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APC chief says resignation from African Alliance not connected with 2019 elections

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A chieftain of the ruling All Progressives Congress (APC), Ambassador Nurain Abayomi Mumuni has declared that his resignation from African Alliance Insurance Plc as one of its Directors has nothing to do with the forthcoming 2019 elections.

Amb. Mumuni, in a statement made available to the press on Monday, June 18, stated that his decision to quit was to pave way for other people to take over and contribute to the growth of the company.

His resignation was also confirmed in a press statement earlier published on the Nigerian Stock Exchange (NSE) website.

African Alliance Insurance Plc, while wishing Amb. Mumuni the best in his future endeavours, praised him for his contributions to the company’s growth since his appointment as a Non-Executive Director in 2010.

“On behalf of the board, management and shareholders of the company, we wish to thank him for the support, dedication, commitment and brilliant contributions he brought to board deliberations and also for assisting the company to achieve its business goals and objectives”, said Tope Adebayo, the Company Secretary.

It would be recalled that Amb. Mumuni also voluntarily resigned as a Director at Ghana Life Insurance, a subsidiary of African Alliance Insurance in 2016 before this latest development.

In the statement which he personally signed, Amb. Mumuni said his resignation was necessary, especially after spending eight years as a director, adding that: “The time is now for me to step aside for others to contribute their quota and give their best.”

According to him, this is how every Nigerian should see positions of leadership. “It is not a do or die affair. You do your best while you are in office and leave the rest for others with talent and experience to continue from where you stopped. That is why I see it necessary at this point to step aside.

“In addition, I believe board members should come with vast experience and relatively advanced age, while company executives can be quite young, but smart, savvy and ambitious.

“Besides, I have what I am doing for a living. I run a very big business empire. Then, my reputation too, after being in the board for close to eight years. I know that the board will still love me to be here and would still want to vote me in for the love they have for me”, he added.

Listing some of his achievements, Mumuni said: “I tried as much as possible to cut costs. My priority was to ensure we paid all our shareholders and since the shares crashed years back worldwide, lots of companies were affected but we were able to protect the interests of all our shareholders. In everything we do, they come first.”

Mumuni, who contested as the 2011 gubernatorial candidate in Lagos under the defunct CPC, maintained that the resignation, contrary to insinuations, has no connection with the forthcoming elections.

He said: “I didn’t resign because of my plan to contest in the forthcoming elections. Besides, this is a private business and not the civil service where people have to resign to pursue their political dreams. That is like a breach of trust, but African Alliance Insurance is a private entity.

“Hence, my resignation has nothing to do with my plan to contest. I resigned honourably and I appreciate the entire members of the board for the great teamwork during the period”, he said.

Amb. Mumuni said though he has not made up his mind to contest, he promised to declare when the time comes.

“I’m still consulting. I may be vying for the Senate in the Lagos Central Senatorial District, which has been my dream for years because right now, we have a sitting Governor in our party who is doing well. I may not vie against him”, he concluded.

Amb. Mumuni is currently the Chief Executive Officer of The Global Group, with subsidiaries such as Moon Property and Construction (UK) Ltd and Wall Street Global FFZ, LLE (UAE).


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Nurain Abayomi Mumuni
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