Following the dissolution of the African Alliance Insurance Plc’s former board and management team, the National Insurance Commission (NAICOM) has appointed an Interim Management Board (IMB) to oversee operations.
This was contained in the African Alliance Insurance Plc’s notice to the Nigerian Exchange Limited seen by the WHISTLER.
The IMB comprise the following members: Haruna B. Mustafa (Chairman); Jacob Erhabor (Managing Director/CEO); Ms. Oremeyi Longe (Executive Director, Finance); Wasiu Ajani Amao (Executive Director, Technical); Anthony Achebe (Non-Executive Director); and Halimatu M. Khabeeb (Non-Executive Director).
The decision, authorized under Sections 41, 42, and 50 of the NAICOM Act No. 1 of 1997, reflects the regulator’s commitment to maintaining high standards of financial stability, governance, and operational soundness in the insurance sector.
According to NAICOM, the intervention was prompted by persistent challenges in African Alliance’s financial and operational practices, particularly delays in settling claims and annuity payments.
This restructuring is intended to restore confidence in the company, prioritize policyholder interests, and strengthen governance. By addressing these pressing issues, NAICOM aims to stabilize the company and ensure its compliance with industry best practices.
The Interim Management Board, which will assume all the roles and responsibilities of the former management and board, has been tasked with implementing strategic actions to improve the company’s financial health and operational efficiency.
The National Insurance Commission recently dismissed the board and management of African Alliance Insurance Company.
This was announced by the Commissioner for Insurance, Olusegun Omosehin, during a press briefing at the Commission’s Lagos office.
In July, NAICOM instructed the Board of African Alliance Insurance Plc to address and settle all outstanding claims from customers and to present a turnaround plan due to concerns over delayed payments to annuitants.
Speaking at the briefing, Omosehin stated, “One of the core mandates of the National Insurance Commission, as the primary supervisor of the insurance sector, is to ensure the integrity and stability of insurance companies and, by so doing, take all necessary steps in the interest of the public.
“The National Insurance Commission has removed the board and management of African Alliance and, in their place, appointed an interim board and management effective today.
“The new board is tasked with managing the affairs of the company and, above all, ensuring the interests of policyholders, particularly annuitants, are safeguarded.”
