… Appoints Interim Management Board
By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM) has cited protracted insolvency and prolonged failure to meet contractual agreements with policyholders and annuitants as major reasons for the sack of Board and Management of African Alliance Insurance Plc.
Also, the Commission has appointed an interim Management Board to manage the affairs of African Alliance Insurance Plc in line with regulatory provisions to ensure its revival to financially stability and continuing growth.
NAICOM made these disclosures in a statement saying it relied on its regulatory powers.
“The objective of this takeover 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”, the commission explained.
According to the statement, “In the exercise of its regulatory powers, the National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, following years of insolvency and failure to meet the obligations of annuitants and policyholders.
“The Commission, as the primary regulator of the Insurance Sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October, 2024.
“This decision follows 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 which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
“The Commission has therefore appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc.”
The composition of the Interim Board appointed by NAICOM include 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 and Haj. Halimatu M. Khabeeb – Non-Executive Director.
NAICOM stressed that the Interim Management Board would oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
It further assured that it would work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity of the company.
“The Commission is committed to maintaining the stability and integrity of Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest”, it said.
