The National Insurance Commission (NAICOM) has dissolved the board and management of African Alliance Insurance Plc, citing years of insolvency and failure to meet obligations to annuitants and policyholders ¹ ². This decision was announced by Commissioner for Insurance Olusegun Omosehin on Wednesday during a press briefing at NAICOM’s Lagos office.
Reasons for Takeover
NAICOM’s action follows an extensive review of African Alliance Insurance’s financial condition, governance, and operational practices, which revealed significant concerns about the company’s ability to operate safely and soundly. The commission had previously received complaints from annuitants and insurance claimants regarding the company’s delay or inability to fulfill its obligations.
Interim Management Board
To manage the affairs of African Alliance Insurance Plc, NAICOM has appointed an interim management board consisting of:
- Chairman: Dr. Haruna Mustapha
- MD/CEO: Mr. Jacob Erhabor
- Executive Director, Technical: Mr. Wasiu Amao
- Executive Director, Finance: Ms. Oremeyi Longe
- Non-Executive Director: Mr. Anthony Achebe
- Non-Executive Director: Haj. Halimatu M. Khabeeb
The interim board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms. NAICOM aims to protect the interests of African Alliance Insurance’s annuitants, policyholders, and stakeholders while ensuring the company’s return to stability and compliance.
