Appoints new management
The National Insurance Commission (NAICOM) has sacked the board and management of African Alliance Insurance Plc. for failure to meet the obligations of annuitants and policyholders.

The Commissioner for Insurance, Segun Omosehin, who disclosed this, yesterday, during a media briefing in Lagos, said that NAICOM, in exercising its regulatory powers as the primary regulator of the insurance sector, had taken over the board and management of African Alliance Insurance Plc., effective today, October 30, 2024.

This decision, according to him, follows extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating safely and soundly that has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants.

Meanwhile, the commission has appointed an interim management board to manage the affairs of the insurance firm.

The composition of the interim board includes Dr Haruna Mustapha as Chairman, Jacob Erhabor (MD/CEO), Wasiu Amao (Executive Director, Technical), Oremeyi Longe (Executive Director, Finance) Anthony Achebe (Non-Executive) and Halimatu M. Khabeeb (Non-Executive Director).

The interim management board, according to the Commission, will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

The commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.