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The National Insurance Commission (NAICOM) has dissolved the board and management of African Alliance Insurance Plc, a longstanding Nigerian life assurance company, due to ongoing financial challenges and an inability to meet obligations to annuitants and policyholders.
In a statement, the Commissioner for Insurance, Mr. Segun Omosehin, explained that the decision followed an extensive review of the company’s financial status, governance practices, and operations. “The review highlighted significant concerns over the company’s stability, with persistent issues in claims settlement and payments to annuitants,” Omosehin stated.
To address these issues, NAICOM has appointed an Interim Management Board to stabilize African Alliance Insurance’s operations and ensure regulatory compliance. The appointed Interim Board members are:
- Chairman: Dr. Haruna Mustapha
- Managing Director/CEO: Mr. Jacob Erhabor
- Executive Director, Technical: Mr. Wasiu Amao
- Executive Director, Finance: Ms. Oremeyi Longe
- Non-Executive Director: Mr. Anthony Achebe
- Non-Executive Director: Haj. Halimatu M. Khabeeb
The Interim Management Board is tasked with overseeing operational reforms, regulatory compliance, and ensuring the company’s continuity. Omosehin reassured stakeholders that NAICOM will work closely with annuitants, policyholders, employees, and investors to reduce disruptions and stabilize the company.
“This intervention aims to protect the interests of African Alliance Insurance’s stakeholders and the broader insurance industry, ensuring the company returns to a stable, compliant position,” Omosehin concluded.
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