The National Insurance Commission has appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc. following years of insolvency and failure to meet the expectations of annuitants and policyholders.
The appointment followed the dismissal of the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance company, and NAICOM being the primary regulator of the Insurance Sector, has taken over the Board and Management of the company effective from 30th October, 2024.
The decision was taken after 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.
The new Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
The new Management Board consists of:
- 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
- Haj. Halimatu M. Khabeeb – Non-Executive Director
The Commission says it work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity, while reiterating its commitment to maintaining the stability and integrity of Nigerian insurance industry.
The objective of the takeover according to the regulatory body is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.