***Appoints Interim Team
By Tony Obiechina, Abuja
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.
NAICOM Management said in a statement on Wednesday that it’s decision followed years of insolvency and failure of the insurance firm to meet the obligations of annuitants and policyholders.
According to the statement “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. Members of the new Board include,
1. Dr. Haruna Mustapha – Chairman
2. Mr. Jacob Erhabor – MD/CEO
3. Mr. Wasiu Amao – Executive Director, Technical
4. Ms. Oremeyi Longe – Executive Director, Finance
5. Mr. Anthony Achebe – Non-Executive
6. Haj. Halimatu M. Khabeeb – Non-Executive Director.
“The Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms”, the statement added..
It explained that Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.
“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 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 further noted.
READ ALSO:
- Nkechi Blessing Reveals Why She Waited Three Years Before Apologizing To TAMPAN
- Valencia match postponed after flash floods in Spain
- Niger Signs Deal With Starlink To Boost Internet Coverage
- UniAbuja non-academic staff joins indefinite strike over unpaid salaries
- Gunmen allegedly Kill man, set him ablaze in Ebonyi community
