The National Insurance Commission (NAICOM) has sacked the board and management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, and went ahead to appoint an interim management to oversee the affairs of the company.
This announcement was made by Segun Omesehin who is the Commissioner for Insurance/CEO. He said that” As the primary regulator of the insurance sector, NAICOM has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October, 2024.”Omosehin revealed that the decision followed an extensive monitoring and review of the company’s financial condition, governance, and operational practices.
According to Omosehin, the review 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 Commission has therefore appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc,” he said.
According to NAICOM, “The Board will oversee the company’s operations, ensure compliance with regulatory requirements and implement necessary reforms.”The members of the Interim Board include Haruna Mustapha who chairs the board, and Jacob Erhabor , as the CEO.Other persons include Wasiu Amao, Executive Director, Technical; Oremeyi Longe, Executive Director, Finance; Anthony Achebe, Non-Executive Director, and Halimatu Khabeeb, Non-Executive Director.The Commission stated that it will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.
NAICOM further stated that “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 concluded by saying that it 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,” Omosehin said.
