NAICOM Dissolves Board, Management Of African Alliance Insurance

The National Insurance Commission (NAICOM) has dissolved the Board and management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, citing prolonged insolvency and failure to meet financial obligations to policyholders and annuitants.

This regulatory action, effective from Wednesday, hands over control of the company to NAICOM.

NAICOM, the primary regulatory authority for the insurance sector, explained that the decision follows years of African Alliance’s inability to meet financial commitments, which has impacted the confidence of policyholders in the company.

The commission assured affected policyholders and annuitants that steps will be taken to restore stability within the organization.

The Commission in a statement on Wednesday, said, “This decision follows 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 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. The composition of the Interim Board is as follows: Dr. Haruna Mustapha – Chairman Mr. Jacob Erhabor – MD/CEO, Mr. Wasiu Amao – Executive Director, Technical, Ms. Oremeyi Longe – Executive Director, Finance, Mr. Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.”

The insurance regulators added that the interim management board would oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

NAICOM further affirmed that it would work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.