The Board and Management of African Alliance Insurance Plc was on Tuesday sacked by the regulatory authority in the insurance industry.
The National Insurance Commission (NAICOM), which announced the immediate sack of the Board and Management of the company reputed to be one of Nigeria’s oldest life assurance companies, said the decision in exercise of its regulatory powers,
followed years of insolvency and failure to meet the obligations of annuitants and policyholders.
As the primary regulator of the Insurance Sector in the country, the Commission said it has taken over the Board and Management of African Alliance Insurance Plc, effective Tuesday, October 30, 2024.
The Commission said the decision followed 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.
Also, the Commission said the concerns generated a lot of uncertainty for some time over claims settlement and payment to annuitants under the company.
In taking over the management of the company, the Commission announced the appointmemt of an Interim Management Board to manage its affairs.
The Interim Board is composed of Dr. Haruna Mustapha as Chairman, with Mr. Jacob Erhabor as Managing Director/CEO, and Mr. Wasiu Amao as Executive Director, (Technical).
Other members of the interim Board included Ms. Oremeyi Longe as Executive Director (Finance), Mr. Anthony Achebe and Haj. Halimatu M. Khabeeb as Non-Executive Directors.
The Commission said Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
The Commission said it would work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity in the operations of the company.
The objective of the the takeover is to protect the interests of African Alliance Insurance Plc annuitants, policyholders, other shareholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.
“The Commission is committed to 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,” the Commission said.
