Leadway Begins Verification of African Alliance Annuitants After Portfolio Takeover

By LOVETH AZODO,  Lagos

Leadway Assurance Company Limited has commenced a comprehensive verification exercise for all African Alliance annuitants, marking the first major step following its takeover of the African Alliance Insurance annuity portfolio.

The verification process, which began this week, is aimed at identifying and validating existing annuitants while updating their records to ensure uninterrupted and timely payment of benefits.

The exercise is designed to protect the immediate welfare of retirees and provide assurance that their entitlements remain secure under the new management structure.

The development follows regulatory actions by the National Insurance Commission to safeguard policyholders and restore confidence in the insurance sector.

By undergoing the verification, affected retirees are expected to transition seamlessly to Leadway Assurance, ensuring continuity of annuity payments without disruption.

Speaking on the exercise, Olufunmilayo Amanwa, Executive Director, Technical and Operations at Leadway Assurance Company Limited, described the process as central to the company’s responsibility to retirees.

She said the validation goes beyond record checks, noting that it reflects Leadway’s commitment to ensuring financial certainty and dignity for annuitants who depend on regular benefit payments.

According to her, the exercise lays the foundation for efficient disbursement and sustained trust in the company.

The transfer of the annuity portfolio comes after NAICOM’s intervention, which included the appointment of an interim management team as part of efforts to resolve outstanding annuity obligations.

Industry observers say the successful handover to Leadway not only addresses the immediate concerns of affected retirees but also represents a broader effort to strengthen stability and accountability within Nigeria’s insurance industry.

African Alliance annuitants have been advised to complete the verification process through Leadway’s customer support channels, email correspondence, or by visiting any Leadway Assurance office nationwide, as the company moves to fully integrate the portfolio and maintain uninterrupted benefit payments.