The National Insurance Commission (NAICOM) has dismissed the board and management of African Alliance Insurance Company.
NAICOM announced this decision in a statement, confirming it has assumed control of the Board and Management of African Alliance Insurance Plc, effective Wednesday.
“This decision follows extensive monitoring and assessment of the company’s financial status, governance, and operational practices, revealing substantial concerns regarding its capacity to operate safely and reliably, with prolonged uncertainties around claim settlements and payments to annuitants,” the statement read.
The Commission has consequently appointed an Interim Management Board to oversee African Alliance Insurance Plc. The Interim Board members are as follows: Dr Haruna Mustapha as Chairman; Mr Jacob Erhabor – MD/CEO; Mr Wasiu Amao – Executive Director, Technical; Ms Oremeyi Longe – Executive Director, Finance; Mr Anthony Achebe – Non-Executive Director; and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The regulator stated that the Interim Management Board will supervise the company’s operations, ensure regulatory compliance, and implement necessary reforms.
“The Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and maintain continuity.
“The aim of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, and other stakeholders, as well as the wider insurance industry, while guiding the company back to stability and compliance.
“The Commission is dedicated to upholding the stability and integrity of the Nigerian insurance industry. Our actions today underscore our commitment to addressing concerns and safeguarding the interests of annuitants, policyholders, and the public.”