The National Insurance Commission announced on Wednesday it has dismissed the board and management of African Alliance Insurance Company, appointing an Interim Management Board to oversee the company’s operations.
In a statement, NAICOM explained the decision came after an in-depth review of African Alliance’s financial stability and business practices, which raised concerns about the company’s ability to operate securely.
The regulator noted, “This decision follows an extensive monitoring and review…revealing significant concerns regarding its ability to continue operating in a safe and sound manner.” These issues reportedly included delays in claims payments and unsettled funds for annuitants.
The new Interim Management Board will be led by Dr. Haruna Mustapha as Chairman. Other members include Mr. Jacob Erhabor as MD/CEO, Mr. Wasiu Amao as Executive Director of Technical, Ms. Oremeyi Longe as Executive Director of Finance, and two Non-Executive Directors, Mr. Anthony Achebe and Hajiya Halimatu M. Khabeeb.
NAICOM assured stakeholders that this interim board will prioritize compliance with regulations, implement necessary reforms, and work closely with all parties involved to maintain smooth operations. “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,” NAICOM stated.
The Commission emphasized its commitment to stabilizing Nigeria’s insurance industry, adding that this takeover demonstrates its resolve to protect public interests and secure confidence in the insurance sector.
