently settle claims and pay annuitants.
In its statement, NAICOM announced the appointment of an Interim Management Board to steer African Alliance Insurance through this period. The newly appointed members are as follows: Dr. Haruna Mustapha as Chairman; Mr. Jacob Erhabor as Managing Director/CEO; Mr. Wasiu Amao as Executive Director, Technical; Ms. Oremeyi Longe as Executive Director, Finance; and Non-Executive Directors Mr. Anthony Achebe and Hajia Halimatu M. Khabeeb.
The Commission noted that the Interim Board will be tasked with overseeing day-to-day operations, ensuring regulatory compliance, and implementing essential reforms. NAICOM has committed to working with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruptions and support continuity.
The main objective of this intervention is to safeguard the interests of annuitants, policyholders, and other stakeholders while restoring the company’s stability. NAICOM reiterated its commitment to upholding the integrity and stability of Nigeria’s insurance sector, emphasizing that this action underscores its dedication to addressing industry concerns and protecting the public interest.
