….appoints Interim Management Board
Barbara Bako, Abuja.
In the exercise of its regulatory powers, the National Insurance Commission (NAICOM) has dismissed the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies.
According to a statement by NAICOM on Wednesday in Abuja, the decision follows years of insolvency and failure to meet the obligations of annuitants and policyholders.
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.
The statement reads: “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.”
NICOM 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 – 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
According to the Commission, the Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
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The Commission also said it will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.
The objective of this takeover it said, “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,” the commission added.
