Nigeria: African Alliance Committed to NAICOM’s Turnaround Plan – Executive Director

Wasiu Amao, the Executive Director (Technical) of African Alliance Insurance Plc, has confirmed that the company is actively working on a comprehensive turnaround plan as directed by the National Insurance Commission (NAICOM).

Amao addressed concerns about the company’s operations in light of NAICOM’s directive issued in July, which mandated African Alliance to resolve all outstanding customer claims and submit a detailed strategy for overcoming the challenges facing the firm.

In a recent statement, Amao reassured stakeholders of the company’s commitment to its obligations, stating, “We want to assure all our stakeholders that African Alliance remains fully operational and dedicated to settling all genuine claims. Annuity payments have already commenced and are being processed diligently to ensure timely completion. We have been actively communicating with our customers through various channels to keep them informed about the progress of payments. All pending claims will be honored in due course, as we are fully committed to resolving these matters.”

Amao emphasized that African Alliance is built to endure and is fully engaged in executing the turnaround plans required by NAICOM. “Our management team is intact, and our website is fully operational, reflecting our ongoing commitment to serving our clients. We are here to stay and will continue to strive for excellence in service and customer experience,” he added.

He also addressed rumors of the company’s shutdown, clarifying that the firm had not ceased operations but had temporarily transitioned to remote work due to nationwide protests that began on August 1, 2024. “To ensure the safety of our staff and clients, we implemented remote work arrangements. However, critical staff remained on-site throughout the protest period. Full on-site operations resumed on Thursday, August 8, 2024. We apologize for any inconvenience this temporary measure may have caused and appreciate the understanding of our stakeholders during this period,” Amao explained.

African Alliance’s proactive approach in addressing NAICOM’s directives and its commitment to maintaining business continuity underscores the company’s dedication to fulfilling its obligations to all stakeholders.