The National Insurance Commission (NAICOM) dismissed the board and management of African Alliance Insurance Company, effective Wednesday, as part of its efforts to address significant concerns regarding the company’s operational and financial practices.
In a statement, NAICOM revealed that its decision followed an extensive review of the company’s financial condition and governance, which raised serious doubts about its ability to operate safely and effectively.
This situation has led to uncertainty regarding claims settlements and payments to annuitants.
“To manage the affairs of African Alliance Insurance Plc during this transition, NAICOM has appointed an Interim Management Board.
The Interim Board will consist of Dr. Haruna Mustapha as Chairman, Mr. Jacob Erhabor as MD/CEO, Mr. Wasiu Amao as Executive Director, Technical, Ms. Oremeyi Longe as Executive Director, Finance, Mr. Anthony Achebe as a Non-Executive Director, and Haj. Halimatu M. Khabeeb as a Non-Executive Director,” the statement stated.
The commission stated that the Interim Management Board’s primary responsibilities will include overseeing the company’s operations, ensuring compliance with regulatory requirements, and implementing necessary reforms.
“NAICOM will collaborate closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity,” the statement continud.
The objective of this intervention is to safeguard the interests of African Alliance Insurance Plc’s annuitants, policyholders, and other stakeholders while steering the company back toward stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry.
Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders, and the public interest,” the statement concluded.
